Wells Fargo & Co set a $60.00 target price on Metlife (NYSE:MET) in a research report report published on Friday morning. The brokerage currently has a buy rating on the financial services provider’s stock.
MET has been the topic of several other reports. Sandler O’Neill reissued a hold rating and set a $50.00 target price on shares of Metlife in a research note on Thursday, August 2nd. UBS Group boosted their target price on Metlife from $48.00 to $49.00 and gave the company a neutral rating in a research note on Monday, October 8th. Zacks Investment Research raised Metlife from a sell rating to a hold rating in a research note on Monday, July 16th. B. Riley reduced their price target on Metlife from $58.00 to $50.00 and set a neutral rating on the stock in a research note on Monday, July 16th. Finally, Barclays reduced their price target on Metlife from $60.00 to $57.00 and set an overweight rating on the stock in a research note on Monday, July 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. Metlife currently has a consensus rating of Hold and an average target price of $55.00.
Shares of MET traded up $1.66 during mid-day trading on Friday, hitting $43.60. 9,434,156 shares of the company’s stock traded hands, compared to its average volume of 7,312,649. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.15 and a current ratio of 0.15. Metlife has a 1 year low of $39.31 and a 1 year high of $55.38. The stock has a market capitalization of $43.37 billion, a PE ratio of 8.47, a price-to-earnings-growth ratio of 0.67 and a beta of 1.30.
Metlife (NYSE:MET) last posted its earnings results on Thursday, November 1st. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.11. Metlife had a return on equity of 9.56% and a net margin of 7.62%. The firm had revenue of $16.40 billion for the quarter, compared to analysts’ expectations of $15.88 billion. During the same period in the previous year, the firm earned $1.09 earnings per share. The business’s revenue was down 2.2% compared to the same quarter last year. Research analysts forecast that Metlife will post 5.26 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Tuesday, November 6th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Monday, November 5th. This represents a $1.68 annualized dividend and a yield of 3.85%. Metlife’s payout ratio is 37.33%.
In related news, Chairman Steven A. Kandarian sold 85,683 shares of the company’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $46.93, for a total value of $4,021,103.19. Following the sale, the chairman now directly owns 585,005 shares of the company’s stock, valued at $27,454,284.65. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Steven A. Kandarian sold 42,805 shares of the company’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $47.03, for a total value of $2,013,119.15. Following the completion of the sale, the chairman now directly owns 559,097 shares in the company, valued at $26,294,331.91. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Cowen Prime Services LLC boosted its holdings in Metlife by 19.8% in the second quarter. Cowen Prime Services LLC now owns 6,650 shares of the financial services provider’s stock worth $290,000 after acquiring an additional 1,100 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in Metlife by 2.1% in the second quarter. Rockefeller Capital Management L.P. now owns 54,305 shares of the financial services provider’s stock worth $2,368,000 after acquiring an additional 1,124 shares in the last quarter. Trust Co. of Vermont boosted its holdings in Metlife by 30.6% in the second quarter. Trust Co. of Vermont now owns 5,160 shares of the financial services provider’s stock worth $225,000 after acquiring an additional 1,209 shares in the last quarter. BTR Capital Management Inc. lifted its holdings in shares of Metlife by 0.7% during the third quarter. BTR Capital Management Inc. now owns 174,635 shares of the financial services provider’s stock valued at $8,159,000 after purchasing an additional 1,261 shares in the last quarter. Finally, Independent Advisor Alliance lifted its holdings in shares of Metlife by 4.7% during the second quarter. Independent Advisor Alliance now owns 28,018 shares of the financial services provider’s stock valued at $1,004,000 after purchasing an additional 1,265 shares in the last quarter. 77.50% of the stock is currently owned by institutional investors and hedge funds.
Metlife Company Profile
MetLife, Inc engages in the insurance, annuities, employee benefits, and asset management businesses. 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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