Eight of the top ten institutional investors in MetLife (MET) reduced their holdings in the stock in the first quarter. Together, the top ten investors sold 22.7 million MetLife shares, according to the latest filings. According to a filing dated May 7, MetLife Policyholder Trust, the largest investor in MetLife, sold 1.8 million shares. A sale of 10.1 million shares by Wellington Management Company was the biggest sale transaction in the first quarter.
Other notable transactions include a sale of 5.0 million shares by MFS Investment Management, which now holds 1.8% of MetLife’s outstanding shares. Fidelity Management & Research Company, MetLife’s fifth-largest shareholder, sold 3.1 million shares in the first quarter. The above table shows the ten largest investors in MetLife along with their latest position changes. Together, the ten investors own 48.8% of the company’s outstanding shares. The selling activity by top institutional investors likely indicates their bearish sentiments for the stock.
Franklin Advisers, which isn’t among the top ten investors, sold 3.6 million MetLife shares. The OMERS Administration sold 2.6 million MetLife shares. Recently, Citi Investment Research purchased 4.1 million MetLife shares. AQR Capital Management bought 3.2 million shares, while JP Morgan Asset Management bought 1.9 million shares.
MetLife stock has risen 17% year-to-date and outperformed broader markets. MetLife has underperformed AIG (AIG) during this period. MetLife is trading above its 50-day and 200-day moving averages. MetLife has a 14-day relative strength index of ~58.