Dynamic Technology Lab Private Ltd grew its stake in shares of Metlife Inc (NYSE:MET) by 628.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,412 shares of the financial services provider’s stock after buying an additional 36,589 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Metlife were worth $1,982,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of MET. Flagship Harbor Advisors LLC bought a new position in Metlife during the second quarter worth about $110,000. Honkamp Krueger Financial Services Inc. bought a new position in Metlife during the third quarter worth about $125,000. LFA Lugano Financial Advisors SA bought a new position in Metlife during the second quarter worth about $130,000. Tuttle Tactical Management bought a new position in Metlife during the second quarter worth about $144,000. Finally, CSat Investment Advisory L.P. bought a new position in Metlife during the second quarter worth about $168,000. Hedge funds and other institutional investors own 77.45% of the company’s stock.
Several research firms have recently weighed in on MET. Zacks Investment Research upgraded Metlife from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, November 13th. Wells Fargo & Co set a $60.00 price objective on Metlife and gave the company a “buy” rating in a report on Friday, November 2nd. Morgan Stanley lifted their price objective on Metlife from $52.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, November 13th. Finally, UBS Group lifted their price objective on Metlife from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Monday, October 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $53.92.
Metlife (NYSE:MET) last released its quarterly earnings data on Thursday, November 1st. The financial services provider reported $1.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.11. Metlife had a return on equity of 9.76% and a net margin of 7.62%. The business had revenue of $16.40 billion for the quarter, compared to analysts’ expectations of $15.88 billion. During the same quarter in the previous year, the business posted $1.09 EPS. Metlife’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities analysts expect that Metlife Inc will post 5.35 EPS for the current fiscal year.
Metlife announced that its Board of Directors has initiated a share buyback plan on Thursday, November 1st that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Tuesday, November 6th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date of this dividend is Monday, November 5th. Metlife’s dividend payout ratio is presently 37.33%.
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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