Wells Fargo reissued their buy rating on shares of Metlife (NYSE:MET) in a research report sent to investors on Friday. They currently have a $60.00 price target on the financial services provider’s stock.
“We hosted investor meetings with MetLife today (March 15) at the company’s NYC headquarters. From MET were Steven Kandarian, President, Chairman & CEO; John Hele, EVP & CFO; and John Hall, SVP & Head of IR. Investors were focused on MET’s material weaknesses (MW), unit cost initiative (UCI), long term care reserves, Brighthouse exchange offer, and reinsurance opportunities with MetLife Holdings. To us, the investment case for MET remains unchanged – faster growth in less capital intensive and less volatile businesses should lower the company’s cost of equity, which in turn should allow MetLife to achieve a higher ROE spread as well as a higher valuation multiple. We reiterate our Outperform rating on MET, which is also our top pick.”,” Wells Fargo’s analyst commented.
A number of other equities research analysts have also weighed in on MET. Zacks Investment Research lowered Metlife from a buy rating to a hold rating in a research note on Monday, December 18th. Deutsche Bank initiated coverage on Metlife in a research note on Tuesday, January 2nd. They issued a hold rating and a $55.00 target price for the company. Goldman Sachs reissued a buy rating on shares of Metlife in a research note on Wednesday, January 31st. ValuEngine lowered Metlife from a strong-buy rating to a buy rating in a research note on Friday, February 2nd. Finally, Morgan Stanley lowered their target price on Metlife from $59.00 to $58.00 and set an equal weight rating for the company in a research note on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Hold and an average price target of $57.90.
Metlife (NYSE:MET) traded up $0.36 during midday trading on Friday, hitting $47.32. The stock had a trading volume of 8,507,007 shares, compared to its average volume of 5,752,996. Metlife has a 12 month low of $43.38 and a 12 month high of $55.91. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.15 and a current ratio of 0.15. The company has a market cap of $48,680.76, a price-to-earnings ratio of 13.88, a PEG ratio of 0.95 and a beta of 1.28.
Metlife (NYSE:MET) last released its earnings results on Tuesday, February 13th. The financial services provider reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.41). Metlife had a net margin of 5.69% and a return on equity of 8.59%. The company had revenue of $15.79 billion during the quarter, compared to the consensus estimate of $15.89 billion. During the same period last year, the firm posted $1.28 EPS. sell-side analysts anticipate that Metlife will post 4.93 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 13th. Investors of record on Monday, February 5th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 3.38%. Metlife’s dividend payout ratio is presently 46.92%.
Large investors have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Metlife by 16.4% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 162,441 shares of the financial services provider’s stock worth $8,439,000 after acquiring an additional 22,842 shares during the period. Alps Advisors Inc. purchased a new position in shares of Metlife during the 3rd quarter worth approximately $470,000. New York State Common Retirement Fund grew its holdings in shares of Metlife by 3.3% during the 3rd quarter. New York State Common Retirement Fund now owns 2,467,700 shares of the financial services provider’s stock worth $128,197,000 after acquiring an additional 78,600 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Metlife by 10.1% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 61,618 shares of the financial services provider’s stock worth $3,201,000 after acquiring an additional 5,675 shares during the period. Finally, Manning & Napier Advisors LLC purchased a new position in shares of Metlife during the 3rd quarter worth approximately $716,000. Institutional investors own 77.67% of the company’s stock.
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Metlife Company Profile
MetLife, Inc is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include U.S.; Asia; Latin America; Europe, the Middle East and Africa (EMEA); MetLife Holdings, and Corporate & Other. Its U.S. segment is organized into Group Benefits, Retirement and Income Solutions and Property & Casualty businesses.
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