Gulf International Bank UK Ltd increased its position in shares of Metlife Inc (NYSE:MET) by 4.3% during the third quarter, Holdings Channel reports. The institutional investor owned 300,198 shares of the financial services provider’s stock after purchasing an additional 12,500 shares during the period. Gulf International Bank UK Ltd’s holdings in Metlife were worth $14,025,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Kaizen Advisory LLC increased its holdings in shares of Metlife by 148.0% in the second quarter. Kaizen Advisory LLC now owns 2,515 shares of the financial services provider’s stock valued at $110,000 after purchasing an additional 1,501 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Metlife in the second quarter valued at $110,000. FNY Investment Advisers LLC acquired a new position in shares of Metlife in the second quarter valued at $112,000. LFA Lugano Financial Advisors SA acquired a new position in shares of Metlife in the second quarter valued at $130,000. Finally, Tuttle Tactical Management acquired a new position in shares of Metlife in the second quarter valued at $144,000. Institutional investors and hedge funds own 77.31% of the company’s stock.
Shares of Metlife stock opened at $44.61 on Wednesday. The stock has a market capitalization of $43.37 billion, a PE ratio of 9.91, a price-to-earnings-growth ratio of 0.66 and a beta of 1.30. Metlife Inc has a 52-week low of $39.31 and a 52-week high of $55.21. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.16 and a quick ratio of 0.15.
Metlife (NYSE:MET) last posted its quarterly earnings data on Thursday, November 1st. The financial services provider reported $1.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.11. Metlife had a net margin of 7.62% and a return on equity of 9.53%. The business had revenue of $16.40 billion during the quarter, compared to analysts’ expectations of $15.88 billion. During the same quarter in the prior year, the business posted $1.09 earnings per share. Metlife’s revenue was down 2.2% compared to the same quarter last year. As a group, analysts anticipate that Metlife Inc will post 5.28 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Tuesday, November 6th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, November 5th. This represents a $1.68 annualized dividend and a yield of 3.77%. Metlife’s dividend payout ratio is 37.33%.
Metlife declared that its Board of Directors has approved a stock buyback program on Thursday, November 1st that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 4.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Several equities analysts have commented on MET shares. Zacks Investment Research downgraded shares of Metlife from a “hold” rating to a “sell” rating in a report on Tuesday, July 10th. Morgan Stanley decreased their price objective on shares of Metlife from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 11th. B. Riley decreased their price objective on shares of Metlife from $58.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, July 16th. Sandler O’Neill reiterated a “hold” rating and issued a $50.00 price objective on shares of Metlife in a report on Thursday, August 2nd. Finally, Credit Suisse Group decreased their price objective on shares of Metlife from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Friday, August 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $54.17.
In other Metlife news, Chairman Steven A. Kandarian sold 42,805 shares of the business’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $47.03, for a total transaction of $2,013,119.15. Following the completion of the transaction, the chairman now owns 559,097 shares of the company’s stock, valued at $26,294,331.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Steven A. Kandarian sold 85,683 shares of the business’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $46.93, for a total value of $4,021,103.19. Following the transaction, the chairman now directly 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. Corporate insiders own 0.34% of the company’s stock.
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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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