Nomura Asset Management Co. Ltd. increased its position in shares of Metlife Inc (NYSE:MET) by 9.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 198,761 shares of the financial services provider’s stock after buying an additional 17,659 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Metlife were worth $8,667,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of MET. Diamond Hill Capital Management Inc. grew its holdings in shares of Metlife by 38.5% during the first quarter. Diamond Hill Capital Management Inc. now owns 10,883,295 shares of the financial services provider’s stock worth $499,434,000 after buying an additional 3,027,327 shares in the last quarter. Pzena Investment Management LLC grew its holdings in shares of 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 buying an additional 2,346,866 shares in the last quarter. Old Mutual Global Investors UK Ltd. grew its holdings in shares of Metlife by 1,712.2% during the first 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 buying an additional 1,692,775 shares in the last quarter. Ceredex Value Advisors LLC bought a new position in shares of Metlife during the first quarter worth about $65,615,000. Finally, BlackRock Inc. grew its holdings in shares of Metlife by 1.8% during the first quarter. BlackRock Inc. now owns 74,542,993 shares of the financial services provider’s stock worth $3,420,777,000 after buying an additional 1,346,914 shares in the last quarter. Institutional investors and hedge funds own 77.02% of the company’s stock.
Shares of NYSE MET opened at $44.65 on Friday. Metlife Inc has a 52 week low of $43.09 and a 52 week high of $55.91. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.29. The company has a market cap of $45.88 billion, a P/E ratio of 9.92, a P/E/G ratio of 0.70 and a beta of 1.23.
Metlife declared that its Board of Directors has approved a stock repurchase plan on Tuesday, May 22nd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 13th. Investors of record on Monday, August 6th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 3rd. This represents a $1.68 annualized dividend and a yield of 3.76%. Metlife’s dividend payout ratio (DPR) is presently 37.33%.
A number of research analysts recently issued reports on MET shares. Morgan Stanley decreased their price objective on Metlife from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, July 11th. Barclays decreased their price objective on Metlife from $60.00 to $57.00 and set an “overweight” rating for the company in a report on Monday, July 9th. Goldman Sachs Group downgraded Metlife from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $55.91 to $61.00 in a report on Monday, June 4th. Zacks Investment Research downgraded Metlife from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Credit Suisse Group started coverage on Metlife in a report on Wednesday, April 25th. They set an “outperform” rating and a $67.00 price objective for the company. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $55.07.
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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