Metlife Inc (MET) Shares Sold by Commonwealth of Pennsylvania Public School Empls Retrmt SYS
Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its stake in Metlife Inc (NYSE:MET) by 23.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 81,637 shares of the financial services provider’s stock after selling 24,775 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Metlife were worth $3,814,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Zacks Investment Management boosted its holdings in Metlife by 0.9% during the second quarter. Zacks Investment Management now owns 1,028,957 shares of the financial services provider’s stock worth $44,863,000 after purchasing an additional 9,409 shares during the last quarter. Royal London Asset Management Ltd. acquired a new position in Metlife during the second quarter worth $21,849,000. Lau Associates LLC acquired a new position in Metlife during the third quarter worth $439,000. Cozad Asset Management Inc. acquired a new position in Metlife during the second quarter worth $245,000. Finally, Tiedemann Advisors LLC acquired a new position in Metlife during the second quarter worth $308,000. Institutional investors and hedge funds own 77.42% of the company’s stock.
Several brokerages recently commented on MET. Zacks Investment Research cut shares of Metlife from a “buy” rating to a “hold” rating in a report on Friday, October 12th. Credit Suisse Group reduced their target price on shares of Metlife from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Friday, August 17th. Morgan Stanley increased their target price on shares of Metlife from $52.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 13th. Wells Fargo & Co restated a “buy” rating and set a $60.00 target price on shares of Metlife in a report on Thursday, September 27th. Finally, Sandler O’Neill restated a “hold” rating and set a $50.00 target price on shares of Metlife in a report on Thursday, August 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $54.00.
Shares of MET stock opened at $43.96 on Monday. The firm has a market capitalization of $43.38 billion, a price-to-earnings ratio of 9.77, a PEG ratio of 0.66 and a beta of 1.30. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.28. Metlife Inc has a one year low of $39.31 and a one year high of $55.21.
Metlife (NYSE:MET) last announced its quarterly earnings results on Thursday, November 1st. The financial services provider reported $1.38 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 7.62% and a return on equity of 9.76%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.09 earnings per share. As a group, equities research analysts predict that Metlife Inc will post 5.33 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 13th. Shareholders of record on Tuesday, November 6th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date is Monday, November 5th. Metlife’s dividend payout ratio is currently 37.33%.
Metlife declared that its Board of Directors has authorized a stock buyback plan on Thursday, November 1st that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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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