MetLife (NYSE:MET) Price Target Cut to $83.00

MetLife (NYSE:MET) had its price objective reduced by Jefferies Financial Group from $88.00 to $83.00 in a report released on Friday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Other analysts have also issued research reports about the company. Morgan Stanley lifted their price objective on MetLife from $80.00 to $82.00 and gave the stock an overweight rating in a report on Monday, April 15th. Argus lifted their price objective on MetLife from $77.00 to $80.00 and gave the stock a buy rating in a report on Wednesday, May 22nd. StockNews.com raised MetLife from a hold rating to a buy rating in a report on Tuesday, June 18th. Keefe, Bruyette & Woods cut their price objective on MetLife from $87.00 to $86.00 and set an outperform rating for the company in a report on Tuesday, May 7th. Finally, Wells Fargo & Company cut their price objective on MetLife from $86.00 to $85.00 and set an overweight rating for the company in a report on Friday, May 10th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $79.92.

MetLife Stock Down 0.9 %

Shares of NYSE:MET opened at $70.19 on Friday. The stock has a fifty day simple moving average of $71.31 and a two-hundred day simple moving average of $70.10. The stock has a market capitalization of $49.91 billion, a price-to-earnings ratio of 24.12, a PEG ratio of 0.59 and a beta of 1.12. MetLife has a 12-month low of $55.18 and a 12-month high of $74.68. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58.

MetLife (NYSE:MET) last posted its quarterly earnings results on Wednesday, May 1st. The financial services provider reported $1.83 earnings per share for the quarter, hitting the consensus estimate of $1.83. MetLife had a return on equity of 20.39% and a net margin of 3.50%. The firm had revenue of $17.02 billion during the quarter, compared to analysts’ expectations of $17.73 billion. During the same quarter in the previous year, the business earned $1.52 earnings per share. The company’s revenue was up 5.5% on a year-over-year basis. On average, research analysts anticipate that MetLife will post 8.62 earnings per share for the current fiscal year.

MetLife Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 7th were paid a $0.545 dividend. This is a positive change from MetLife’s previous quarterly dividend of $0.52. The ex-dividend date was Monday, May 6th. This represents a $2.18 dividend on an annualized basis and a dividend yield of 3.11%. MetLife’s dividend payout ratio is 74.91%.

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

Hedge Funds Weigh In On MetLife

Hedge funds have recently made changes to their positions in the business. Criterion Capital Advisors LLC bought a new position in shares of MetLife in the fourth quarter worth about $26,000. Planned Solutions Inc. bought a new position in shares of MetLife in the fourth quarter worth about $28,000. GoalVest Advisory LLC lifted its position in shares of MetLife by 73.3% in the first quarter. GoalVest Advisory LLC now owns 390 shares of the financial services provider’s stock worth $29,000 after buying an additional 165 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new stake in shares of MetLife in the fourth quarter worth about $34,000. Finally, Pineridge Advisors LLC purchased a new stake in shares of MetLife in the fourth quarter worth about $39,000. Institutional investors own 89.81% of the company’s stock.

About MetLife

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.