State Board of Administration of Florida Retirement System lessened its position in Metlife Inc (NYSE:MET) by 0.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,269,929 shares of the financial services provider’s stock after selling 3,408 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.12% of Metlife worth $55,369,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the stock. Mount Yale Investment Advisors LLC bought a new position in Metlife in the first quarter valued at approximately $108,000. Kaizen Advisory LLC grew its stake in Metlife by 148.0% in the second quarter. Kaizen Advisory LLC now owns 2,515 shares of the financial services provider’s stock valued at $110,000 after purchasing an additional 1,501 shares in the last quarter. FNY Investment Advisers LLC bought a new position in Metlife in the second quarter valued at approximately $112,000. Adviser Investments LLC bought a new position in Metlife in the first quarter valued at approximately $129,000. Finally, Private Capital Group LLC grew its stake in Metlife by 10,971.4% in the first quarter. Private Capital Group LLC now owns 3,100 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 3,072 shares in the last quarter. 77.16% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on MET shares. Credit Suisse Group started coverage on Metlife in a research note on Wednesday, April 25th. They issued an “outperform” rating and a $67.00 price target for the company. ValuEngine upgraded Metlife from a “hold” rating to a “buy” rating in a research note on Thursday, April 26th. Wells Fargo & Co restated a “buy” rating on shares of Metlife in a research note on Tuesday, May 1st. Deutsche Bank decreased their price target on Metlife from $51.00 to $48.00 and set a “hold” rating for the company in a research note on Friday, May 4th. Finally, Zacks Investment Research upgraded Metlife from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Thursday, May 10th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $55.07.
Metlife (NYSE:MET) last issued 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. Metlife had a return on equity of 9.17% and a net margin of 6.12%. The company had revenue of $21.22 billion during the quarter, compared to the consensus estimate of $15.65 billion. During the same period in the previous year, the company posted $1.04 EPS. The firm’s revenue for the quarter was up 36.8% compared to the same quarter last year. research analysts expect that Metlife Inc will post 5.22 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 13th. Stockholders of record on Monday, August 6th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, August 3rd. This represents a $1.68 annualized dividend and a dividend yield of 3.76%. Metlife’s dividend payout ratio is currently 37.33%.
Metlife announced that its board has initiated a stock buyback plan on Tuesday, May 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is 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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