MetLife, Inc. (MET) Given New $60.00 Price Target at Argus
MetLife, Inc. (NYSE:MET) had its price objective raised by Argus from $55.00 to $60.00 in a research report report published on Monday morning. The brokerage currently has a buy rating on the financial services provider’s stock.
A number of other analysts have also commented on MET. Langen Mcalenn reiterated a buy rating on shares of MetLife in a report on Wednesday, August 16th. Royal Bank Of Canada reiterated a buy rating and issued a $62.00 price target on shares of MetLife in a research report on Wednesday, July 12th. ValuEngine upgraded MetLife from a buy rating to a strong-buy rating in a research report on Friday, August 11th. Zacks Investment Research lowered MetLife from a hold rating to a sell rating in a research note on Wednesday, August 9th. Finally, BidaskClub raised MetLife from a sell rating to a hold rating in a research note on Wednesday, August 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. MetLife currently has an average rating of Buy and an average price target of $58.29.
Shares of MetLife (NYSE MET) traded down $0.93 during mid-day trading on Monday, hitting $53.40. The stock had a trading volume of 5,979,115 shares, compared to its average volume of 4,030,000. The firm has a market capitalization of $56,470.00, a PE ratio of 10.51, a price-to-earnings-growth ratio of 1.41 and a beta of 1.51. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.29. MetLife has a 12 month low of $42.26 and a 12 month high of $55.91.
MetLife (NYSE:MET) last issued its quarterly earnings results on Wednesday, November 1st. The financial services provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.19. MetLife had a positive return on equity of 8.81% and a negative net margin of 0.75%. The company had revenue of $16.10 billion during the quarter, compared to analysts’ expectations of $15.47 billion. During the same quarter in the prior year, the firm posted $1.28 earnings per share. The business’s quarterly revenue was up 1.7% on a year-over-year basis. equities analysts forecast that MetLife will post 4.31 earnings per share for the current year.
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MetLife announced that its Board of Directors has authorized a share buyback plan on Wednesday, November 1st that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Monday, November 6th will be issued a $0.40 dividend. The ex-dividend date is Friday, November 3rd. This represents a $1.60 annualized dividend and a dividend yield of 3.00%. MetLife’s dividend payout ratio is currently 347.83%.
In other news, insider Christopher G. Townsend sold 82,731 shares of the firm’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $54.60, for a total value of $4,517,112.60. Following the sale, the insider now directly owns 49,660 shares in the company, valued at approximately $2,711,436. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Commerce Bank grew its holdings in shares of MetLife by 1,310.7% during the third quarter. Commerce Bank now owns 422,363 shares of the financial services provider’s stock worth $21,942,000 after buying an additional 392,424 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of MetLife by 10.1% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 61,618 shares of the financial services provider’s stock worth $3,201,000 after buying an additional 5,675 shares in the last quarter. HighPoint Advisor Group LLC grew its holdings in shares of MetLife by 10.4% during the third quarter. HighPoint Advisor Group LLC now owns 16,450 shares of the financial services provider’s stock worth $917,000 after buying an additional 1,546 shares in the last quarter. Comerica Bank grew its holdings in MetLife by 0.5% in the third quarter. Comerica Bank now owns 270,260 shares of the financial services provider’s stock valued at $14,586,000 after purchasing an additional 1,211 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its holdings in MetLife by 38.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 300,272 shares of the financial services provider’s stock valued at $14,580,000 after purchasing an additional 82,785 shares during the period. Institutional investors and hedge funds own 73.79% of the company’s stock.
MetLife, Inc is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include U.S.; Asia; Latin America; Europe, the Middle East and Africa (EMEA); MetLife Holdings, and Corporate & Other. Its U.S. segment is organized into Group Benefits, Retirement and Income Solutions and Property & Casualty businesses.
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