MetLife (NYSE:MET) Price Target Raised to $115.00

Key Points

• Piper Sandler raised MetLife’s price target to $115 from $110 and maintained an “overweight” rating, implying 11.83% upside from the prior close.
• MetLife’s latest quarterly results slightly beat EPS estimates at $2.78 and exceeded revenue estimates at $20.52 billion; revenue grew 18.2% year over year.
• The board authorized a $3 billion share repurchase program, allowing the company to buy back up to 4.8% of its shares.

MetLife (NYSE:MET - Get Free Report) had its target price boosted by investment analysts at Piper Sandler from $110.00 to $115.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price target suggests a potential upside of 11.83% from the stock's previous close.

Several other brokerages have also recently weighed in on MET. UBS Group raised their price objective on MetLife from $105.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, October 6th. Atlantic Securities set a $103.00 price objective on shares of MetLife in a research note on Wednesday, July 15th. JPMorgan Chase & Co. increased their target price on shares of MetLife from $108.00 to $110.00 and gave the stock an "overweight" rating in a report on Thursday, October 15th. Evercore reissued a "mixed" rating on shares of MetLife in a report on Monday, August 24th. Finally, Wells Fargo & Company upped their price target on shares of MetLife from $109.00 to $110.00 and gave the company an "overweight" rating in a research report on Monday, October 12th. Fourteen investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $106.62.

MetLife Trading Up 4.6%

MET traded up $4.57 during midday trading on Monday, reaching $102.84. 825,852 shares of the company were exchanged, compared to its average volume of 3,588,478. The stock's 50-day simple moving average is $98.15 and its 200 day simple moving average is $86.26. The stock has a market capitalization of $66.17 billion, a P/E ratio of 13.42, a PEG ratio of 0.93 and a beta of 0.79. MetLife has a one year low of $67.33 and a one year high of $106.72. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.20 and a current ratio of 0.18.

MetLife (NYSE:MET - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.01. MetLife had a net margin of 6.21% and a return on equity of 24.19%. The company had revenue of $20.52 billion during the quarter, compared to analyst estimates of $19.86 billion. During the same quarter in the previous year, the business earned $2.34 EPS. The firm's revenue was up 18.2% on a year-over-year basis. As a group, analysts forecast that MetLife will post 9.93 earnings per share for the current fiscal year.

MetLife declared that its Board of Directors has authorized a share repurchase program on Wednesday, August 5th that permits the company to buy back $3 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Share buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On MetLife

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in MetLife in the second quarter worth approximately $26,000. Burk Holdings LLC bought a new position in shares of MetLife during the second quarter valued at about $27,000. Nvwm LLC raised its position in MetLife by 655.3% during the 3rd quarter. Nvwm LLC now owns 287 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 249 shares during the last quarter. Highland Investment Advisors LLC purchased a new stake in MetLife in the second quarter worth $30,000. Finally, Elevation Wealth Partners LLC lifted its position in shares of MetLife by 123.5% in the 3rd quarter. Elevation Wealth Partners LLC now owns 362 shares of the financial services provider's stock worth $34,000 after purchasing an additional 200 shares during the period. Institutional investors and hedge funds own 94.99% of the company's stock.

About MetLife

MetLife, Inc is a global financial services company best known for providing insurance, employee benefits and retirement-related products. Its offerings include life, dental and disability insurance, annuities, and products and services designed to help individuals and employers plan for financial protection and retirement.

The company serves individuals, businesses and institutions in the United States and international markets, including countries in Latin America, Asia, Europe and the Middle East.

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