MetLife, Inc. (MET) Position Reduced by Tocqueville Asset Management L.P.
Tocqueville Asset Management L.P. reduced its holdings in shares of MetLife, Inc. (NYSE:MET) by 0.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 380,323 shares of the financial services provider’s stock after selling 2,772 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in MetLife were worth $19,758,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its stake in shares of MetLife by 3,323.3% in the first quarter. BlackRock Inc. now owns 68,475,870 shares of the financial services provider’s stock valued at $3,616,895,000 after buying an additional 66,475,603 shares during the period. Epoch Investment Partners Inc. bought a new stake in shares of MetLife in the second quarter valued at $183,290,000. Vanguard Group Inc. raised its stake in shares of MetLife by 3.0% in the first quarter. Vanguard Group Inc. now owns 65,364,620 shares of the financial services provider’s stock valued at $3,452,559,000 after buying an additional 1,885,246 shares during the period. TD Asset Management Inc. raised its stake in shares of MetLife by 47.7% in the second quarter. TD Asset Management Inc. now owns 5,201,238 shares of the financial services provider’s stock valued at $285,756,000 after buying an additional 1,679,740 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of MetLife in the first quarter valued at $82,954,000. Institutional investors and hedge funds own 73.91% of the company’s stock.
MetLife (NYSE:MET) last issued its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.19. The firm had revenue of $16.10 billion during the quarter, compared to analyst estimates of $15.47 billion. MetLife had a positive return on equity of 8.44% and a negative net margin of 0.75%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.28 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Monday, November 6th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.92%. MetLife’s payout ratio is -320.00%.
MetLife declared that its Board of Directors has authorized a share buyback plan on Wednesday, November 1st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Several equities analysts have recently weighed in on MET shares. TheStreet cut MetLife from a “b-” rating to a “c+” rating in a research report on Monday, August 21st. Goldman Sachs Group, Inc. (The) started coverage on MetLife in a research report on Wednesday, October 18th. They issued a “conviction-buy” rating and a $61.00 price target for the company. BidaskClub cut 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 issued a $63.00 price target (up from $61.00) on shares of MetLife in a research report on Wednesday, July 12th. Finally, ValuEngine upgraded MetLife from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $57.89.
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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