MetLife (NYSE:MET) Stock Lifted to Buy by Wall Street Zen

Wall Street Zen upgraded shares of MetLife (NYSE:MET) from a hold rating to a buy rating in a report published on Sunday morning,Wall Street Zen reports.

A number of other brokerages have also recently weighed in on MET. Piper Sandler raised shares of MetLife from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $99.00 to $110.00 in a research note on Tuesday, September 22nd. Atlantic Securities set a $103.00 target price on MetLife in a research note on Wednesday, July 15th. Evercore reiterated a “mixed” rating on shares of MetLife in a report on Monday, August 24th. Jefferies Financial Group boosted their price target on MetLife from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, Morgan Stanley upped their price objective on MetLife from $103.00 to $111.00 and gave the company an “overweight” rating in a research report on Monday, August 24th. Twelve investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, MetLife has a consensus rating of “Buy” and a consensus target price of $104.31.

MetLife Price Performance

MetLife stock opened at $97.85 on Friday. MetLife has a 52 week low of $67.33 and a 52 week high of $100.93. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52. The firm’s 50-day simple moving average is $96.36 and its 200 day simple moving average is $85.88. The firm has a market capitalization of $62.96 billion, a PE ratio of 18.74, a P/E/G ratio of 0.93 and a beta of 0.77.

MetLife (NYSE:MET) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.13. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The firm had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $19.67 billion. During the same period last year, the firm posted $2.02 EPS. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. On average, equities research analysts predict that MetLife will post 9.8 EPS for the current fiscal year.

MetLife Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Tuesday, August 4th were paid a $0.5925 dividend. This represents a $2.37 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, August 4th. MetLife’s payout ratio is presently 45.40%.

MetLife declared that its Board of Directors has authorized a stock buyback plan on Wednesday, August 5th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On MetLife

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in MetLife in the second quarter valued at $4,381,692,000. Pzena Investment Management LLC purchased a new stake in MetLife in the 2nd quarter valued at about $941,792,000. Norges Bank acquired a new position in shares of MetLife during the 4th quarter valued at about $639,986,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of MetLife by 5.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,026,518 shares of the financial services provider’s stock valued at $509,904,000 after acquiring an additional 336,794 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of MetLife during the 2nd quarter worth about $455,424,000. Institutional investors and hedge funds own 94.99% of the company’s stock.

Trending Headlines about MetLife

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: Wall Street Zen upgraded MetLife to “Buy,” providing a favorable near-term sentiment catalyst for MET. The stock also benefits from a recent earnings backdrop in which MetLife exceeded quarterly EPS expectations and reported year-over-year revenue growth. MetLife Stock Bumped Up to Buy by Wall Street Zen
• Neutral Sentiment: A comparison of Kingstone Companies and MetLife provides investor context on the two insurers, but the headline does not indicate a material change to MetLife’s fundamentals, outlook, or capital-return plans. Financial Contrast: Kingstone Companies and MetLife
• Neutral Sentiment: Reports that a nor’easter postponed an AC/DC concert and created rain and high winds at MetLife Stadium relate to the New Jersey sports and entertainment venue, not MetLife, Inc.’s insurance business. The weather disruption therefore has no clear direct impact on MET’s earnings or valuation. MetLife Stadium Postpones AC/DC Concert MetLife Stadium Weather Forecast Nor’easter Winds at MetLife Stadium

About MetLife

MetLife, Inc (NYSE: MET) is a global financial services company that provides insurance, employee benefits and retirement solutions to individuals, employers and institutions. Its offerings include life insurance, dental and vision insurance, disability coverage, accident and health insurance, annuities, and retirement products.

Through its employer-focused business, MetLife helps organizations provide benefits and financial protection to their employees. The company also offers group insurance, individual protection products and investment management services through MetLife Investment Management, which serves institutional investors and retirement plans.

Founded in 1868, MetLife serves customers in the United States and operates internationally across Latin America, Asia, Europe and the Middle East.