MetLife (NYSE:MET) Price Target Raised to $108.00

MetLife (NYSE:MET) had its price target increased by JPMorgan Chase & Co. from $106.00 to $108.00 in a research report sent to investors on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

Other equities analysts also recently issued research reports about the company. Weiss Ratings upgraded MetLife from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 15th. Bank of America decreased their target price on shares of MetLife from $103.00 to $99.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Piper Sandler raised their price target on shares of MetLife from $86.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, June 24th. Mizuho upped their price objective on shares of MetLife from $95.00 to $102.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Finally, Jefferies Financial Group raised their target price on MetLife from $97.00 to $103.00 and gave the company a “buy” rating in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, MetLife currently has an average rating of “Moderate Buy” and an average price target of $101.07.

MetLife Trading Up 0.8%

NYSE MET opened at $97.44 on Tuesday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.52. MetLife has a 1-year low of $67.33 and a 1-year high of $100.93. The firm’s fifty day simple moving average is $91.27 and its 200-day simple moving average is $81.43. The company has a market capitalization of $62.70 billion, a PE ratio of 18.67, a price-to-earnings-growth ratio of 0.75 and a beta of 0.78.

MetLife (NYSE:MET) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.13. MetLife had a return on equity of 23.39% and a net margin of 4.57%.The firm had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $19.67 billion. During the same quarter in the previous year, the company posted $2.02 earnings per share. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that MetLife will post 9.68 earnings per share for the current fiscal year.

MetLife announced that its board has initiated a share buyback plan on Wednesday, August 5th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

MetLife Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Tuesday, August 4th will be paid a $0.5925 dividend. The ex-dividend date is Tuesday, August 4th. This represents a $2.37 dividend on an annualized basis and a yield of 2.4%. MetLife’s dividend payout ratio (DPR) is presently 45.40%.

Hedge Funds Weigh In On MetLife

A number of institutional investors have recently made changes to their positions in the business. Commonwealth Retirement Investments LLC boosted its stake in MetLife by 0.5% during the 4th quarter. Commonwealth Retirement Investments LLC now owns 26,953 shares of the financial services provider’s stock valued at $2,128,000 after purchasing an additional 131 shares during the period. CreativeOne Wealth LLC boosted its holdings in MetLife by 1.3% in the 4th quarter. CreativeOne Wealth LLC now owns 10,156 shares of the financial services provider’s stock valued at $802,000 after purchasing an additional 135 shares during the period. Kathmere Capital Management LLC grew its position in MetLife by 2.4% in the 1st quarter. Kathmere Capital Management LLC now owns 5,813 shares of the financial services provider’s stock worth $411,000 after purchasing an additional 136 shares during the last quarter. Worth Asset Management LLC increased its holdings in shares of MetLife by 3.1% during the 2nd quarter. Worth Asset Management LLC now owns 4,551 shares of the financial services provider’s stock worth $385,000 after purchasing an additional 138 shares during the period. Finally, Bridgewater Advisors Inc. lifted its stake in shares of MetLife by 3.5% in the fourth quarter. Bridgewater Advisors Inc. now owns 4,113 shares of the financial services provider’s stock valued at $315,000 after buying an additional 140 shares during the period. 94.99% of the stock is currently owned by institutional investors.

MetLife Company Profile

MetLife, Inc is a global provider of insurance, annuities and employee benefit programs. Headquartered in New York City, the company offers a range of risk protection and retirement solutions to individuals, employers and institutional clients. Its core businesses include life insurance, group benefits, retirement products such as annuities, and supplemental health products including dental and disability coverage.

In addition to traditional life and group insurance, MetLife provides workplace benefits and voluntary products distributed through employer-sponsored programs.