Handelsbanken Fonder AB Trims Position in MetLife, Inc. $MET

Key Points

• Handelsbanken Fonder AB cut its MetLife stake by 24.1% in the second quarter, selling 27,600 shares and retaining 86,878 shares valued at approximately $7.35 million. Institutional investors collectively own 94.99% of MetLife.
• MetLife reported quarterly EPS of $2.43, exceeding estimates of $2.30, while revenue rose 10.5% year over year to $13.52 billion. The company also initiated a $3 billion share-repurchase program and declared a quarterly dividend of $0.5925.
• Analyst sentiment remains favorable, with MetLife carrying a “Moderate Buy” consensus rating and an average price target of $101.07, compared with a share price of $97.57.

Handelsbanken Fonder AB decreased its holdings in MetLife, Inc. (NYSE:MET - Free Report) by 24.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 86,878 shares of the financial services provider's stock after selling 27,600 shares during the quarter. Handelsbanken Fonder AB's holdings in MetLife were worth $7,351,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of MetLife in the 4th quarter worth approximately $639,986,000. Vanguard Group Inc. raised its holdings in MetLife by 12.1% in the fourth quarter. Vanguard Group Inc. now owns 72,555,335 shares of the financial services provider's stock worth $5,727,518,000 after purchasing an additional 7,805,814 shares in the last quarter. Pzena Investment Management LLC lifted its position in MetLife by 22.9% during the fourth quarter. Pzena Investment Management LLC now owns 11,883,338 shares of the financial services provider's stock valued at $938,071,000 after buying an additional 2,211,315 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of MetLife by 133.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,098,649 shares of the financial services provider's stock valued at $219,136,000 after buying an additional 1,771,689 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of MetLife by 105.3% in the 3rd quarter. AQR Capital Management LLC now owns 3,305,620 shares of the financial services provider's stock worth $271,424,000 after buying an additional 1,695,563 shares during the period. 94.99% of the stock is owned by hedge funds and other institutional investors.

MetLife Stock Up 0.1%

NYSE:MET opened at $97.57 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a market cap of $62.78 billion, a P/E ratio of 18.69, a P/E/G ratio of 0.75 and a beta of 0.78. MetLife, Inc. has a fifty-two week low of $67.33 and a fifty-two week high of $100.93. The firm has a 50-day simple moving average of $91.52 and a two-hundred day simple moving average of $81.55.

MetLife (NYSE:MET - Get Free Report) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.13. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The firm had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $19.67 billion. During the same quarter in the prior year, the firm posted $2.02 earnings per share. The business's revenue was up 10.5% on a year-over-year basis. Analysts predict that MetLife, Inc. will post 9.7 earnings per share for the current fiscal year.

MetLife Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Tuesday, August 4th will be issued a $0.5925 dividend. This represents a $2.37 annualized dividend and a yield of 2.4%. The ex-dividend date is Tuesday, August 4th. MetLife's dividend payout ratio (DPR) is presently 45.40%.

MetLife declared that its board has initiated a stock buyback plan on Wednesday, August 5th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Jefferies Financial Group increased their price target on shares of MetLife from $97.00 to $103.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. UBS Group upped their price objective on shares of MetLife from $102.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, July 8th. Barclays lifted their target price on shares of MetLife from $94.00 to $97.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Wall Street Zen cut MetLife from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, JPMorgan Chase & Co. upped their price target on MetLife from $106.00 to $108.00 and gave the stock an "overweight" rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $101.07.

MetLife Company Profile

MetLife, Inc is a global provider of insurance, annuities and employee benefit programs. Headquartered in New York City, the company offers a range of risk protection and retirement solutions to individuals, employers and institutional clients. Its core businesses include life insurance, group benefits, retirement products such as annuities, and supplemental health products including dental and disability coverage.

In addition to traditional life and group insurance, MetLife provides workplace benefits and voluntary products distributed through employer-sponsored programs.

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