Trexquant Investment LP bought a new stake in shares of Metlife Inc (NYSE:MET) during the third quarter, HoldingsChannel reports. The fund bought 139,557 shares of the financial services provider’s stock, valued at approximately $6,520,000.
Several other institutional investors and hedge funds have also added to or reduced their stakes in MET. FMR LLC grew its stake 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 valued at $2,452,721,000 after buying an additional 5,760,379 shares during the last quarter. Pzena Investment Management LLC grew its stake in shares of Metlife by 39.3% during the second quarter. Pzena Investment Management LLC now owns 8,314,788 shares of the financial services provider’s stock valued at $362,525,000 after buying an additional 2,346,866 shares during the last quarter. Prudential Financial Inc. grew its stake in shares of Metlife by 23.3% during the third quarter. Prudential Financial Inc. now owns 4,581,324 shares of the financial services provider’s stock valued at $214,040,000 after buying an additional 866,060 shares during the last quarter. Artemis Investment Management LLP bought a new position in shares of Metlife during the third quarter valued at approximately $36,988,000. Finally, Los Angeles Capital Management & Equity Research Inc. grew its stake in shares of Metlife by 829.1% during the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 868,606 shares of the financial services provider’s stock valued at $40,581,000 after buying an additional 775,120 shares during the last quarter. 78.04% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE MET opened at $42.59 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $42.42 billion, a P/E ratio of 9.46, a PEG ratio of 0.64 and a beta of 1.30. Metlife Inc has a 52-week low of $39.31 and a 52-week high of $55.21.
The business also recently announced 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 is Monday, November 5th. This represents a $1.68 dividend on an annualized basis and a yield of 3.94%. Metlife’s dividend payout ratio is currently 37.33%.
Metlife announced that its board has authorized a share repurchase program on Thursday, November 1st that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of analysts recently issued reports on MET shares. Zacks Investment Research lowered Metlife from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. UBS Group boosted their price target on Metlife from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Monday, October 8th. Wells Fargo & Co set a $60.00 price target on Metlife and gave the company a “buy” rating in a report on Friday, November 2nd. Sandler O’Neill reiterated a “hold” rating and issued a $50.00 price target on shares of Metlife in a report on Thursday, August 2nd. Finally, Morgan Stanley boosted their price target on Metlife from $52.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, November 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $53.92.
In other Metlife news, Chairman Steven A. Kandarian sold 42,805 shares of the company’s stock in a transaction 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 completion of the sale, the chairman now owns 559,097 shares in the company, valued at $26,294,331.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.34% of the stock is owned by corporate insiders.
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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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