Wells Fargo & Company Issues Positive Forecast for MetLife (NYSE:MET) Stock Price

MetLife (NYSE:MET) had its target price hoisted by Wells Fargo & Company from $109.00 to $110.00 in a research note released on Monday,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other research firms also recently issued reports on MET. Piper Sandler raised shares of MetLife from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $99.00 to $110.00 in a research note on Tuesday, September 22nd. Morgan Stanley upped their price objective on shares of MetLife from $103.00 to $111.00 and gave the company an “overweight” rating in a research report on Monday, August 24th. JPMorgan Chase & Co. upped their price objective on shares of MetLife from $106.00 to $108.00 and gave the company an “overweight” rating in a research report on Tuesday, August 11th. Jefferies Financial Group raised their target price on MetLife from $97.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, Mizuho dropped their target price on MetLife from $112.00 to $109.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 7th. Thirteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $105.06.

MetLife Stock Up 1.7%

Shares of NYSE:MET opened at $100.01 on Monday. The company has a market capitalization of $64.35 billion, a price-to-earnings ratio of 19.16, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. The company has a 50 day moving average of $96.65 and a two-hundred day moving average of $87.99. MetLife has a 52-week low of $67.33 and a 52-week high of $100.93. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52.

MetLife (NYSE:MET) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.13. The business had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $19.67 billion. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.02 earnings per share. As a group, analysts forecast that MetLife will post 9.88 earnings per share for the current fiscal year.

MetLife Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 8th. Investors of record on Tuesday, November 3rd will be paid a $0.5925 dividend. This represents a $2.37 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, November 3rd. MetLife’s payout ratio is 45.40%.

MetLife announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 5th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of MetLife in the 2nd quarter valued at about $4,381,692,000. Pzena Investment Management LLC bought a new stake in MetLife in the second quarter valued at about $941,792,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in MetLife by 5.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,026,518 shares of the financial services provider’s stock valued at $509,904,000 after buying an additional 336,794 shares in the last quarter. Bank of America Corp DE acquired a new stake in MetLife during the second quarter valued at approximately $455,424,000. Finally, Legal & General Group Plc acquired a new stake in MetLife during the second quarter valued at approximately $326,904,000. 94.99% of the stock is currently owned by institutional investors.

About MetLife

MetLife, Inc is a global financial services company that provides insurance, employee benefits and retirement solutions. Its products and services include life insurance, dental and vision coverage, disability insurance, accident and health benefits, annuities, and savings and retirement products.

The company serves individuals, employers and institutions through group benefits, workplace solutions and individual insurance offerings. MetLife also provides investment and retirement services designed to help employers and employees prepare for long-term financial needs.

Founded in 1868, MetLife is headquartered in New York City and operates through businesses in the United States and international markets, including regions across Latin America, Asia and Europe.