Virginia Retirement Systems ET AL grew its holdings in Metlife Inc (NYSE:MET) by 1.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 213,600 shares of the financial services provider’s stock after buying an additional 2,400 shares during the period. Virginia Retirement Systems ET AL’s holdings in Metlife were worth $9,979,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in MET. FMR LLC lifted its position in shares of Metlife by 9.2% in the second quarter. FMR LLC now owns 46,737,949 shares of the financial services provider’s stock valued at $2,037,775,000 after buying an additional 3,921,155 shares during the last quarter. Pzena Investment Management LLC increased its stake 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 purchasing an additional 2,346,866 shares during the period. Morgan Stanley increased its stake in shares of 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 purchasing an additional 696,768 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in shares of Metlife by 200.8% during the second quarter. Robeco Institutional Asset Management B.V. now owns 920,727 shares of the financial services provider’s stock worth $40,146,000 after purchasing an additional 614,667 shares during the period. Finally, Royal London Asset Management Ltd. bought a new position in shares of Metlife during the second quarter worth approximately $21,849,000. 77.31% of the stock is owned by institutional investors.
In other Metlife news, Chairman Steven A. Kandarian sold 85,683 shares of the firm’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $46.93, for a total transaction of $4,021,103.19. Following the transaction, the chairman now owns 585,005 shares in the company, valued at approximately $27,454,284.65. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Steven A. Kandarian sold 42,805 shares of the firm’s 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 transaction, the chairman now owns 559,097 shares in the company, valued at approximately $26,294,331.91. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.
Metlife (NYSE:MET) last announced its earnings results on Thursday, November 1st. The financial services provider reported $1.38 earnings per share for the quarter, topping the Zacks’ 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 analyst estimates of $15.88 billion. During the same quarter last year, the company earned $1.09 earnings per share. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. Equities research analysts predict that Metlife Inc will post 5.29 earnings per share for the current year.
Metlife declared that its board has approved a share buyback program on Thursday, November 1st that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Shareholders of record on Tuesday, November 6th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, November 5th. This represents a $1.68 dividend on an annualized basis and a yield of 3.70%. Metlife’s dividend payout ratio (DPR) is presently 37.33%.
A number of equities analysts have recently weighed in on MET shares. UBS Group increased 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 reiterated 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 lowered Metlife from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Credit Suisse Group lowered their target price on Metlife from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, August 17th. Finally, Sandler O’Neill reiterated a “hold” rating and set a $50.00 target price on shares of Metlife in a research note on Thursday, August 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $54.17.
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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.
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