Channing Capital Management LLC trimmed its stake in shares of MetLife, Inc. (NYSE:MET) by 7.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 106,633 shares of the financial services provider’s stock after selling 8,787 shares during the period. Channing Capital Management LLC’s holdings in MetLife were worth $5,540,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Farmers National Bank acquired a new position in shares of MetLife during the second quarter worth approximately $118,000. Cable Hill Partners LLC lifted its position in shares of MetLife by 246.6% during the third quarter. Cable Hill Partners LLC now owns 2,412 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 1,716 shares in the last quarter. Westside Investment Management Inc. lifted its position in shares of MetLife by 583.8% during the first quarter. Westside Investment Management Inc. now owns 2,694 shares of the financial services provider’s stock worth $140,000 after purchasing an additional 2,300 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of MetLife by 50.7% during the first quarter. Parallel Advisors LLC now owns 2,748 shares of the financial services provider’s stock worth $143,000 after purchasing an additional 924 shares in the last quarter. Finally, First Mercantile Trust Co. lifted its position in shares of MetLife by 3.4% during the second quarter. First Mercantile Trust Co. now owns 2,926 shares of the financial services provider’s stock worth $161,000 after purchasing an additional 97 shares in the last quarter. Institutional investors own 73.91% of the company’s stock.
Shares of MetLife, Inc. (MET) traded up $1.15 during trading hours on Friday, reaching $54.63. 3,555,120 shares of the company’s stock traded hands, compared to its average volume of 4,210,000. MetLife, Inc. has a 1 year low of $41.82 and a 1 year high of $55.91. The company has a market capitalization of $57.97 billion, a P/E ratio of 10.72, a PEG ratio of 1.47 and a beta of 1.51. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.16 and a quick ratio of 0.16.
MetLife (NYSE:MET) last issued its earnings results on Wednesday, November 1st. The financial services provider reported $1.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.19. MetLife had a negative net margin of 0.75% and a positive return on equity of 8.81%. The firm had revenue of $16.10 billion during the quarter, compared to the consensus estimate of $15.47 billion. During the same quarter in the prior year, the firm earned $1.28 earnings per share. The business’s quarterly revenue was up 1.7% on a year-over-year basis. equities analysts forecast that MetLife, Inc. will post 4.21 earnings per share for the current year.
MetLife announced that its Board of Directors has initiated a stock buyback program on Wednesday, November 1st that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Monday, November 6th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Friday, November 3rd. MetLife’s payout ratio is presently 363.64%.
MET has been the topic of a number of research reports. TheStreet lowered shares of MetLife from a “b-” rating to a “c+” rating in a research report on Monday, August 21st. Goldman Sachs Group, Inc. (The) initiated coverage on shares of MetLife in a research report on Wednesday, October 18th. They set a “conviction-buy” rating and a $61.00 target price on the stock. BidaskClub lowered shares of MetLife from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Wells Fargo & Company reiterated an “outperform” rating and set a $63.00 target price (up from $61.00) on shares of MetLife in a research report on Wednesday, July 12th. Finally, ValuEngine upgraded shares of MetLife from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $57.95.
MetLife, Inc is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include U.S.; Asia; Latin America; Europe, the Middle East and Africa (EMEA); MetLife Holdings, and Corporate & Other. Its U.S. segment is organized into Group Benefits, Retirement and Income Solutions and Property & Casualty businesses.
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