Janney Montgomery Scott LLC increased its position in shares of Metlife Inc (NYSE:MET) by 6.9% in the third quarter, HoldingsChannel reports. The firm owned 926,834 shares of the financial services provider’s stock after acquiring an additional 59,496 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Metlife were worth $43,302,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of MET. Kaizen Advisory LLC boosted its stake in shares of Metlife by 148.0% during the second quarter. Kaizen Advisory LLC now owns 2,515 shares of the financial services provider’s stock worth $110,000 after buying an additional 1,501 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in shares of Metlife during the second quarter worth about $110,000. FNY Investment Advisers LLC acquired a new stake in shares of Metlife during the second quarter worth about $112,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of Metlife during the second quarter worth about $130,000. Finally, Tuttle Tactical Management acquired a new stake in shares of Metlife during the second quarter worth about $144,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.
Shares of Metlife stock opened at $44.61 on Wednesday. Metlife Inc has a 12-month low of $39.31 and a 12-month high of $55.21. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.16 and a quick ratio of 0.15. The stock has a market capitalization of $43.37 billion, a price-to-earnings ratio of 9.91, a P/E/G ratio of 0.66 and a beta of 1.30.
Metlife declared that its Board of Directors has authorized a share buyback program on Thursday, November 1st that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 13th. Shareholders of record on Tuesday, November 6th will be issued a $0.42 dividend. The ex-dividend date is Monday, November 5th. This represents a $1.68 dividend on an annualized basis and a yield of 3.77%. Metlife’s dividend payout ratio (DPR) is presently 37.33%.
In other news, Chairman Steven A. Kandarian sold 85,683 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $46.93, for a total transaction of $4,021,103.19. Following the completion of the transaction, the chairman now directly owns 585,005 shares of the company’s stock, valued at approximately $27,454,284.65. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Steven A. Kandarian sold 42,805 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $47.03, for a total transaction of $2,013,119.15. Following the transaction, the chairman now directly owns 559,097 shares of the company’s stock, valued at $26,294,331.91. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.
Several research analysts recently issued reports on MET shares. UBS Group increased their price target on shares of Metlife from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Monday, October 8th. Wells Fargo & Co reissued a “buy” rating and set a $60.00 price target on shares of Metlife in a report on Thursday, September 27th. Zacks Investment Research cut shares of Metlife from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Morgan Stanley cut their price target on shares of Metlife from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, July 11th. Finally, Credit Suisse Group cut their price target on shares of Metlife from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Friday, August 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $54.17.
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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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