MetLife (NYSE:MET) Price Target Raised to $110.00

MetLife (NYSE:MET) had its price target boosted by Wells Fargo & Company from $109.00 to $110.00 in a report released on Monday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Other equities analysts have also recently issued research reports about the company. Piper Sandler upgraded MetLife from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $99.00 to $110.00 in a report on Tuesday, September 22nd. JPMorgan Chase & Co. upped their price objective on MetLife from $106.00 to $108.00 and gave the company an “overweight” rating in a research report on Tuesday, August 11th. Evercore reiterated a “mixed” rating on shares of MetLife in a research note on Monday, August 24th. UBS Group increased their target price on MetLife from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Finally, Morgan Stanley lifted their target price on MetLife from $103.00 to $111.00 and gave the stock an “overweight” rating in a research report on Monday, August 24th. Thirteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $105.06.

MetLife Stock Down 0.9%

Shares of NYSE MET opened at $99.77 on Monday. MetLife has a 1 year low of $67.33 and a 1 year high of $101.44. The firm has a 50-day simple moving average of $96.80 and a two-hundred day simple moving average of $88.42. The company has a market cap of $64.19 billion, a P/E ratio of 19.11, a PEG ratio of 0.95 and a beta of 0.78. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.20 and a quick ratio of 0.20.

MetLife (NYSE:MET) last released its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.13. MetLife had a return on equity of 23.39% and a net margin of 4.57%. The firm had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $19.67 billion. During the same quarter in the prior year, the firm posted $2.02 earnings per share. The company’s quarterly revenue was up 10.5% on a year-over-year basis. Research analysts anticipate that MetLife will post 9.88 earnings per share for the current year.

MetLife declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 5th that authorizes the company to buy back $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

MetLife Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 8th. Stockholders of record on Tuesday, November 3rd will be issued a $0.5925 dividend. The ex-dividend date is Tuesday, November 3rd. This represents a $2.37 dividend on an annualized basis and a dividend yield of 2.4%. MetLife’s dividend payout ratio (DPR) is currently 45.40%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in MetLife during the second quarter valued at approximately $4,381,692,000. Pzena Investment Management LLC acquired a new position in MetLife in the second quarter valued at approximately $941,792,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in MetLife by 5.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,026,518 shares of the financial services provider’s stock valued at $509,904,000 after acquiring an additional 336,794 shares during the period. Bank of America Corp DE acquired a new position in MetLife in the second quarter valued at approximately $455,424,000. Finally, Legal & General Group Plc purchased a new stake in MetLife in the 2nd quarter worth approximately $326,904,000. 94.99% of the stock is owned by institutional investors.

MetLife Company Profile

MetLife, Inc is a global financial services company that provides insurance, employee benefits and retirement solutions. Its products and services include life insurance, dental and vision coverage, disability insurance, accident and health benefits, annuities, and savings and retirement products.

The company serves individuals, employers and institutions through group benefits, workplace solutions and individual insurance offerings. MetLife also provides investment and retirement services designed to help employers and employees prepare for long-term financial needs.

Founded in 1868, MetLife is headquartered in New York City and operates through businesses in the United States and international markets, including regions across Latin America, Asia and Europe.