Berkshire Asset Management LLC PA purchased a new stake in shares of Metlife Inc (NYSE:MET) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 4,477 shares of the financial services provider’s stock, valued at approximately $209,000.
Several other hedge funds have also recently added to or reduced their stakes in the company. Lau Associates LLC purchased a new stake in shares of Metlife during the 3rd quarter valued at approximately $439,000. Bank of Montreal Can raised its position in shares of Metlife by 10.2% during the 3rd quarter. Bank of Montreal Can now owns 2,126,643 shares of the financial services provider’s stock valued at $99,358,000 after buying an additional 197,071 shares during the period. MAI Capital Management raised its position in shares of Metlife by 2.0% during the 3rd quarter. MAI Capital Management now owns 160,866 shares of the financial services provider’s stock valued at $7,516,000 after buying an additional 3,137 shares during the period. Cascade Investment Advisors Inc. raised its position in shares of Metlife by 6.4% during the 3rd quarter. Cascade Investment Advisors Inc. now owns 30,013 shares of the financial services provider’s stock valued at $1,402,000 after buying an additional 1,800 shares during the period. Finally, DAVENPORT & Co LLC raised its position in shares of Metlife by 26.1% during the 3rd quarter. DAVENPORT & Co LLC now owns 99,522 shares of the financial services provider’s stock valued at $4,650,000 after buying an additional 20,579 shares during the period. 77.47% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently commented on MET. Zacks Investment Research lowered shares of Metlife from a “buy” rating to a “hold” rating in a research report on Friday. B. Riley reduced their price target on shares of Metlife from $58.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, July 16th. Sandler O’Neill reaffirmed a “hold” rating and set a $50.00 price target on shares of Metlife in a research report on Thursday, August 2nd. UBS Group lifted their price target on shares of Metlife from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Monday, October 8th. Finally, Credit Suisse Group cut their target price on Metlife from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Friday, August 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. Metlife presently has a consensus rating of “Hold” and a consensus target price of $55.00.
Shares of NYSE MET opened at $43.83 on Friday. The company has a market capitalization of $46.48 billion, a price-to-earnings ratio of 9.61, a PEG ratio of 0.71 and a beta of 1.23. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.15 and a current ratio of 0.15. Metlife Inc has a 52-week low of $42.80 and a 52-week high of $55.91.
Metlife (NYSE:MET) last announced its earnings results on Wednesday, August 1st. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.13. The company had revenue of $21.22 billion for 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%. The firm’s quarterly revenue was up 36.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.04 earnings per share. Analysts predict that Metlife Inc will post 5.22 earnings per share for the current fiscal year.
In other Metlife news, Chairman Steven A. Kandarian sold 42,805 shares of the business’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 sale, the chairman now owns 559,097 shares of the company’s stock, valued at $26,294,331.91. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Steven A. Kandarian sold 85,683 shares of the business’s stock in a transaction 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 completion of the transaction, the chairman now owns 585,005 shares of the company’s stock, valued at approximately $27,454,284.65. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.
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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