Pictet Asset Management Holding SA Sells 5,403 Shares of MetLife, Inc. $MET

Pictet Asset Management Holding SA cut its holdings in shares of MetLife, Inc. (NYSE:MET) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 299,730 shares of the financial services provider’s stock after selling 5,403 shares during the period. Pictet Asset Management Holding SA’s holdings in MetLife were worth $28,223,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in MET. AlphaCentric Advisors LLC lifted its holdings in shares of MetLife by 9.9% during the third quarter. AlphaCentric Advisors LLC now owns 1,564 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 141 shares during the period. Parallel Advisors LLC grew its stake in shares of MetLife by 3.6% in the third quarter. Parallel Advisors LLC now owns 17,398 shares of the financial services provider’s stock worth $1,638,000 after purchasing an additional 607 shares during the last quarter. May Hill Capital LLC increased its holdings in MetLife by 5.5% in the third quarter. May Hill Capital LLC now owns 3,717 shares of the financial services provider’s stock valued at $350,000 after purchasing an additional 195 shares during the period. Ashton Thomas Private Wealth LLC increased its holdings in MetLife by 6.3% in the third quarter. Ashton Thomas Private Wealth LLC now owns 5,861 shares of the financial services provider’s stock valued at $552,000 after purchasing an additional 347 shares during the period. Finally, Heritage Family Offices LLP bought a new position in MetLife during the 3rd quarter worth $100,000. 94.99% of the stock is owned by institutional investors.

MetLife Trading Up 0.5%

NYSE:MET opened at $102.97 on Thursday. The firm’s fifty day moving average is $98.57 and its 200-day moving average is $86.65. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.20 and a current ratio of 0.21. MetLife, Inc. has a 52 week low of $67.33 and a 52 week high of $106.72. The firm has a market cap of $64.71 billion, a P/E ratio of 13.43, a P/E/G ratio of 0.97 and a beta of 0.79.

MetLife (NYSE:MET) last posted its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.01. MetLife had a net margin of 6.21% and a return on equity of 25.71%. The company had revenue of $20.52 billion during the quarter, compared to analysts’ expectations of $19.86 billion. During the same period in the prior year, the company posted $2.34 earnings per share. MetLife’s revenue for the quarter was up 18.2% compared to the same quarter last year. Equities analysts expect that MetLife, Inc. will post 9.94 earnings per share for the current year.

MetLife announced that its Board of Directors has authorized a share buyback program on Wednesday, August 5th that allows the company to repurchase $3 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

MetLife Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 8th. Shareholders of record on Tuesday, November 3rd will be given a dividend of $0.5925 per share. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $2.37 dividend on an annualized basis and a yield of 2.3%. MetLife’s dividend payout ratio is 30.90%.

Analysts Set New Price Targets

Several brokerages have commented on MET. Mizuho set a $112.00 target price on MetLife in a report on Monday. Argus upped their price target on MetLife from $93.00 to $109.00 and gave the company a “buy” rating in a research report on Wednesday, September 2nd. Wells Fargo & Company increased their price target on MetLife from $109.00 to $110.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Weiss Ratings upgraded MetLife from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday. Finally, Bank of America lowered their price objective on MetLife from $106.00 to $103.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Fourteen research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $106.62.

MetLife Company Profile

MetLife, Inc. is a global financial services company best known for providing insurance, employee benefits and retirement-related products. Its offerings include life, dental and disability insurance, annuities, and products and services designed to help individuals and employers plan for financial protection and retirement. The company serves individuals, businesses and institutions in the United States and international markets, including countries in Latin America, Asia, Europe and the Middle East.