MetLife, Inc. (MET) Stake Lessened by Retirement Systems of Alabama
Retirement Systems of Alabama cut its holdings in shares of MetLife, Inc. (NYSE:MET) by 23.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 724,556 shares of the financial services provider’s stock after selling 227,004 shares during the period. Retirement Systems of Alabama owned 0.07% of MetLife worth $37,641,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of MET. BlackRock Inc. increased its position in shares of MetLife by 3,323.3% during the first quarter. BlackRock Inc. now owns 68,475,870 shares of the financial services provider’s stock worth $3,616,895,000 after purchasing an additional 66,475,603 shares in the last quarter. Epoch Investment Partners Inc. acquired a new position in shares of MetLife during the second quarter worth $183,290,000. Vanguard Group Inc. increased its position in shares of MetLife by 3.0% during the first quarter. Vanguard Group Inc. now owns 65,364,620 shares of the financial services provider’s stock worth $3,452,559,000 after purchasing an additional 1,885,246 shares in the last quarter. TD Asset Management Inc. increased its position in shares of MetLife by 47.7% during the second quarter. TD Asset Management Inc. now owns 5,201,238 shares of the financial services provider’s stock worth $285,756,000 after purchasing an additional 1,679,740 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of MetLife during the first quarter worth $82,954,000. 74.00% of the stock is currently owned by institutional investors and hedge funds.
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A number of equities analysts have recently issued reports on the company. Langen Mcalenn reaffirmed a “buy” rating on shares of MetLife in a research report on Wednesday, August 16th. B. Riley reissued a “neutral” rating on shares of MetLife in a research report on Monday, November 6th. Sandler O’Neill downgraded MetLife from a “buy” rating to a “hold” rating in a research report on Friday. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $59.00 target price on shares of MetLife in a research report on Thursday, August 3rd. Finally, ValuEngine raised MetLife from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 11th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $58.40.
MetLife, Inc. (MET) traded down $0.01 during mid-day trading on Monday, hitting $52.19. 819,549 shares of the stock traded hands, compared to its average volume of 5,886,190. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.16 and a current ratio of 0.16. MetLife, Inc. has a twelve month low of $44.26 and a twelve month high of $55.91. The stock has a market cap of $55,070.00, a price-to-earnings ratio of 10.04, a P/E/G ratio of 1.31 and a beta of 1.51.
MetLife (NYSE:MET) last posted its earnings results on Wednesday, November 1st. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.19. MetLife had a net margin of 5.54% and a return on equity of 5.60%. The business had revenue of $16.10 billion for the quarter, compared to analyst estimates of $15.47 billion. During the same period in the prior year, the company posted $1.28 EPS. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. research analysts expect that MetLife, Inc. will post 4.43 EPS for the current year.
The company 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 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend is Friday, November 3rd. MetLife’s payout ratio is currently 347.83%.
MetLife declared that its Board of Directors has authorized a share buyback plan on Wednesday, November 1st that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, insider Christopher G. Townsend sold 82,731 shares of the firm’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $54.60, for a total value of $4,517,112.60. Following the transaction, the insider now directly owns 49,660 shares of the company’s stock, valued at approximately $2,711,436. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher G. Townsend sold 55,712 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 25,181 shares in the company, valued at $1,367,076.49. The disclosure for this sale can be found here. Corporate insiders own 0.32% of the company’s stock.
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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