Wedge Capital Management L L P NC Lowers Position in MetLife, Inc. (MET)
Wedge Capital Management L L P NC reduced its stake in shares of MetLife, Inc. (NYSE:MET) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 597,207 shares of the financial services provider’s stock after selling 15,403 shares during the period. Wedge Capital Management L L P NC owned about 0.06% of MetLife worth $32,811,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Signature Estate & Investment Advisors LLC purchased a new position in MetLife during the first quarter worth about $107,000. First Personal Financial Services raised its position in MetLife by 11.5% in the first quarter. First Personal Financial Services now owns 2,588 shares of the financial services provider’s stock worth $137,000 after buying an additional 266 shares during the last quarter. Westside Investment Management Inc. raised its position 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 worth $140,000 after buying an additional 2,300 shares during the last quarter. Parallel Advisors LLC raised its position in MetLife by 50.7% in the first quarter. Parallel Advisors LLC now owns 2,748 shares of the financial services provider’s stock worth $143,000 after buying an additional 924 shares during the last quarter. Finally, First Mercantile Trust Co. purchased a new position in MetLife during the first quarter worth about $149,000. 74.23% of the stock is owned by institutional investors and hedge funds.
Shares of MetLife, Inc. (NYSE MET) opened at 46.73 on Wednesday. The company has a 50 day moving average of $48.46 and a 200-day moving average of $47.25. MetLife, Inc. has a 12-month low of $37.17 and a 12-month high of $52.07. The company has a market capitalization of $49.67 billion, a P/E ratio of 549.76 and a beta of 1.46.
MetLife (NYSE:MET) last issued its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.28 by $0.02. MetLife had a return on equity of 8.51% and a net margin of 0.30%. The firm had revenue of $17.39 billion for the quarter, compared to analyst estimates of $17.11 billion. During the same period in the previous year, the firm earned $0.83 earnings per share. The company’s revenue was up 2.5% compared to the same quarter last year. On average, equities analysts anticipate that MetLife, Inc. will post $4.83 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 13th. Shareholders of record on Monday, August 7th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.42%. The ex-dividend date is Thursday, August 3rd. MetLife’s dividend payout ratio (DPR) is presently 1,777.98%.
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A number of analysts have commented on MET shares. BidaskClub upgraded shares of MetLife from a “sell” rating to a “hold” rating in a research report on Wednesday, August 9th. TheStreet downgraded shares of MetLife from a “b-” rating to a “c+” rating in a research report on Monday, August 21st. Zacks Investment Research downgraded shares of MetLife from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Wells Fargo & Company restated a “buy” rating on shares of MetLife in a research report on Saturday, July 1st. Finally, Langen Mcalenn restated a “buy” rating on shares of MetLife in a research report on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $58.95.
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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