MetLife (NYSE:MET) PT Raised to $86.00

MetLife (NYSE:MET) had its price objective raised by equities research analysts at JPMorgan Chase & Co. from $81.00 to $86.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 22.49% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley lifted their price target on shares of MetLife from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods lowered their price objective on shares of MetLife from $87.00 to $86.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 7th. Jefferies Financial Group lowered their price objective on shares of MetLife from $88.00 to $83.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Argus boosted their price objective on shares of MetLife from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Finally, Piper Sandler lowered their price objective on shares of MetLife from $85.00 to $82.00 and set an “overweight” rating on the stock in a research note on Monday, May 6th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $80.23.

MetLife Trading Up 0.2 %

MET opened at $70.21 on Tuesday. 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 has a 12 month low of $56.13 and a 12 month high of $74.68. The firm’s fifty day simple moving average is $71.22 and its 200 day simple moving average is $70.20. The stock has a market capitalization of $49.93 billion, a P/E ratio of 24.40, a P/E/G ratio of 0.59 and a beta of 1.11.

MetLife (NYSE:MET) last issued its quarterly earnings results on Wednesday, May 1st. The financial services provider reported $1.83 earnings per share (EPS) 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 firm had revenue of $17.02 billion for the quarter, compared to analyst estimates of $17.73 billion. During the same period in the previous year, the business earned $1.52 EPS. The company’s revenue was up 5.5% compared to the same quarter last year. As a group, research analysts anticipate that MetLife will post 8.61 EPS for the current fiscal year.

MetLife announced that its Board of Directors has initiated a share buyback program on Wednesday, May 1st that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On MetLife

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MET. Gotham Asset Management LLC lifted its position in MetLife by 325.8% during the third quarter. Gotham Asset Management LLC now owns 33,160 shares of the financial services provider’s stock worth $2,086,000 after purchasing an additional 25,373 shares during the period. Lazard Asset Management LLC raised its position in shares of MetLife by 66.5% in the 3rd quarter. Lazard Asset Management LLC now owns 99,483 shares of the financial services provider’s stock valued at $6,258,000 after buying an additional 39,719 shares in the last quarter. Evergreen Capital Management LLC raised its position in shares of MetLife by 19.7% in the 3rd quarter. Evergreen Capital Management LLC now owns 6,081 shares of the financial services provider’s stock valued at $383,000 after buying an additional 1,001 shares in the last quarter. Scotia Capital Inc. raised its position in shares of MetLife by 0.8% in the 3rd quarter. Scotia Capital Inc. now owns 63,878 shares of the financial services provider’s stock valued at $4,019,000 after buying an additional 483 shares in the last quarter. Finally, Schroder Investment Management Group raised its position in shares of MetLife by 14.2% in the 3rd quarter. Schroder Investment Management Group now owns 112,958 shares of the financial services provider’s stock valued at $7,106,000 after buying an additional 14,012 shares in the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

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.