MetLife (NYSE:MET) Given New $85.00 Price Target at Wells Fargo & Company

MetLife (NYSE:MET) had its price target reduced by equities research analysts at Wells Fargo & Company from $86.00 to $85.00 in a report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 16.81% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. UBS Group cut their target price on shares of MetLife from $87.00 to $82.00 and set a “buy” rating on the stock in a research note on Monday, February 5th. Piper Sandler decreased their price target on shares of MetLife from $85.00 to $82.00 and set an “overweight” rating for the company in a report on Monday. Keefe, Bruyette & Woods decreased their target price on shares of MetLife from $87.00 to $86.00 and set an “outperform” rating for the company in a research report on Tuesday. StockNews.com upgraded MetLife from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Finally, Morgan Stanley raised their price objective on MetLife from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $78.85.

MetLife Trading Up 0.3 %

NYSE:MET traded up $0.23 on Friday, reaching $72.77. The stock had a trading volume of 717,316 shares, compared to its average volume of 3,503,997. The firm’s fifty day moving average is $71.86 and its two-hundred day moving average is $67.71. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market cap of $51.75 billion, a price-to-earnings ratio of 24.91, a P/E/G ratio of 0.56 and a beta of 1.03. MetLife has a 12-month low of $48.95 and a 12-month high of $74.68.

MetLife (NYSE:MET) last posted its quarterly earnings data on Wednesday, May 1st. The financial services provider reported $1.83 EPS for the quarter, meeting analysts’ consensus estimates of $1.83. The company had revenue of $17.02 billion during the quarter, compared to the consensus estimate of $17.73 billion. MetLife had a net margin of 3.50% and a return on equity of 20.39%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.52 EPS. Equities analysts expect that MetLife will post 8.69 EPS for the current fiscal year.

MetLife declared that its Board of Directors has initiated a share buyback program on Wednesday, May 1st that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at MetLife

In other news, EVP Bill Pappas sold 27,000 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $72.27, for a total transaction of $1,951,290.00. Following the completion of the sale, the executive vice president now owns 57,768 shares in the company, valued at $4,174,893.36. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Ramy Tadros sold 4,026 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $71.90, for a total transaction of $289,469.40. Following the completion of the transaction, the insider now owns 146,981 shares in the company, valued at $10,567,933.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Bill Pappas sold 27,000 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $72.27, for a total transaction of $1,951,290.00. Following the completion of the transaction, the executive vice president now directly owns 57,768 shares of the company’s stock, valued at approximately $4,174,893.36. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MET. Norges Bank bought a new stake in MetLife during the 4th quarter worth approximately $558,460,000. Pzena Investment Management LLC raised its holdings in shares of MetLife by 118.1% during the third quarter. Pzena Investment Management LLC now owns 10,108,992 shares of the financial services provider’s stock worth $635,957,000 after acquiring an additional 5,474,449 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in MetLife by 806.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,607,195 shares of the financial services provider’s stock worth $100,152,000 after purchasing an additional 1,429,840 shares during the period. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of MetLife in the 4th quarter valued at about $52,752,000. Finally, FMR LLC boosted its position in shares of MetLife by 54.1% during the third quarter. FMR LLC now owns 2,126,683 shares of the financial services provider’s stock worth $133,790,000 after buying an additional 746,643 shares during the period. 89.81% of the stock is currently owned by institutional investors.

MetLife Company Profile

MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through six segments: Retirement and Income Solutions; Group Benefits; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short-and long-term disability, individual disability, pet insurance, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements.