Evercore ISI Lowers MetLife (NYSE:MET) Price Target to $80.00

MetLife (NYSE:METGet Rating) had its target price dropped by investment analysts at Evercore ISI from $81.00 to $80.00 in a report released on Wednesday, The Fly reports. Evercore ISI’s price target indicates a potential upside of 28.33% from the company’s previous close.

A number of other equities analysts have also recently commented on MET. JPMorgan Chase & Co. boosted their price target on MetLife from $69.00 to $75.00 in a report on Tuesday, April 5th. StockNews.com cut MetLife from a “buy” rating to a “hold” rating in a report on Wednesday, May 11th. Barclays upped their target price on MetLife from $76.00 to $79.00 and gave the stock an “overweight” rating in a report on Tuesday, April 12th. Morgan Stanley lowered their target price on MetLife from $80.00 to $78.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Piper Sandler upped their target price on MetLife from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, April 6th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $76.82.

MetLife stock opened at $62.34 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.14 and a current ratio of 0.14. MetLife has a 52 week low of $55.21 and a 52 week high of $73.18. The stock has a market capitalization of $50.70 billion, a P/E ratio of 8.08, a price-to-earnings-growth ratio of 1.14 and a beta of 1.13. The stock has a fifty day moving average of $64.56 and a 200-day moving average of $66.49.

MetLife (NYSE:METGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The financial services provider reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.45. MetLife had a return on equity of 12.04% and a net margin of 9.63%. The company had revenue of $17.72 billion during the quarter, compared to analysts’ expectations of $16.81 billion. During the same quarter in the previous year, the firm earned $2.20 EPS. MetLife’s revenue was up 6.1% on a year-over-year basis. On average, research analysts forecast that MetLife will post 7.56 earnings per share for the current year.

MetLife announced that its Board of Directors has approved a stock repurchase plan on Wednesday, May 4th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Several institutional investors have recently made changes to their positions in MET. Norges Bank bought a new stake in shares of MetLife during the 4th quarter valued at about $430,368,000. Bank of New York Mellon Corp boosted its position in shares of MetLife by 93.3% during the 1st quarter. Bank of New York Mellon Corp now owns 11,393,164 shares of the financial services provider’s stock valued at $800,713,000 after purchasing an additional 5,499,871 shares in the last quarter. KBC Group NV boosted its position in shares of MetLife by 181.1% during the 4th quarter. KBC Group NV now owns 2,620,548 shares of the financial services provider’s stock valued at $163,758,000 after purchasing an additional 1,688,395 shares in the last quarter. Nordea Investment Management AB boosted its holdings in MetLife by 118.3% in the fourth quarter. Nordea Investment Management AB now owns 2,932,631 shares of the financial services provider’s stock worth $183,729,000 after acquiring an additional 1,589,304 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in MetLife by 164.2% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,461,926 shares of the financial services provider’s stock worth $153,846,000 after acquiring an additional 1,530,000 shares in the last quarter. Institutional investors own 89.65% of the company’s stock.

About MetLife (Get Rating)

MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. 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, 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.

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