Pinnacle Associates Ltd. Cuts Holdings in Metlife Inc (MET)

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Pinnacle Associates Ltd. lessened its holdings in shares of Metlife Inc (NYSE:MET) by 7.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 237,644 shares of the financial services provider’s stock after selling 18,113 shares during the period. Pinnacle Associates Ltd.’s holdings in Metlife were worth $9,758,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of MET. Country Trust Bank boosted its stake in Metlife by 1,052.6% in the fourth quarter. Country Trust Bank now owns 876 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 800 shares during the period. Founders Capital Management bought a new stake in Metlife during the fourth quarter worth approximately $37,000. CWM LLC raised its holdings in Metlife by 111.4% during the fourth quarter. CWM LLC now owns 983 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 518 shares in the last quarter. Evolution Wealth Advisors LLC bought a new stake in Metlife during the fourth quarter worth approximately $53,000. Finally, San Francisco Sentry Investment Group CA raised its holdings in Metlife by 22.5% during the fourth quarter. San Francisco Sentry Investment Group CA now owns 1,433 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 263 shares in the last quarter. Hedge funds and other institutional investors own 77.98% of the company’s stock.

MET has been the topic of several recent analyst reports. Wells Fargo & Co set a $60.00 target price on Metlife and gave the stock a “buy” rating in a report on Friday, November 2nd. Morgan Stanley boosted their target price on Metlife from $52.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 13th. Zacks Investment Research raised Metlife from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, November 13th. Royal Bank of Canada dropped their target price on Metlife from $57.00 to $50.00 and set an “outperform” rating on the stock in a report on Monday, December 17th. Finally, Sandler O’Neill raised Metlife from a “hold” rating to a “buy” rating in a report on Wednesday, January 2nd. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $53.16.

MET stock opened at $42.71 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.14 and a quick ratio of 0.14. Metlife Inc has a 1 year low of $37.76 and a 1 year high of $48.92. The firm has a market capitalization of $42.15 billion, a P/E ratio of 7.92, a price-to-earnings-growth ratio of 0.92 and a beta of 1.20.

Metlife (NYSE:MET) last released its quarterly earnings data on Wednesday, February 6th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.05. Metlife had a net margin of 7.53% and a return on equity of 10.24%. The business had revenue of $15.40 billion during the quarter, compared to analyst estimates of $15.84 billion. During the same quarter in the previous year, the business earned $0.64 EPS. Metlife’s quarterly revenue was up .0% compared to the same quarter last year. Equities analysts forecast that Metlife Inc will post 5.51 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 13th. Investors of record on Tuesday, February 5th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Monday, February 4th. Metlife’s payout ratio is presently 31.17%.

Metlife declared that its board has authorized a share buyback program on Thursday, November 1st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 4.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

In other Metlife news, Director Carlos M. Gutierrez acquired 6,400 shares of Metlife stock in a transaction that occurred on Monday, December 17th. The stock was acquired at an average price of $39.04 per share, with a total value of $249,856.00. Following the purchase, the director now owns 4,668 shares in the company, valued at $182,238.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.34% of the stock is currently owned by insiders.

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Metlife Profile

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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Institutional Ownership by Quarter for Metlife (NYSE:MET)

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