Ontario Teachers Pension Plan Board boosted its holdings in shares of Metlife Inc (NYSE:MET) by 103.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 130,842 shares of the financial services provider’s stock after buying an additional 66,393 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Metlife were worth $6,113,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Kaizen Advisory LLC grew its position in shares of Metlife by 148.0% in the second quarter. Kaizen Advisory LLC now owns 2,515 shares of the financial services provider’s stock valued at $110,000 after purchasing an additional 1,501 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Metlife in the second quarter valued at approximately $110,000. LFA Lugano Financial Advisors SA acquired a new position in shares of Metlife in the second quarter valued at approximately $130,000. Tuttle Tactical Management acquired a new position in shares of Metlife in the second quarter valued at approximately $144,000. Finally, CSat Investment Advisory L.P. acquired a new position in shares of Metlife in the second quarter valued at approximately $168,000. 78.04% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MET stock opened at $42.80 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market capitalization of $42.42 billion, a P/E ratio of 9.51, a P/E/G 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.
Metlife announced that its board has authorized a stock repurchase program on Thursday, November 1st that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 4.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The business 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 $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Monday, November 5th. Metlife’s dividend payout ratio (DPR) is currently 37.33%.
In related news, Chairman Steven A. Kandarian sold 42,805 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $47.03, for a total value of $2,013,119.15. Following the completion of the sale, the chairman now directly 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 this link. Insiders own 0.34% of the company’s stock.
Several equities analysts have recently commented on MET shares. Zacks Investment Research downgraded Metlife from a “buy” rating to a “hold” rating in a research report on Thursday, August 9th. UBS Group upped their target price 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 set a $60.00 target price on Metlife and gave the company a “buy” rating in a research report on Friday, November 2nd. Sandler O’Neill reaffirmed a “hold” rating and issued a $50.00 target price on shares of Metlife in a research report on Thursday, August 2nd. Finally, Morgan Stanley upped their target price on Metlife from $52.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $53.92.
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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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