MetLife (NYSE:MET) Rating Lowered to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen downgraded MetLife from “Buy” to “Hold,” though the broader analyst consensus remains “Moderate Buy,” with 11 Buy ratings and a consensus price target of $102.77.
• MetLife reported quarterly earnings of $2.43 per share, exceeding the $2.30 consensus estimate, while revenue rose 10.5% year over year to $13.52 billion.
• The company authorized a $3 billion share repurchase program, allowing it to buy back up to 4.8% of outstanding shares; institutional investors own nearly 95% of the stock.

MetLife (NYSE:MET - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other analysts have also recently issued reports on the stock. Evercore reiterated a "mixed" rating on shares of MetLife in a research note on Monday, August 24th. Piper Sandler upped their price target on shares of MetLife from $86.00 to $90.00 and gave the stock a "neutral" rating in a report on Wednesday, June 24th. Jefferies Financial Group lifted their price objective on MetLife from $97.00 to $103.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods boosted their target price on MetLife from $105.00 to $108.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. Finally, Morgan Stanley upped their target price on MetLife from $103.00 to $111.00 and gave the stock an "overweight" rating in a research note on Monday, August 24th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, MetLife currently has an average rating of "Moderate Buy" and a consensus target price of $102.77.

MetLife Trading Down 0.3%

Shares of MET stock opened at $97.08 on Friday. The company's fifty day simple moving average is $95.97 and its two-hundred day simple moving average is $84.93. 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 1 year low of $67.33 and a 1 year high of $100.93. The stock has a market capitalization of $62.47 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 0.93 and a beta of 0.77.

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 for the quarter, beating the consensus estimate of $2.30 by $0.13. MetLife had a return on equity of 23.39% and a net margin of 4.57%.The company had revenue of $13.52 billion during the quarter, compared to analysts' expectations of $19.67 billion. During the same period in the previous year, the business earned $2.02 earnings per share. The firm's quarterly revenue was up 10.5% compared to the same quarter last year. As a group, analysts anticipate that MetLife will post 9.78 earnings per share for the current year.

MetLife declared that its board has initiated a stock repurchase program on Wednesday, August 5th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. OMERS ADMINISTRATION Corp acquired a new stake in MetLife during the second quarter worth about $2,683,000. Bank of Nova Scotia acquired a new position in MetLife in the second quarter valued at approximately $14,182,000. Daiichi Life Insurance Co. Ltd. purchased a new stake in MetLife in the 2nd quarter worth approximately $8,329,000. SWS Partners purchased a new stake in MetLife in the 2nd quarter worth approximately $3,145,000. Finally, Redwood Investment Management LLC acquired a new stake in shares of MetLife during the 2nd quarter worth approximately $1,169,000. Institutional investors own 94.99% of the company's stock.

MetLife Company Profile

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.

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