MetLife (NYSE:MET) Reaches New 12-Month High – Time to Buy?

MetLife, Inc. (NYSE:MET) reached a new 52-week high on Monday . The company traded as high as $89.56 and last traded at $89.4470, with a volume of 115042 shares changing hands. The stock had previously closed at $88.84.

Analysts Set New Price Targets

A number of research firms have commented on MET. JPMorgan Chase & Co. upped their price target on MetLife from $95.00 to $96.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Piper Sandler increased their target price on MetLife from $81.00 to $86.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Barclays increased their target price on MetLife from $89.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. UBS Group upped their price target on MetLife from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Thursday, April 9th. Finally, Wells Fargo & Company upped their price target on MetLife from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $95.31.

MetLife Trading Up 0.1%

The stock has a 50 day moving average price of $79.55 and a 200-day moving average price of $77.42. The stock has a market capitalization of $57.24 billion, a PE ratio of 17.25, a P/E/G ratio of 0.67 and a beta of 0.78. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.53.

MetLife (NYSE:MET) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.27 by $0.15. The business had revenue of $14.18 billion during the quarter, compared to the consensus estimate of $19.49 billion. MetLife had a return on equity of 22.60% and a net margin of 4.66%.The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.96 EPS. Sell-side analysts expect that MetLife, Inc. will post 9.98 earnings per share for the current year.

MetLife Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Tuesday, May 12th were given a dividend of $0.5925 per share. This represents a $2.37 annualized dividend and a yield of 2.7%. This is a boost from MetLife’s previous quarterly dividend of $0.57. The ex-dividend date was Tuesday, May 12th. MetLife’s dividend payout ratio (DPR) is presently 45.93%.

Hedge Funds Weigh In On MetLife

Several institutional investors and hedge funds have recently bought and sold shares of MET. Brighton Jones LLC lifted its position in MetLife by 9.0% during the fourth quarter. Brighton Jones LLC now owns 4,240 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 351 shares in the last quarter. Caxton Associates LLP purchased a new position in MetLife in the 1st quarter worth approximately $307,000. Empowered Funds LLC lifted its position in shares of MetLife by 187.6% in the first quarter. Empowered Funds LLC now owns 33,378 shares of the financial services provider’s stock worth $2,680,000 after buying an additional 21,771 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in MetLife during the second quarter worth approximately $404,000. Finally, Jump Financial LLC bought a new position in shares of MetLife during the 2nd quarter valued at approximately $444,000. 94.99% of the stock is currently owned by hedge funds and other institutional investors.

About MetLife

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.