MetLife (NYSE:MET) Price Target Raised to $75.00

MetLife (NYSE:MET) had its target price upped by Morgan Stanley from $74.00 to $75.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s target price indicates a potential upside of 15.51% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. TheStreet raised shares of MetLife from a “c+” rating to a “b” rating in a research note on Wednesday, August 4th. upped their price objective on shares of MetLife from $69.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, June 21st. Finally, Barclays increased their price objective on shares of MetLife from $69.00 to $72.00 and gave the stock an “overweight” rating in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $65.23.

MET traded up $0.78 during trading hours on Thursday, reaching $64.93. The company’s stock had a trading volume of 13,764 shares, compared to its average volume of 5,071,534. The stock has a market cap of $55.64 billion, a PE ratio of 13.01, a P/E/G ratio of 1.02 and a beta of 1.31. MetLife has a fifty-two week low of $35.90 and a fifty-two week high of $67.68. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.15 and a quick ratio of 0.15. The business’s 50-day moving average is $61.87 and its 200-day moving average is $61.91.

MetLife (NYSE:MET) last announced its quarterly earnings results on Wednesday, August 4th. The financial services provider reported $2.37 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.76. The business had revenue of $18.52 billion for the quarter, compared to analyst estimates of $15.84 billion. MetLife had a return on equity of 10.78% and a net margin of 6.61%. The company’s quarterly revenue was up 33.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.83 EPS. Analysts expect that MetLife will post 7.98 EPS for the current year.

MetLife declared that its board has approved a stock buyback program on Wednesday, August 4th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Several institutional investors and hedge funds have recently made changes to their positions in MET. BlackRock Inc. increased its stake in shares of MetLife by 8.9% during the second quarter. BlackRock Inc. now owns 71,059,433 shares of the financial services provider’s stock worth $4,252,908,000 after buying an additional 5,797,903 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of MetLife by 11.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 42,559,456 shares of the financial services provider’s stock worth $2,587,189,000 after purchasing an additional 4,515,838 shares in the last quarter. Amundi acquired a new stake in MetLife in the second quarter valued at $150,459,000. Morgan Stanley increased its holdings in shares of MetLife by 25.0% in the 1st quarter. Morgan Stanley now owns 11,383,061 shares of the financial services provider’s stock valued at $691,976,000 after acquiring an additional 2,276,706 shares during the last quarter. Finally, Prospera Financial Services Inc boosted its holdings in MetLife by 3,588.7% in the second quarter. Prospera Financial Services Inc now owns 2,151,701 shares of the financial services provider’s stock valued at $1,385,000 after purchasing an additional 2,093,369 shares in the last quarter. Institutional investors and hedge funds own 74.60% of the company’s stock.

MetLife Company Profile

MetLife, Inc provides insurance and financial services to individual and institutional customers. It offers life insurance, annuities, automobile and homeowner’s insurance and retail banking services to individuals as well as group insurance, reinsurance and retirement and savings products and services.

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Analyst Recommendations for MetLife (NYSE:MET)

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