State Board of Administration of Florida Retirement System trimmed its stake in Metlife Inc (NYSE:MET) by 3.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,230,480 shares of the financial services provider’s stock after selling 39,449 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Metlife were worth $57,488,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of MET. Kaizen Advisory LLC raised its position in Metlife by 148.0% during the second quarter. Kaizen Advisory LLC now owns 2,515 shares of the financial services provider’s stock valued at $110,000 after acquiring an additional 1,501 shares in the last quarter. Flagship Harbor Advisors LLC bought a new position in Metlife during the second quarter valued at approximately $110,000. FNY Investment Advisers LLC bought a new position in Metlife during the second quarter valued at approximately $112,000. LFA Lugano Financial Advisors SA bought a new position in Metlife during the second quarter valued at approximately $130,000. Finally, Tuttle Tactical Management bought a new position in Metlife during the second quarter valued at approximately $144,000. 77.50% of the stock is owned by institutional investors and hedge funds.
In other Metlife news, Chairman Steven A. Kandarian sold 42,805 shares of the stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $47.03, for a total transaction of $2,013,119.15. Following the transaction, the chairman now owns 559,097 shares in the company, valued at $26,294,331.91. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Steven A. Kandarian sold 85,683 shares of the stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $46.93, for a total value 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 disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.
Metlife (NYSE:MET) last announced its quarterly earnings results on Thursday, November 1st. The financial services provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.27 by $0.11. Metlife had a return on equity of 9.17% and a net margin of 6.12%. The company had revenue of $16.40 billion for the quarter, compared to the consensus estimate of $15.88 billion. During the same quarter last year, the company posted $1.09 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Metlife Inc will post 5.21 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 13th. Shareholders of record on Tuesday, November 6th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, November 5th. This represents a $1.68 annualized dividend and a yield of 3.85%. Metlife’s dividend payout ratio (DPR) is presently 37.33%.
Several brokerages recently weighed in on MET. Wells Fargo & Co set a $60.00 price objective on shares of Metlife and gave the company a “buy” rating in a research report on Friday. B. Riley cut their price objective on shares of Metlife from $58.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, July 16th. Credit Suisse Group cut their price objective on shares of Metlife from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Friday, August 17th. Zacks Investment Research lowered shares of Metlife from a “buy” rating to a “hold” rating in a research report on Friday, October 12th. Finally, Morgan Stanley cut their price objective on shares of Metlife from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. Metlife presently has an average rating of “Hold” and a consensus target price of $55.00.
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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