MetLife (NYSE:MET) Reaches New 52-Week High – Time to Buy?

MetLife, Inc. (NYSE:MET)’s share price reached a new 52-week high on Thursday . The stock traded as high as $83.95 and last traded at $83.9160, with a volume of 1684994 shares traded. The stock had previously closed at $82.51.

Wall Street Analysts Forecast Growth

Several research firms have commented on MET. JPMorgan Chase & Co. increased their price objective on shares of MetLife from $95.00 to $96.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Barclays upped their target price on MetLife from $89.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. UBS Group increased their price target on MetLife from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Thursday, April 9th. Morgan Stanley boosted their price objective on MetLife from $89.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Bank of America reduced their price objective on MetLife from $103.00 to $99.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.15.

MetLife Stock Up 2.2%

The stock’s 50-day moving average price is $74.50 and its two-hundred day moving average price is $76.59. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $54.23 billion, a P/E ratio of 16.34, a P/E/G ratio of 0.61 and a beta of 0.78.

MetLife (NYSE:MET) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.42 EPS for the quarter, beating the consensus estimate of $2.27 by $0.15. MetLife had a return on equity of 22.60% and a net margin of 4.66%.The business had revenue of $14.18 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same quarter in the prior year, the business earned $1.96 earnings per share. MetLife’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, research analysts expect that MetLife, Inc. will post 9.92 earnings per share for the current fiscal year.

MetLife Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 12th will be given a dividend of $0.5925 per share. The ex-dividend date of this dividend is Tuesday, May 12th. This represents a $2.37 dividend on an annualized basis and a dividend yield of 2.8%. This is a boost from MetLife’s previous quarterly dividend of $0.57. MetLife’s payout ratio is currently 45.93%.

Institutional Investors Weigh In On MetLife

Several large investors have recently added to or reduced their stakes in MET. Trustmark Bank Trust Department lifted its holdings in MetLife by 4.6% during the third quarter. Trustmark Bank Trust Department now owns 2,870 shares of the financial services provider’s stock valued at $236,000 after purchasing an additional 127 shares during the last quarter. Cornerstone Wealth Group LLC increased its stake in shares of MetLife by 4.9% in the third quarter. Cornerstone Wealth Group LLC now owns 2,790 shares of the financial services provider’s stock worth $230,000 after purchasing an additional 130 shares in the last quarter. Commonwealth Retirement Investments LLC increased its stake in shares of MetLife by 0.5% in the fourth quarter. Commonwealth Retirement Investments LLC now owns 26,953 shares of the financial services provider’s stock worth $2,128,000 after purchasing an additional 131 shares in the last quarter. UMB Bank n.a. raised its position in shares of MetLife by 1.9% in the third quarter. UMB Bank n.a. now owns 7,040 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 132 shares during the period. Finally, Johnson Investment Counsel Inc. lifted its stake in shares of MetLife by 1.0% during the 3rd quarter. Johnson Investment Counsel Inc. now owns 13,908 shares of the financial services provider’s stock valued at $1,146,000 after buying an additional 134 shares in the last quarter. Hedge funds and other institutional investors own 94.99% of the company’s stock.

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.