Investors Sell Shares of Metlife (MET) on Strength (MET)
Traders sold shares of Metlife Inc (NYSE:MET) on strength during trading hours on Thursday. $43.17 million flowed into the stock on the tick-up and $76.74 million flowed out of the stock on the tick-down, for a money net flow of $33.57 million out of the stock. Of all companies tracked, Metlife had the 0th highest net out-flow for the day. Metlife traded up $0.26 for the day and closed at $45.44
A number of research analysts recently weighed in on MET shares. B. Riley cut their price objective on Metlife from $58.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, July 16th. Zacks Investment Research raised Metlife from a “sell” rating to a “hold” rating in a research note on Monday, July 16th. Sandler O’Neill reissued a “hold” rating and issued a $50.00 price objective on shares of Metlife in a research note on Thursday, August 2nd. Credit Suisse Group cut their price objective on Metlife from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, August 17th. Finally, Wells Fargo & Co reissued a “buy” rating and issued a $60.00 price objective on shares of Metlife in a research note on Thursday, September 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. Metlife currently has an average rating of “Hold” and a consensus target price of $54.17.
The firm has a market cap of $44.95 billion, a PE ratio of 8.77, a P/E/G ratio of 0.68 and a beta of 1.30. The company has a quick ratio of 0.15, a current ratio of 0.16 and a debt-to-equity ratio of 0.31.
The firm also recently announced 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 3.72%. The ex-dividend date is Monday, November 5th. Metlife’s dividend payout ratio (DPR) is currently 37.33%.
Metlife announced that its board has initiated a share buyback plan on Thursday, November 1st that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In other news, Chairman Steven A. Kandarian sold 42,805 shares of Metlife stock in a transaction that occurred on 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 sale, the chairman now owns 559,097 shares of the company’s stock, valued at approximately $26,294,331.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Steven A. Kandarian sold 85,683 shares of Metlife stock in a transaction that occurred on 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 sale, the chairman now directly owns 585,005 shares in the company, valued at approximately $27,454,284.65. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.
Several large investors have recently made changes to their positions in MET. State of Alaska Department of Revenue grew its holdings in shares of Metlife by 16.7% during the 2nd quarter. State of Alaska Department of Revenue now owns 132,931 shares of the financial services provider’s stock worth $5,794,000 after purchasing an additional 19,040 shares in the last quarter. Trust Co. of Vermont lifted its position in shares of Metlife by 30.6% during the 2nd quarter. Trust Co. of Vermont now owns 5,160 shares of the financial services provider’s stock worth $225,000 after buying an additional 1,209 shares during the period. Addenda Capital Inc. lifted its position in shares of Metlife by 117.4% during the 2nd quarter. Addenda Capital Inc. now owns 35,404 shares of the financial services provider’s stock worth $1,357,000 after buying an additional 19,116 shares during the period. Capital One National Association lifted its position in shares of Metlife by 469.5% during the 2nd quarter. Capital One National Association now owns 122,088 shares of the financial services provider’s stock worth $5,323,000 after buying an additional 100,649 shares during the period. Finally, Howard Capital Management Inc. bought a new position in shares of Metlife during the 2nd quarter worth approximately $10,716,000. 77.31% of the stock is currently owned by institutional investors.
About Metlife (NYSE:MET)
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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