Icon Advisers Inc. Co. Buys New Holdings in Metlife Inc (MET)

Icon Advisers Inc. Co. bought a new position in Metlife Inc (NYSE:MET) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 14,400 shares of the financial services provider’s stock, valued at approximately $673,000.

Several other hedge funds also recently added to or reduced their stakes in the company. FMR LLC lifted its holdings 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 worth $2,037,775,000 after buying an additional 3,921,155 shares in the last quarter. Pzena Investment Management LLC lifted its holdings in shares of Metlife by 39.3% in 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 buying an additional 2,346,866 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Metlife by 12.3% in the second quarter. Morgan Stanley now owns 6,357,267 shares of the financial services provider’s stock worth $277,177,000 after buying an additional 696,768 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Metlife by 7.4% in the second quarter. LSV Asset Management now owns 4,098,468 shares of the financial services provider’s stock worth $178,693,000 after buying an additional 283,900 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of Metlife by 0.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 3,844,484 shares of the financial services provider’s stock worth $167,620,000 after buying an additional 29,491 shares in the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Metlife stock opened at $45.19 on Friday. The firm has a market cap of $44.95 billion, a P/E ratio of 8.77, a price-to-earnings-growth ratio of 0.68 and a beta of 1.30. The company has a current ratio of 0.16, a quick ratio of 0.15 and a debt-to-equity ratio of 0.31. Metlife Inc has a 52-week low of $39.31 and a 52-week high of $55.21.

Metlife (NYSE:MET) last released its quarterly earnings results on Thursday, November 1st. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.11. The company had revenue of $16.40 billion for the quarter, compared to the consensus estimate of $15.88 billion. Metlife had a net margin of 7.62% and a return on equity of 9.53%. Metlife’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.09 earnings per share. On average, equities research analysts predict that Metlife Inc will post 5.31 earnings per share for the current fiscal year.

Metlife declared that its board has authorized a share buyback plan on Thursday, November 1st that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 4.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Tuesday, November 6th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend is Monday, November 5th. Metlife’s payout ratio is 37.33%.

In other Metlife news, Chairman Steven A. Kandarian sold 85,683 shares of the business’s stock in a transaction on Tuesday, August 21st. The shares were 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 $27,454,284.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Steven A. Kandarian sold 42,805 shares of the business’s stock in a transaction 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 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 corporate insiders.

MET has been the topic of several research analyst reports. Zacks Investment Research downgraded shares of Metlife from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. UBS Group boosted their target price on shares of Metlife from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Monday, October 8th. Wells Fargo & Co set a $60.00 target price on shares of Metlife and gave the stock a “buy” rating in a report on Friday, November 2nd. Sandler O’Neill reissued a “hold” rating and issued a $50.00 target price on shares of Metlife in a report on Thursday, August 2nd. Finally, Credit Suisse Group lowered their target price on shares of Metlife from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Friday, August 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $54.17.

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About Metlife

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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Institutional Ownership by Quarter for Metlife (NYSE:MET)

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