Davy Asset Management Ltd purchased a new position in shares of Metlife Inc (NYSE:MET) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 140,950 shares of the financial services provider’s stock, valued at approximately $6,145,000. Metlife comprises approximately 1.6% of Davy Asset Management Ltd’s investment portfolio, making the stock its 20th largest holding.
A number of other hedge funds have also recently modified their holdings of the business. BlackRock Inc. lifted its stake in Metlife by 1.8% during the first quarter. BlackRock Inc. now owns 74,542,993 shares of the financial services provider’s stock worth $3,420,777,000 after purchasing an additional 1,346,914 shares during the last quarter. FMR LLC lifted its stake in shares of Metlife by 9.2% in the 2nd quarter. FMR LLC now owns 46,737,949 shares of the financial services provider’s stock valued at $2,037,775,000 after acquiring an additional 3,921,155 shares during the last quarter. Epoch Investment Partners Inc. lifted its stake in shares of Metlife by 10.7% in the 1st quarter. Epoch Investment Partners Inc. now owns 11,715,725 shares of the financial services provider’s stock valued at $537,635,000 after acquiring an additional 1,136,376 shares during the last quarter. Pzena Investment Management LLC lifted its stake in shares of Metlife by 39.3% in the 2nd quarter. Pzena Investment Management LLC now owns 8,314,788 shares of the financial services provider’s stock valued at $362,525,000 after acquiring an additional 2,346,866 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of Metlife by 12.3% in the 2nd quarter. Morgan Stanley now owns 6,357,267 shares of the financial services provider’s stock valued at $277,177,000 after acquiring an additional 696,768 shares during the last quarter. 77.46% of the stock is owned by hedge funds and other institutional investors.
In other Metlife news, Chairman Steven A. Kandarian sold 85,683 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $46.93, for a total transaction of $4,021,103.19. Following the transaction, the chairman now owns 585,005 shares in the company, valued at approximately $27,454,284.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Steven A. Kandarian sold 42,805 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $47.03, for a total value of $2,013,119.15. Following the transaction, the chairman now owns 559,097 shares in the company, valued at approximately $26,294,331.91. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.
MET opened at $46.53 on Monday. The company has a market cap of $44.68 billion, a price-to-earnings ratio of 10.34, a price-to-earnings-growth ratio of 0.68 and a beta of 1.22. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.15 and a quick ratio of 0.15. Metlife Inc has a one year low of $43.09 and a one year high of $55.91.
Metlife (NYSE:MET) last released its quarterly earnings results on Wednesday, August 1st. The financial services provider reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.13. The business had revenue of $21.22 billion during the quarter, compared to analyst estimates of $15.65 billion. Metlife had a return on equity of 9.17% and a net margin of 6.12%. Metlife’s quarterly revenue was up 36.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.04 EPS. equities research analysts forecast that Metlife Inc will post 5.22 EPS for the current fiscal year.
Metlife declared that its board has authorized a share repurchase program on Tuesday, May 22nd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 3.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 13th. Shareholders of record on Monday, August 6th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend was Friday, August 3rd. Metlife’s payout ratio is 37.33%.
A number of research firms have recently weighed in on MET. Zacks Investment Research lowered Metlife from a “buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. B. Riley lowered their target price on Metlife from $58.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, July 16th. Sandler O’Neill reissued a “hold” rating and issued a $50.00 target price on shares of Metlife in a research note on Thursday, August 2nd. Credit Suisse Group lowered their target price on Metlife from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Friday, August 17th. Finally, Barclays lowered their target price on Metlife from $60.00 to $57.00 and set an “overweight” rating for the company in a research note on Monday, July 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $54.80.
Metlife Company Profile
MetLife, Inc engages in the insurance, annuities, employee benefits, and asset management businesses. It operates through five segments: U.S.; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short- and long-term disability, individual disability, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and stable value products, including general and separate account guaranteed interest contracts, and private floating rate funding agreements.
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