B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund cut its stake in Metlife Inc (NYSE:MET) by 55.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,029 shares of the financial services provider’s stock after selling 15,120 shares during the period. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund’s holdings in Metlife were worth $524,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Putnam Investments LLC increased its holdings in Metlife by 1,847.7% in the second quarter. Putnam Investments LLC now owns 523,396 shares of the financial services provider’s stock valued at $22,820,000 after buying an additional 496,523 shares in the last quarter. Cozad Asset Management Inc. purchased a new position in Metlife in the second quarter valued at about $245,000. Lingohr & Partner Asset Management GmbH increased its stake in shares of Metlife by 36.4% during the 2nd quarter. Lingohr & Partner Asset Management GmbH now owns 31,764 shares of the financial services provider’s stock worth $1,385,000 after purchasing an additional 8,472 shares in the last quarter. Salem Investment Counselors Inc. increased its stake in shares of Metlife by 5.1% during the 2nd quarter. Salem Investment Counselors Inc. now owns 42,080 shares of the financial services provider’s stock worth $1,835,000 after purchasing an additional 2,050 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC increased its stake in shares of Metlife by 16.9% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 19,344 shares of the financial services provider’s stock worth $843,000 after purchasing an additional 2,801 shares in the last quarter. 77.46% of the stock is owned by institutional investors.
In related news, Chairman Steven A. Kandarian sold 42,805 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $47.03, for a total transaction of $2,013,119.15. Following the sale, the chairman now owns 559,097 shares in the company, valued at $26,294,331.91. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Steven A. Kandarian sold 85,683 shares of the firm’s stock in a transaction that occurred 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 sale, the chairman now owns 585,005 shares in the company, valued at approximately $27,454,284.65. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.
MET has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Metlife from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Monday, September 3rd. Morgan Stanley dropped their price objective on shares of Metlife from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 11th. Sandler O’Neill reissued a “hold” rating and set a $50.00 price objective on shares of Metlife in a research note on Thursday, August 2nd. Goldman Sachs Group cut shares of Metlife from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $55.91 to $61.00 in a research note on Monday, June 4th. Finally, B. Riley dropped their price objective on shares of Metlife from $58.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, July 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $54.80.
Shares of NYSE MET opened at $46.53 on Friday. Metlife Inc has a 1 year low of $43.09 and a 1 year high of $55.91. The company has a market cap of $44.68 billion, a P/E ratio of 10.34, a PEG ratio of 0.68 and a beta of 1.22. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.29.
Metlife (NYSE:MET) last announced its earnings results on Wednesday, August 1st. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.13. Metlife had a net margin of 6.12% and a return on equity of 9.17%. The firm had revenue of $21.22 billion for the quarter, compared to analyst estimates of $15.65 billion. During the same quarter last year, the business earned $1.04 earnings per share. Metlife’s revenue was up 36.8% compared to the same quarter last year. sell-side analysts anticipate that Metlife Inc will post 5.22 earnings per share for the current year.
Metlife announced that its Board of Directors has initiated a share buyback program on Tuesday, May 22nd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 13th. Investors of record on Monday, August 6th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, August 3rd. This represents a $1.68 dividend on an annualized basis and a yield of 3.61%. Metlife’s dividend payout ratio (DPR) is currently 37.33%.
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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