MetLife (NYSE:MET) Given New $114.00 Price Target at TD Cowen

Key Points

• TD Cowen raised MetLife’s price target from $110 to $114 and maintained a “buy” rating, implying 11.74% upside from the prior close.
• Analyst sentiment remains favorable, with 13 buy ratings and two holds; MetLife’s consensus rating is “Moderate Buy” with an average target of $105.44.
• MetLife reported quarterly EPS of $2.43, beating estimates of $2.30, and approved a $3 billion stock-repurchase program covering up to 4.8% of outstanding shares.

MetLife (NYSE:MET - Get Free Report) had its price target lifted by equities research analysts at TD Cowen from $110.00 to $114.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. TD Cowen's price objective would suggest a potential upside of 11.74% from the stock's previous close.

Other analysts have also recently issued research reports about the stock. Atlantic Securities set a $103.00 price objective on shares of MetLife in a research note on Wednesday, July 15th. Bank of America lowered their target price on MetLife from $106.00 to $103.00 and set a "buy" rating for the company in a research report on Wednesday, July 15th. Morgan Stanley raised their target price on MetLife from $103.00 to $111.00 and gave the stock an "overweight" rating in a research report on Monday, August 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of MetLife in a report on Friday, September 11th. Finally, Piper Sandler upgraded MetLife from a "neutral" rating to an "overweight" rating and upped their price target for the company from $99.00 to $110.00 in a research report on Tuesday, September 22nd. Thirteen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, MetLife currently has an average rating of "Moderate Buy" and a consensus target price of $105.44.

MetLife Stock Up 0.8%

NYSE:MET opened at $102.02 on Wednesday. The firm's 50 day simple moving average is $97.01 and its 200 day simple moving average is $89.29. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.20 and a quick ratio of 0.20. MetLife has a one year low of $67.33 and a one year high of $102.43. The company has a market cap of $65.64 billion, a PE ratio of 19.50, a P/E/G ratio of 0.94 and a beta of 0.78.

MetLife (NYSE:MET - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.13. The firm had revenue of $13.52 billion during the quarter, compared to analysts' expectations of $19.67 billion. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The company's revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.02 EPS. On average, research analysts anticipate that MetLife will post 9.93 earnings per share for the current year.

MetLife announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 5th that authorizes the company to repurchase $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.8% of its stock through open market purchases. Share buyback programs are typically an indication that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MET. BlackRock Inc. bought a new position in shares of MetLife during the 2nd quarter valued at approximately $4,381,692,000. Pzena Investment Management LLC purchased a new position in MetLife in the second quarter valued at approximately $941,792,000. Bank of America Corp DE bought a new position in MetLife during the second quarter valued at $455,424,000. Legal & General Group Plc purchased a new stake in MetLife in the second quarter worth $326,904,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of MetLife in the second quarter valued at $293,287,000. 94.99% of the stock is owned by institutional investors.

MetLife Company Profile

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

Through its institutional and workplace businesses, MetLife helps employers provide benefits and retirement programs to their employees. The company also serves individual customers with protection and income products.

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