Meyer Handelman Co. Decreases Position in Metlife Inc (MET)

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Meyer Handelman Co. decreased its position in shares of Metlife Inc (NYSE:MET) by 2.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,100 shares of the financial services provider’s stock after selling 2,000 shares during the period. Meyer Handelman Co.’s holdings in Metlife were worth $3,929,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MET. Kaizen Advisory LLC lifted its stake in Metlife by 148.0% during the 2nd quarter. Kaizen Advisory LLC now owns 2,515 shares of the financial services provider’s stock worth $110,000 after acquiring an additional 1,501 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new position in Metlife during the 2nd quarter worth about $110,000. FNY Investment Advisers LLC acquired a new position in Metlife during the 2nd quarter worth about $112,000. LFA Lugano Financial Advisors SA acquired a new position in Metlife during the 2nd quarter worth about $130,000. Finally, Tuttle Tactical Management acquired a new position in Metlife during the 2nd quarter worth about $144,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

MET has been the topic of several research reports. B. Riley decreased their target price 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 upgraded Metlife from a “sell” rating to a “hold” rating in a report on Monday, July 16th. Sandler O’Neill restated a “hold” rating and set a $50.00 price target on shares of Metlife in a report on Thursday, August 2nd. Credit Suisse Group cut their price target on Metlife from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Friday, August 17th. Finally, Wells Fargo & Co restated a “buy” rating and set a $60.00 price target on shares of Metlife in a report on Thursday, September 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $54.17.

Shares of NYSE MET opened at $45.44 on Friday. The company has a current ratio of 0.16, a quick ratio of 0.15 and a debt-to-equity ratio of 0.31. Metlife Inc has a 1-year low of $39.31 and a 1-year high of $55.21. The stock has a market cap of $44.38 billion, a price-to-earnings ratio of 10.10, a P/E/G ratio of 0.67 and a beta of 1.30.

Metlife (NYSE:MET) last issued its quarterly earnings results on Thursday, November 1st. The financial services provider reported $1.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.11. Metlife had a return on equity of 9.53% and a net margin of 7.62%. The company had revenue of $16.40 billion for the quarter, compared to the consensus estimate of $15.88 billion. During the same quarter in the prior year, the business earned $1.09 EPS. Metlife’s revenue was down 2.2% on a year-over-year basis. On average, research analysts expect that Metlife Inc will post 5.29 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Stockholders of record on Tuesday, November 6th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Monday, November 5th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.70%. Metlife’s payout ratio is currently 37.33%.

Metlife announced that its Board of Directors has initiated a share repurchase 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 repurchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

In related news, Chairman Steven A. Kandarian sold 42,805 shares of the company’s stock in a transaction dated 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 approximately $26,294,331.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Steven A. Kandarian sold 85,683 shares of the company’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $46.93, for a total value of $4,021,103.19. Following the completion of the sale, the chairman now directly owns 585,005 shares of the company’s stock, valued at $27,454,284.65. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

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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.

Further Reading: What is a Call Option?

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Institutional Ownership by Quarter for Metlife (NYSE:MET)

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