MetLife (NYSE:MET) was upgraded by equities researchers at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued on Wednesday, Analyst Ratings Network reports. The brokerage currently has a $52.00 price objective on the financial services provider’s stock, up from their prior price objective of $45.00. Piper Sandler’s target price would indicate a potential upside of 11.47% from the company’s current price.
Other research analysts also recently issued reports about the company. Morgan Stanley lifted their target price on MetLife from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 18th. Credit Suisse Group lifted their target price on MetLife from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Tuesday, November 17th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded MetLife from a “neutral” rating to a “buy” rating and boosted their price target for the company from $39.00 to $55.00 in a research note on Tuesday, December 8th. TheStreet upgraded MetLife from a “c+” rating to a “b” rating in a research note on Thursday, November 5th. Finally, Smith Barney Citigroup upgraded MetLife from a “neutral” rating to a “buy” rating and boosted their price target for the company from $39.00 to $55.00 in a research note on Tuesday, December 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $48.82.
Shares of NYSE MET opened at $46.65 on Wednesday. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.21. MetLife has a 12 month low of $22.85 and a 12 month high of $53.28. The stock has a 50 day moving average of $46.74 and a 200-day moving average of $40.53. The company has a market capitalization of $41.98 billion, a P/E ratio of 7.66, a P/E/G ratio of 1.70 and a beta of 1.36.
MetLife (NYSE:MET) last issued its earnings results on Wednesday, November 4th. The financial services provider reported $1.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.08. MetLife had a return on equity of 8.17% and a net margin of 8.82%. The company had revenue of $16.51 billion during the quarter, compared to the consensus estimate of $16 billion. During the same period in the previous year, the company posted $1.27 EPS. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. Analysts predict that MetLife will post 5.67 EPS for the current fiscal year.
MetLife declared that its Board of Directors has authorized a stock buyback plan on Friday, December 11th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently made changes to their positions in MET. BlackRock Inc. grew its holdings in MetLife by 6.6% during the second quarter. BlackRock Inc. now owns 69,956,785 shares of the financial services provider’s stock valued at $2,554,824,000 after purchasing an additional 4,312,214 shares during the period. MUFG Securities EMEA plc lifted its position in MetLife by 60.8% in the third quarter. MUFG Securities EMEA plc now owns 2,284,000 shares of the financial services provider’s stock worth $84,896,000 after buying an additional 864,000 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in MetLife by 398.9% during the second quarter. Jacobs Levy Equity Management Inc. now owns 910,302 shares of the financial services provider’s stock worth $33,244,000 after buying an additional 727,834 shares during the period. Squarepoint Ops LLC boosted its stake in MetLife by 3,324.8% during the third quarter. Squarepoint Ops LLC now owns 601,594 shares of the financial services provider’s stock worth $22,361,000 after buying an additional 584,028 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in MetLife by 542.1% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 449,385 shares of the financial services provider’s stock worth $16,704,000 after buying an additional 379,400 shares during the period. 66.94% of the stock is owned by hedge funds and other institutional investors.
MetLife, Inc engages in the insurance, annuities, employee benefits, and asset management businesses worldwide. 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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