Pictet Asset Management Ltd. raised its stake in Metlife Inc (NYSE:MET) by 6.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 405,790 shares of the financial services provider’s stock after purchasing an additional 24,034 shares during the period. Pictet Asset Management Ltd.’s holdings in Metlife were worth $20,156,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in Metlife by 7.4% in the fourth quarter. Geode Capital Management LLC now owns 12,421,536 shares of the financial services provider’s stock valued at $509,344,000 after purchasing an additional 856,479 shares in the last quarter. Clearbridge Investments LLC increased its position in shares of Metlife by 2.9% during the first quarter. Clearbridge Investments LLC now owns 11,907,582 shares of the financial services provider’s stock worth $506,906,000 after acquiring an additional 332,510 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Metlife by 18.5% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,986,416 shares of the financial services provider’s stock worth $297,346,000 after acquiring an additional 933,688 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Metlife by 10.1% during the second quarter. Prudential Financial Inc. now owns 5,395,315 shares of the financial services provider’s stock worth $267,985,000 after acquiring an additional 495,701 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of Metlife by 1.0% during the first quarter. LSV Asset Management now owns 4,053,327 shares of the financial services provider’s stock worth $172,550,000 after acquiring an additional 41,324 shares in the last quarter. 75.62% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently commented on MET. ValuEngine downgraded shares of Metlife from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Wells Fargo & Co boosted their target price on shares of Metlife from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 11th. Barclays boosted their target price on shares of Metlife from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 22nd. Zacks Investment Research raised shares of Metlife from a “sell” rating to a “hold” rating and set a $51.00 target price for the company in a research report on Friday, August 2nd. Finally, Citigroup decreased their target price on shares of Metlife from $42.00 to $41.00 and set a “sell” rating for the company in a research report on Friday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $49.61.
Metlife (NYSE:MET) last released its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.07. Metlife had a net margin of 9.28% and a return on equity of 9.75%. The business had revenue of $16.45 billion for the quarter, compared to analysts’ expectations of $16.43 billion. During the same period in the previous year, the company earned $1.30 earnings per share. The firm’s revenue for the quarter was down 22.4% compared to the same quarter last year. On average, sell-side analysts predict that Metlife Inc will post 5.65 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, August 6th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.61%. The ex-dividend date is Monday, August 5th. Metlife’s dividend payout ratio (DPR) is presently 32.65%.
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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