Douglas Lane & Associates LLC Reduces Holdings in Metlife Inc (MET)
Douglas Lane & Associates LLC cut its position in Metlife Inc (NYSE:MET) by 0.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,385,141 shares of the financial services provider’s stock after selling 2,255 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Metlife were worth $60,392,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Mount Yale Investment Advisors LLC bought a new position in Metlife in the first quarter valued at about $108,000. Wagner Wealth Management LLC bought a new position in Metlife in the fourth quarter valued at about $126,000. FNY Investment Advisers LLC bought a new position in Metlife in the second quarter valued at about $112,000. Adviser Investments LLC bought a new position in Metlife in the first quarter valued at about $129,000. Finally, Private Capital Group LLC raised its position in shares of Metlife by 10,971.4% during the first quarter. Private Capital Group LLC now owns 3,100 shares of the financial services provider’s stock worth $142,000 after acquiring an additional 3,072 shares during the last quarter. Hedge funds and other institutional investors own 77.14% of the company’s stock.
A number of brokerages have recently issued reports on MET. Zacks Investment Research downgraded Metlife from a “buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. Wells Fargo & Co restated a “buy” rating on shares of Metlife in a research report on Tuesday, May 8th. Deutsche Bank lowered their price objective on Metlife from $51.00 to $48.00 and set a “hold” rating for the company in a research report on Friday, May 4th. B. Riley lowered their price objective on Metlife from $58.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, July 16th. Finally, Sandler O’Neill set a $47.00 price objective on Metlife and gave the stock a “hold” rating in a research report on Thursday, April 5th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $56.31.
Metlife (NYSE:MET) last announced its quarterly earnings data on Wednesday, May 2nd. The financial services provider reported $1.36 EPS for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.19. Metlife had a return on equity of 8.70% and a net margin of 6.48%. The firm had revenue of $15.15 billion during the quarter, compared to analysts’ expectations of $15.52 billion. During the same quarter last year, the firm posted $1.20 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. research analysts forecast that Metlife Inc will post 5.07 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 13th. Shareholders of record on Monday, August 6th will be paid a $0.42 dividend. The ex-dividend date is Friday, August 3rd. This represents a $1.68 dividend on an annualized basis and a yield of 3.81%. Metlife’s dividend payout ratio (DPR) is presently 37.33%.
Metlife declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 22nd that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, Director Gerald L. Hassell acquired 10,000 shares of Metlife stock in a transaction on Wednesday, May 9th. The stock was purchased at an average price of $46.18 per share, with a total value of $461,800.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.34% of the company’s stock.
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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