MetLife (NYSE:MET) Price Target Raised to $110.00

Key Points

• Wells Fargo raised MetLife’s price target from $109 to $110 and maintained an “overweight” rating, implying 10.45% potential upside from the reported price.
• Analyst sentiment remains positive: MetLife has a consensus “Buy” rating, with 12 analysts issuing Buy ratings and a consensus price target of $106.77.
• MetLife shares rose 1.3% to $99.59, while the company reported quarterly EPS of $2.43—above the $2.30 estimate—and authorized a $3 billion share buyback.

MetLife (NYSE:MET - Get Free Report) had its price objective increased by equities researchers at Wells Fargo & Company from $109.00 to $110.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Wells Fargo & Company's price objective would suggest a potential upside of 10.45% from the stock's current price.

MET has been the topic of a number of other research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of MetLife in a research note on Friday, September 11th. TD Cowen increased their price target on shares of MetLife from $105.00 to $110.00 and gave the stock a "buy" rating in a research note on Monday, October 5th. Wall Street Zen upgraded shares of MetLife from a "hold" rating to a "buy" rating in a report on Sunday, September 27th. Mizuho lowered their price objective on shares of MetLife from $112.00 to $109.00 and set an "outperform" rating for the company in a report on Wednesday. Finally, Keefe, Bruyette & Woods lifted their price objective on MetLife from $105.00 to $108.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. Twelve analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, MetLife currently has a consensus rating of "Buy" and a consensus price target of $106.77.

MetLife Trading Up 1.3%

Shares of MetLife stock traded up $1.26 during midday trading on Monday, reaching $99.59. 249,212 shares of the company's stock traded hands, compared to its average volume of 3,622,955. The stock has a 50 day moving average of $96.57 and a 200-day moving average of $87.78. MetLife has a 12 month low of $67.33 and a 12 month high of $100.93. The company has a market cap of $64.08 billion, a PE ratio of 19.05, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.20 and a current ratio of 0.20.

MetLife (NYSE:MET - Get Free Report) last released its quarterly 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. The business had revenue of $13.52 billion for 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 firm's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.02 earnings per share. As a group, equities analysts expect that MetLife will post 9.88 EPS for the current fiscal year.

MetLife declared that its Board of Directors has initiated a share buyback plan 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 purchase up to 4.8% of its shares through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On MetLife

Several hedge funds have recently added to or reduced their stakes in the stock. Riversedge Advisors LLC purchased a new position in shares of MetLife in the 3rd quarter worth $300,000. Wedmont Private Capital grew its holdings in shares of MetLife by 6.8% in the third quarter. Wedmont Private Capital now owns 10,121 shares of the financial services provider's stock worth $997,000 after acquiring an additional 643 shares during the period. LifeGoal Investments LLC bought a new stake in shares of MetLife in the third quarter worth $322,000. GAMMA Investing LLC increased its position in MetLife by 14.1% during the third quarter. GAMMA Investing LLC now owns 14,124 shares of the financial services provider's stock valued at $1,330,000 after acquiring an additional 1,746 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in MetLife by 52.9% during the third quarter. Farther Finance Advisors LLC now owns 39,725 shares of the financial services provider's stock valued at $3,740,000 after acquiring an additional 13,741 shares during the last quarter. 94.99% of the stock is owned by institutional investors.

MetLife Company Profile

MetLife, Inc is a global financial services company that provides insurance, employee benefits and retirement solutions. Its products and services include life insurance, dental and vision coverage, disability insurance, accident and health benefits, annuities, and savings and retirement products.

The company serves individuals, employers and institutions through group benefits, workplace solutions and individual insurance offerings. MetLife also provides investment and retirement services designed to help employers and employees prepare for long-term financial needs.

Founded in 1868, MetLife is headquartered in New York City and operates through businesses in the United States and international markets, including regions across Latin America, Asia and Europe.

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