CIBC World Markets Inc. trimmed its holdings in shares of Metlife Inc (NYSE:MET) by 11.1% in the second quarter, HoldingsChannel reports. The firm owned 195,654 shares of the financial services provider’s stock after selling 24,479 shares during the period. CIBC World Markets Inc.’s holdings in Metlife were worth $8,531,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of MET. Diamond Hill Capital Management Inc. increased its stake in shares of Metlife by 38.5% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 10,883,295 shares of the financial services provider’s stock worth $499,434,000 after purchasing an additional 3,027,327 shares in the last quarter. Pzena Investment Management LLC increased its stake in shares of Metlife by 39.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,314,788 shares of the financial services provider’s stock worth $362,525,000 after purchasing an additional 2,346,866 shares in the last quarter. Old Mutual Global Investors UK Ltd. increased its stake in shares of Metlife by 1,712.2% during the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 1,791,638 shares of the financial services provider’s stock worth $82,218,000 after purchasing an additional 1,692,775 shares in the last quarter. Ceredex Value Advisors LLC purchased a new position in shares of Metlife during the 1st quarter worth approximately $65,615,000. Finally, BlackRock Inc. increased its stake in shares of Metlife by 1.8% during the 1st quarter. BlackRock Inc. now owns 74,542,993 shares of the financial services provider’s stock worth $3,420,777,000 after purchasing an additional 1,346,914 shares in the last quarter. 77.16% of the stock is owned by institutional investors and hedge funds.
MET has been the subject of a number of recent research reports. Credit Suisse Group dropped their price objective on shares of Metlife from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Friday. Morgan Stanley dropped their price objective on shares of Metlife from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 11th. Barclays dropped their price objective on shares of Metlife from $60.00 to $57.00 and set an “overweight” rating for the company in a research note on Monday, July 9th. Goldman Sachs Group cut shares of Metlife from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $55.91 to $61.00 in a research note on Monday, June 4th. Finally, Zacks Investment Research cut shares of Metlife from a “buy” rating to a “hold” rating in a research note on Thursday, August 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. Metlife currently has a consensus rating of “Hold” and an average target price of $54.80.
MET stock opened at $45.94 on Friday. The company has a market capitalization of $44.42 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 0.68 and a beta of 1.23. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.15 and a quick ratio of 0.15. Metlife Inc has a one year low of $43.09 and a one year high of $55.91.
Metlife (NYSE:MET) last released its earnings results on Wednesday, August 1st. The financial services provider reported $1.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.13. The firm had revenue of $21.22 billion during the quarter, compared to analysts’ expectations of $15.65 billion. Metlife had a net margin of 6.12% and a return on equity of 9.17%. Metlife’s revenue for the quarter was up 36.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.04 EPS. sell-side analysts expect that Metlife Inc will post 5.22 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 13th. Shareholders of record on Monday, August 6th will be paid a $0.42 dividend. The ex-dividend date is Friday, August 3rd. This represents a $1.68 annualized dividend and a yield of 3.66%. Metlife’s payout ratio is currently 37.33%.
Metlife announced that its board has approved a stock buyback program on Tuesday, May 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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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