MetLife (NYSE:MET) Price Target Raised to $114.00

MetLife (NYSE:MET) had its price objective raised by TD Cowen from $110.00 to $114.00 in a report issued on Wednesday morning,Benzinga reports. TD Cowen currently has a buy rating on the financial services provider’s stock.

MET has been the topic of several other research reports. Wells Fargo & Company boosted their price target on MetLife from $109.00 to $110.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Mizuho dropped their price objective on MetLife from $112.00 to $109.00 and set an “outperform” rating for the company in a research note on Wednesday, October 7th. Argus lifted their price objective on MetLife from $93.00 to $109.00 and gave the stock a “buy” rating in a report on Wednesday, September 2nd. Evercore reaffirmed a “mixed” rating on shares of MetLife in a report on Monday, August 24th. Finally, UBS Group boosted their target price on MetLife from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, October 6th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.44.

MetLife Stock Down 4.5%

Shares of NYSE MET opened at $98.86 on Wednesday. The stock has a market capitalization of $63.61 billion, a price-to-earnings ratio of 10.60, a price-to-earnings-growth ratio of 0.98 and a beta of 0.78. MetLife has a 52 week low of $67.33 and a 52 week high of $103.65. The firm has a 50-day moving average price of $97.27 and a 200 day moving average price of $89.81. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52.

MetLife (NYSE:MET) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share 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 company had revenue of $13.52 billion for the quarter, compared to analyst estimates of $19.67 billion. During the same period in the prior year, the business posted $2.02 earnings per share. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. Equities research analysts anticipate that MetLife will post 9.94 EPS for the current fiscal year.

MetLife Announces Dividend

The company 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 dividend of $0.5925 per share. 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 payout ratio is 45.40%.

MetLife announced that its Board of Directors has approved a share repurchase program on Wednesday, August 5th that permits the company to repurchase $3.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 4.8% of its shares through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On MetLife

Several institutional investors and hedge funds have recently modified their holdings of the company. CX Institutional boosted its stake in shares of MetLife by 1.3% during the 3rd quarter. CX Institutional now owns 8,672 shares of the financial services provider’s stock worth $817,000 after acquiring an additional 115 shares in the last quarter. Investment Research Partners LLC raised its stake in shares of MetLife by 3.9% in the 3rd quarter. Investment Research Partners LLC now owns 3,103 shares of the financial services provider’s stock valued at $292,000 after acquiring an additional 116 shares in the last quarter. McGlone Suttner Wealth Management Inc. raised its stake in shares of MetLife by 0.6% in the 3rd quarter. McGlone Suttner Wealth Management Inc. now owns 22,391 shares of the financial services provider’s stock valued at $2,108,000 after acquiring an additional 124 shares in the last quarter. Capital Analysts LLC raised its stake in shares of MetLife by 0.3% in the 2nd quarter. Capital Analysts LLC now owns 38,262 shares of the financial services provider’s stock valued at $3,238,000 after acquiring an additional 129 shares in the last quarter. Finally, Carnegie Investment Counsel lifted its holdings in MetLife by 4.4% in the 3rd quarter. Carnegie Investment Counsel now owns 3,136 shares of the financial services provider’s stock worth $295,000 after purchasing an additional 132 shares during the last quarter. Hedge funds and other institutional investors own 94.99% of the company’s stock.

MetLife Company Profile

MetLife, Inc (NYSE: MET) is a global financial services company that provides insurance, retirement, and employee benefits solutions to individuals, employers, and institutions. Its offerings include life insurance, dental and vision coverage, accident and disability insurance, annuities, retirement savings products, and related financial services.

Through its institutional and workplace businesses, MetLife helps employers provide benefits and retirement programs to their employees. The company also serves individual customers with protection and income products.