King Luther Capital Management Corp reduced its stake in shares of Metlife Inc (NYSE:MET) by 25.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 112,942 shares of the financial services provider’s stock after selling 38,725 shares during the period. King Luther Capital Management Corp’s holdings in Metlife were worth $5,277,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. FMR LLC boosted its position in shares of Metlife by 12.3% during the 3rd quarter. FMR LLC now owns 52,498,328 shares of the financial services provider’s stock worth $2,452,721,000 after purchasing an additional 5,760,379 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of Metlife by 3.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 10,890,882 shares of the financial services provider’s stock worth $508,822,000 after buying an additional 363,066 shares during the last quarter. Pzena Investment Management LLC raised its stake in shares of Metlife by 1.9% during the 3rd quarter. Pzena Investment Management LLC now owns 8,470,138 shares of the financial services provider’s stock worth $395,725,000 after buying an additional 155,350 shares during the last quarter. Morgan Stanley raised its stake in shares of Metlife by 12.3% during the 2nd quarter. Morgan Stanley now owns 6,357,267 shares of the financial services provider’s stock worth $277,177,000 after buying an additional 696,768 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Metlife by 23.3% during the 3rd quarter. Prudential Financial Inc. now owns 4,581,324 shares of the financial services provider’s stock worth $214,040,000 after buying an additional 866,060 shares during the last quarter. Institutional investors own 77.45% of the company’s stock.
Several research analysts have recently issued reports on the company. Credit Suisse Group cut their price target on Metlife from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Friday, August 17th. Zacks Investment Research downgraded Metlife from a “buy” rating to a “hold” rating in a research note on Friday, October 12th. Morgan Stanley lifted their price target on Metlife from $52.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 13th. Wells Fargo & Co reaffirmed a “buy” rating and set a $60.00 price target on shares of Metlife in a research note on Thursday, September 27th. Finally, UBS Group lifted their price target on Metlife from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Monday, October 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $53.92.
NYSE:MET opened at $40.63 on Friday. The firm has a market cap of $40.63 billion, a PE ratio of 7.99, a PEG ratio of 0.61 and a beta of 1.28. 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 Inc has a 52-week low of $39.31 and a 52-week high of $55.21.
Metlife (NYSE:MET) last released its quarterly earnings results on Thursday, November 1st. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.11. Metlife had a return on equity of 9.76% and a net margin of 7.62%. The business had revenue of $16.40 billion during the quarter, compared to the consensus estimate of $15.88 billion. During the same quarter in the previous year, the company posted $1.09 EPS. The business’s revenue was down 2.2% on a year-over-year basis. On average, analysts expect that Metlife Inc will post 5.35 EPS for the current fiscal year.
Metlife declared that its Board of Directors has authorized a stock repurchase plan on Thursday, November 1st that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 4.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Tuesday, November 6th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 4.13%. The ex-dividend date of this dividend is Monday, November 5th. Metlife’s payout ratio is 37.33%.
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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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