Nomura Asset Management Co. Ltd. increased its holdings in shares of Metlife Inc (NYSE:MET) by 4.1% during the third quarter, Holdings Channel reports. The fund owned 206,846 shares of the financial services provider’s stock after purchasing an additional 8,085 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Metlife were worth $9,664,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Kaizen Advisory LLC grew its position in Metlife by 148.0% during the 2nd quarter. Kaizen Advisory LLC now owns 2,515 shares of the financial services provider’s stock worth $110,000 after acquiring an additional 1,501 shares during the last quarter. Flagship Harbor Advisors LLC bought a new stake in Metlife during the 2nd quarter worth approximately $110,000. FNY Investment Advisers LLC bought a new stake in Metlife during the 2nd quarter worth approximately $112,000. LFA Lugano Financial Advisors SA bought a new stake in Metlife during the 2nd quarter worth approximately $130,000. Finally, Tuttle Tactical Management bought a new stake in Metlife during the 2nd quarter worth approximately $144,000. Institutional investors and hedge funds own 77.42% of the company’s stock.
Shares of MET opened at $44.80 on Friday. The firm has a market capitalization of $44.86 billion, a price-to-earnings ratio of 9.96, a PEG ratio of 0.68 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.14 and a current ratio of 0.14. Metlife Inc has a 52 week low of $39.31 and a 52 week high of $55.21.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 13th. Stockholders of record on Tuesday, November 6th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Monday, November 5th. Metlife’s dividend payout ratio (DPR) is currently 37.33%.
Metlife declared that its board has authorized a share buyback plan on Thursday, November 1st that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
MET has been the topic of a number of recent research reports. Zacks Investment Research upgraded Metlife from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research report on Friday, October 5th. UBS Group increased their price objective on Metlife from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Monday, October 8th. Wells Fargo & Co reiterated a “buy” rating and issued a $60.00 price objective on shares of Metlife in a research report on Thursday, September 27th. Sandler O’Neill reiterated a “hold” rating and issued a $50.00 price objective on shares of Metlife in a research report on Thursday, August 2nd. Finally, Credit Suisse Group decreased their price objective on Metlife from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Friday, August 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $54.00.
In other news, Chairman Steven A. Kandarian sold 85,683 shares of the stock in a transaction on Tuesday, August 21st. The stock was 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 of the company’s stock, valued at approximately $27,454,284.65. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Steven A. Kandarian sold 42,805 shares of the stock in a transaction on Monday, August 27th. The shares were sold at an average price of $47.03, for a total value of $2,013,119.15. Following the completion of the transaction, the chairman now directly owns 559,097 shares in the company, valued at approximately $26,294,331.91. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.
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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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