Principal Financial Group Inc. Cuts Position in MetLife, Inc. (MET)
Principal Financial Group Inc. decreased its holdings in MetLife, Inc. (NYSE:MET) by 4.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,490,493 shares of the financial services provider’s stock after selling 74,017 shares during the period. Principal Financial Group Inc. owned approximately 0.14% of MetLife worth $77,432,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Farmers National Bank purchased a new position in MetLife in the second quarter valued at approximately $118,000. Cable Hill Partners LLC raised its holdings in MetLife by 246.6% in the third quarter. Cable Hill Partners LLC now owns 2,412 shares of the financial services provider’s stock valued at $125,000 after buying an additional 1,716 shares during the period. Westside Investment Management Inc. raised its holdings in MetLife by 583.8% in the first quarter. Westside Investment Management Inc. now owns 2,694 shares of the financial services provider’s stock valued at $140,000 after buying an additional 2,300 shares during the period. Parallel Advisors LLC raised its holdings in MetLife by 50.7% in the first quarter. Parallel Advisors LLC now owns 2,748 shares of the financial services provider’s stock valued at $143,000 after buying an additional 924 shares during the period. Finally, First Mercantile Trust Co. raised its holdings in MetLife by 3.4% in the second quarter. First Mercantile Trust Co. now owns 2,926 shares of the financial services provider’s stock valued at $161,000 after buying an additional 97 shares during the period. Hedge funds and other institutional investors own 74.00% of the company’s stock.
In other MetLife news, insider Christopher G. Townsend sold 82,731 shares of MetLife stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $54.60, for a total value of $4,517,112.60. Following the completion of the transaction, the insider now owns 49,660 shares of the company’s stock, valued at $2,711,436. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Christopher G. Townsend sold 55,712 shares of MetLife stock in a transaction on Monday, November 6th. The stock was sold at an average price of $54.29, for a total transaction of $3,024,604.48. Following the completion of the transaction, the insider now directly owns 25,181 shares of the company’s stock, valued at approximately $1,367,076.49. The disclosure for this sale can be found here. Insiders own 0.32% of the company’s stock.
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Several research analysts recently commented on the stock. BidaskClub upgraded shares of MetLife from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. B. Riley restated a “neutral” rating on shares of MetLife in a report on Monday, November 6th. Zacks Investment Research lowered shares of MetLife from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. ValuEngine upgraded shares of MetLife from a “buy” rating to a “strong-buy” rating in a report on Tuesday, September 26th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $60.00 price objective (up previously from $56.00) on shares of MetLife in a research report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $58.40.
Shares of MetLife, Inc. (NYSE:MET) opened at $52.18 on Monday. MetLife, Inc. has a 1 year low of $44.26 and a 1 year high of $55.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market cap of $54,930.00, a P/E ratio of 10.04, a PEG ratio of 1.31 and a beta of 1.51.
MetLife (NYSE:MET) last released its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.19. The firm had revenue of $16.10 billion during the quarter, compared to the consensus estimate of $15.47 billion. MetLife had a net margin of 5.54% and a return on equity of 5.60%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.28 earnings per share. research analysts expect that MetLife, Inc. will post 4.43 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Monday, November 6th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Friday, November 3rd. MetLife’s dividend payout ratio is presently 347.83%.
MetLife announced that its board has initiated a share repurchase plan on Wednesday, November 1st that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
MetLife Company Profile
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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