Principal Financial Group Inc. trimmed its position in MetLife by 3.2% during the third quarter, selling 20,017 shares and ending the period with 609,132 shares outstanding. That stake represented approximately 0.09% of MetLife’s total shares and was valued at $50.17 million according to the latest 13F filing with the SEC. The sale marks a modest shift in Principal’s allocation but keeps it among the top institutional holders of the insurer.

MetLife remains heavily held by institutions, with 94.99% of its shares owned by hedge funds, mutual funds and other large investors. Notable position changes in the quarter included Blue Trust Inc. increasing its holding by 3.6%, Daymark Wealth Partners LLC by 4.2%, Cornerstone Wealth Group LLC by 4.9% and UMB Bank by 1.9%, each adding between 125 and 132 shares. Ignite Planners LLC also grew its stake by 2.2% during the prior quarter.

Analysts remain largely bullish on MetLife, with two Strong Buy, nine Buy and two Hold ratings. The average consensus price target stands at $95.27. Recent revisions include Keefe, Bruyette & Woods lowering its target from $92 to $90 while maintaining an Outperform rating; UBS cutting its target from $95 to $94 with a Buy rating; Morgan Stanley setting an Overweight rating with a $101 target; Evercore ISI assigning an In-Line rating at $97; and Wells Fargo boosting its target from $94 to $97 alongside an Overweight recommendation.

For the quarter ended December, MetLife reported EPS of $2.58, beating the consensus estimate of $2.38 by $0.20. Revenue rose 27.6% year-over-year to $18.61 billion, compared with Street forecasts of $31.43 billion. Return on equity stood at 21.0% and net margin at 5.3%. The company declared a quarterly dividend of $0.5675 per share (annualized $2.27), representing a 2.9% yield and a payout ratio of 42.75%, payable March 10 to shareholders of record February 3.