MetLife (NYSE:MET) PT Raised to $80.00

MetLife (NYSE:MET) had its price target raised by research analysts at Argus from $77.00 to $80.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Argus’ price objective would suggest a potential upside of 11.65% from the company’s current price.

Several other brokerages have also recently issued reports on MET. Wells Fargo & Company reduced their price target on shares of MetLife from $86.00 to $85.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. Piper Sandler lowered their target price on MetLife from $85.00 to $82.00 and set an “overweight” rating for the company in a research note on Monday, May 6th. Keefe, Bruyette & Woods dropped their price target on MetLife from $87.00 to $86.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 7th. UBS Group decreased their price objective on MetLife from $87.00 to $82.00 and set a “buy” rating for the company in a report on Monday, February 5th. Finally, StockNews.com downgraded shares of MetLife from a “buy” rating to a “hold” rating in a research report on Saturday, May 11th. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $79.08.

MetLife Price Performance

MET opened at $71.65 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. The stock’s 50 day simple moving average is $72.21 and its 200 day simple moving average is $68.64. The firm has a market cap of $50.95 billion, a price-to-earnings ratio of 24.62, a PEG ratio of 0.61 and a beta of 1.09. MetLife has a 1 year low of $49.38 and a 1 year high of $74.68.

MetLife (NYSE:MET) last announced its quarterly earnings results on Wednesday, May 1st. The financial services provider reported $1.83 earnings per share for the quarter, meeting the consensus estimate of $1.83. MetLife had a net margin of 3.50% and a return on equity of 20.39%. The business had revenue of $17.02 billion during the quarter, compared to analysts’ expectations of $17.73 billion. During the same quarter in the prior year, the company posted $1.52 EPS. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, analysts predict that MetLife will post 8.62 earnings per share for the current year.

MetLife declared that its board has approved a stock buyback program on Wednesday, May 1st that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Ramy Tadros sold 4,026 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $71.90, for a total transaction of $289,469.40. Following the completion of the transaction, the insider now owns 146,981 shares in the company, valued at approximately $10,567,933.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other MetLife news, insider Ramy Tadros sold 4,026 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $71.90, for a total value of $289,469.40. Following the completion of the sale, the insider now directly owns 146,981 shares in the company, valued at $10,567,933.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Bill Pappas sold 27,000 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $72.27, for a total transaction of $1,951,290.00. Following the transaction, the executive vice president now owns 57,768 shares in the company, valued at approximately $4,174,893.36. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MetLife

Hedge funds and other institutional investors have recently bought and sold shares of the business. Criterion Capital Advisors LLC acquired a new position in shares of MetLife in the 4th quarter valued at about $26,000. Quintet Private Bank Europe S.A. acquired a new position in MetLife in the third quarter valued at approximately $28,000. Planned Solutions Inc. purchased a new stake in MetLife in the 4th quarter worth approximately $28,000. GoalVest Advisory LLC increased its holdings in shares of MetLife by 73.3% during the 1st quarter. GoalVest Advisory LLC now owns 390 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 165 shares in the last quarter. Finally, Tennessee Valley Asset Management Partners acquired a new position in shares of MetLife in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 89.81% of the company’s stock.

MetLife Company Profile

MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through six segments: Retirement and Income Solutions; Group Benefits; 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, pet insurance, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements.