DekaBank Deutsche Girozentrale raised its stake in Metlife Inc (NYSE:MET) by 136.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 759,871 shares of the financial services provider’s stock after acquiring an additional 439,138 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Metlife were worth $35,210,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Metlife by 6.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 481,056 shares of the financial services provider’s stock worth $22,475,000 after purchasing an additional 29,897 shares during the period. Pzena Investment Management LLC increased its holdings in shares of Metlife by 1.9% during the third quarter. Pzena Investment Management LLC now owns 8,470,138 shares of the financial services provider’s stock worth $395,725,000 after purchasing an additional 155,350 shares during the period. Nuance Investments LLC increased its holdings in shares of Metlife by 1.8% during the third quarter. Nuance Investments LLC now owns 1,123,962 shares of the financial services provider’s stock worth $52,519,000 after purchasing an additional 19,833 shares during the period. Ontario Teachers Pension Plan Board increased its holdings in shares of Metlife by 103.0% during the third quarter. Ontario Teachers Pension Plan Board now owns 130,842 shares of the financial services provider’s stock worth $6,113,000 after purchasing an additional 66,393 shares during the period. Finally, FMR LLC increased its holdings in shares of Metlife by 12.3% during the third quarter. FMR LLC now owns 52,498,328 shares of the financial services provider’s stock worth $2,452,721,000 after purchasing an additional 5,760,379 shares during the period. 78.04% of the stock is currently owned by hedge funds and other institutional investors.
NYSE MET opened at $42.99 on Friday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.28. The company has a market cap of $42.42 billion, a P/E ratio of 9.55, a PEG ratio of 0.64 and a beta of 1.30. Metlife Inc has a 1 year low of $39.31 and a 1 year high of $55.21.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Tuesday, November 6th will be given 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 dividend yield of 3.91%. Metlife’s dividend payout ratio is 37.33%.
Metlife announced that its board has initiated a stock buyback program 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 reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
Several research analysts have recently commented on MET shares. Sandler O’Neill reaffirmed a “hold” rating and set a $50.00 target price on shares of Metlife in a report on Thursday, August 2nd. Zacks Investment Research cut shares of Metlife from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. 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. Wells Fargo & Co reaffirmed a “buy” rating and set a $60.00 target price on shares of Metlife in a report on Thursday, September 27th. Finally, UBS Group raised 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. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. Metlife currently has an average rating of “Hold” and a consensus price target of $53.92.
In related news, Chairman Steven A. Kandarian sold 42,805 shares of the 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 approximately $26,294,331.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.34% of the company’s stock.
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.
Further Reading: Fundamental Analysis
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