MetLife, Inc. (MET) Holdings Reduced by Essex Financial Services Inc.
Essex Financial Services Inc. decreased its position in shares of MetLife, Inc. (NYSE:MET) by 16.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,617 shares of the financial services provider’s stock after selling 1,289 shares during the period. Essex Financial Services Inc.’s holdings in MetLife were worth $344,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Farmers National Bank bought a new stake in MetLife during the 2nd quarter worth approximately $118,000. Cable Hill Partners LLC raised its stake in MetLife by 246.6% during the 3rd quarter. Cable Hill Partners LLC now owns 2,412 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 1,716 shares during the period. Westside Investment Management Inc. raised its stake in MetLife by 583.8% during the 1st quarter. Westside Investment Management Inc. now owns 2,694 shares of the financial services provider’s stock worth $140,000 after acquiring an additional 2,300 shares during the period. Parallel Advisors LLC raised its stake in MetLife by 50.7% during the 1st quarter. Parallel Advisors LLC now owns 2,748 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 924 shares during the period. Finally, First Mercantile Trust Co. raised its stake in MetLife by 3.4% during the 2nd quarter. First Mercantile Trust Co. now owns 2,926 shares of the financial services provider’s stock worth $161,000 after acquiring an additional 97 shares during the period. Institutional investors own 73.79% of the company’s stock.
MET has been the topic of several recent analyst reports. TheStreet cut shares of MetLife from a “b-” rating to a “c+” rating in a research report on Monday, August 21st. Goldman Sachs Group, Inc. (The) initiated coverage on shares of MetLife in a research report on Wednesday, October 18th. They set a “conviction-buy” rating and a $61.00 price objective on the stock. BidaskClub cut shares of MetLife from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Wells Fargo & Company reiterated a “buy” rating on shares of MetLife in a research report on Monday, August 7th. Finally, ValuEngine upgraded shares of MetLife from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $58.40.
Shares of MetLife, Inc. (MET) traded down $0.53 on Friday, hitting $52.29. 1,678,024 shares of the stock were exchanged, compared to its average volume of 5,864,858. The stock has a market capitalization of $54,680.00, a price-to-earnings ratio of 10.19, a P/E/G ratio of 1.33 and a beta of 1.51. MetLife, Inc. has a 1 year low of $44.26 and a 1 year high of $55.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.16 and a quick ratio of 0.16.
MetLife (NYSE:MET) last issued its earnings results on Wednesday, November 1st. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.19. The firm had revenue of $16.10 billion during the quarter, compared to analyst estimates of $15.47 billion. MetLife had a negative net margin of 0.75% and a positive return on equity of 8.81%. The business’s revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.28 earnings per share. equities analysts forecast that MetLife, Inc. will post 4.43 EPS for the current year.
MetLife announced that its board has authorized a share buyback program on Wednesday, November 1st that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Monday, November 6th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Friday, November 3rd. MetLife’s dividend payout ratio is currently 347.83%.
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In other news, insider Christopher G. Townsend sold 82,731 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $54.60, for a total transaction of $4,517,112.60. Following the completion of the sale, the insider now directly owns 49,660 shares of the company’s stock, valued at $2,711,436. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher G. Townsend sold 55,712 shares of the business’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $54.29, for a total transaction of $3,024,604.48. Following the sale, the insider now directly owns 25,181 shares of the company’s stock, valued at $1,367,076.49. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by insiders.
MetLife, Inc is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include U.S.; Asia; Latin America; Europe, the Middle East and Africa (EMEA); MetLife Holdings, and Corporate & Other. Its U.S. segment is organized into Group Benefits, Retirement and Income Solutions and Property & Casualty businesses.
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