King Luther Capital Management Corp lowered its stake in shares of Metlife Inc (NYSE:MET) by 25.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 112,942 shares of the financial services provider’s stock after selling 38,725 shares during the quarter. King Luther Capital Management Corp’s holdings in Metlife were worth $5,277,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Cowen Prime Services LLC grew its holdings in shares of Metlife by 19.8% during the 2nd quarter. Cowen Prime Services LLC now owns 6,650 shares of the financial services provider’s stock worth $290,000 after purchasing an additional 1,100 shares during the period. BTR Capital Management Inc. grew its holdings in shares of Metlife by 0.7% during the 3rd quarter. BTR Capital Management Inc. now owns 174,635 shares of the financial services provider’s stock worth $8,159,000 after purchasing an additional 1,261 shares during the period. Independent Advisor Alliance grew its holdings in shares of Metlife by 4.7% during the 2nd quarter. Independent Advisor Alliance now owns 28,018 shares of the financial services provider’s stock worth $1,004,000 after purchasing an additional 1,265 shares during the period. Boston Private Wealth LLC grew its holdings in shares of Metlife by 9.9% during the 3rd quarter. Boston Private Wealth LLC now owns 14,096 shares of the financial services provider’s stock worth $658,000 after purchasing an additional 1,270 shares during the period. Finally, Bridgeworth LLC grew its holdings in shares of Metlife by 28.9% during the 3rd quarter. Bridgeworth LLC now owns 5,799 shares of the financial services provider’s stock worth $212,000 after purchasing an additional 1,300 shares during the period. 77.45% of the stock is owned by institutional investors.
MET has been the subject of a number of research reports. Credit Suisse Group decreased their target price on Metlife from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Friday, August 17th. Zacks Investment Research upgraded Metlife from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Monday, September 3rd. Wells Fargo & Co reiterated a “buy” rating and set a $60.00 target price on shares of Metlife in a report on Thursday, September 27th. UBS Group boosted their target price on Metlife from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Monday, October 8th. Finally, Morgan Stanley boosted their target price on Metlife from $52.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $53.92.
NYSE MET opened at $40.63 on Friday. The company has a market capitalization of $40.63 billion, a price-to-earnings ratio of 7.99, a P/E/G ratio of 0.61 and a beta of 1.28. Metlife Inc has a fifty-two week low of $39.31 and a fifty-two week high of $55.21. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.14 and a quick ratio of 0.14.
Metlife (NYSE:MET) last released its quarterly earnings results on Thursday, November 1st. The financial services provider reported $1.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.11. The firm had revenue of $16.40 billion during the quarter, compared to analysts’ expectations of $15.88 billion. Metlife had a return on equity of 9.76% and a net margin of 7.62%. Metlife’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.09 EPS. As a group, sell-side analysts forecast that Metlife Inc will post 5.35 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 13th. Shareholders of record on Tuesday, November 6th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date is Monday, November 5th. Metlife’s dividend payout ratio is presently 37.33%.
Metlife declared that its board has authorized a share buyback program on Thursday, November 1st that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
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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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