Pictet Asset Management Ltd. reduced its stake in Metlife Inc (NYSE:MET) by 8.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 451,590 shares of the financial services provider’s stock after selling 40,000 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Metlife were worth $21,098,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of MET. Flagship Harbor Advisors LLC bought a new stake in Metlife in the second quarter worth approximately $110,000. LFA Lugano Financial Advisors SA bought a new stake in Metlife in the second quarter worth approximately $130,000. Tuttle Tactical Management bought a new stake in Metlife in the second quarter worth approximately $144,000. CSat Investment Advisory L.P. bought a new stake in Metlife in the second quarter worth approximately $168,000. Finally, Chemung Canal Trust Co. bought a new stake in Metlife in the third quarter worth approximately $203,000. 77.45% of the stock is currently owned by institutional investors.
MET has been the subject of a number of research analyst reports. Zacks Investment Research downgraded Metlife from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. UBS Group lifted their target price on Metlife from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Monday, October 8th. Wells Fargo & Co set a $60.00 target price on Metlife and gave the stock a “buy” rating in a report on Friday, November 2nd. Finally, Morgan Stanley lifted their target price on Metlife from $52.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $53.92.
Metlife (NYSE:MET) last released its quarterly earnings data on Thursday, November 1st. The financial services provider reported $1.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.11. The firm had revenue of $16.40 billion during the quarter, compared to the consensus estimate of $15.88 billion. Metlife had a return on equity of 9.76% and a net margin of 7.62%. The company’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.09 earnings per share. On average, equities analysts anticipate that Metlife Inc will post 5.35 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Stockholders 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 annualized dividend and a dividend yield of 3.75%. Metlife’s dividend payout ratio is 37.33%.
Metlife announced that its board has approved a stock buyback plan on Thursday, November 1st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 4.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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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