Twin Tree Management LP Sells 126,396 Shares of Metlife Inc (MET)
Twin Tree Management LP lessened its stake in Metlife Inc (NYSE:MET) by 73.0% in the 3rd quarter, Holdings Channel reports. The firm owned 46,804 shares of the financial services provider’s stock after selling 126,396 shares during the period. Twin Tree Management LP’s holdings in Metlife were worth $2,187,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of MET. FMR LLC increased its stake in Metlife by 9.2% during the second quarter. FMR LLC now owns 46,737,949 shares of the financial services provider’s stock worth $2,037,775,000 after acquiring an additional 3,921,155 shares during the last quarter. Pzena Investment Management LLC increased its stake in Metlife by 39.3% during the second quarter. Pzena Investment Management LLC now owns 8,314,788 shares of the financial services provider’s stock worth $362,525,000 after acquiring an additional 2,346,866 shares during the last quarter. Morgan Stanley increased its stake in Metlife by 12.3% during the second quarter. Morgan Stanley now owns 6,357,267 shares of the financial services provider’s stock worth $277,177,000 after acquiring an additional 696,768 shares during the last quarter. Prudential Financial Inc. increased its stake in Metlife by 23.3% during the third quarter. Prudential Financial Inc. now owns 4,581,324 shares of the financial services provider’s stock worth $214,040,000 after acquiring an additional 866,060 shares during the last quarter. Finally, LSV Asset Management increased its stake in Metlife by 7.4% during the second quarter. LSV Asset Management now owns 4,098,468 shares of the financial services provider’s stock worth $178,693,000 after acquiring an additional 283,900 shares during the last quarter. 78.04% of the stock is owned by hedge funds and other institutional investors.
In other news, Chairman Steven A. Kandarian sold 42,805 shares of Metlife stock in a transaction on Monday, August 27th. The stock was sold at an average price of $47.03, for a total value of $2,013,119.15. Following the completion of the sale, the chairman now directly owns 559,097 shares of the company’s stock, valued at $26,294,331.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.34% of the company’s stock.
Metlife (NYSE:MET) last issued its quarterly earnings data on Thursday, November 1st. The financial services provider reported $1.38 earnings per share for the quarter, beating the Zacks’ 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 analysts’ expectations of $15.88 billion. During the same period in the previous year, the firm posted $1.09 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. As a group, research analysts anticipate that Metlife Inc will post 5.33 EPS for the current year.
Metlife announced that its Board of Directors has authorized a share buyback 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 purchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Stockholders of record on Tuesday, November 6th will be paid a $0.42 dividend. The ex-dividend date is Monday, November 5th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.92%. Metlife’s payout ratio is presently 37.33%.
Several equities research analysts have issued reports on MET shares. UBS Group raised their target price on Metlife from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Monday, October 8th. Wells Fargo & Co reissued a “buy” rating and set a $60.00 target price on shares of Metlife in a research note on Thursday, September 27th. Zacks Investment Research cut Metlife from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Credit Suisse Group cut their target price on Metlife from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Friday, August 17th. Finally, Morgan Stanley raised their target price on Metlife from $52.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $53.92.
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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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