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

Key Points

• Wall Street Zen downgraded MetLife from “Buy” to “Hold,” although the broader analyst consensus remains “Moderate Buy,” with a $105.44 average price target.
• MetLife reported quarterly earnings of $2.78 per share, slightly above estimates, and revenue of $20.52 billion versus a $19.86 billion consensus; revenue rose 18.2% year over year.
• The board authorized a $3 billion share repurchase plan, allowing the company to buy back up to 4.8% of its outstanding shares.

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

MET has been the topic of a number of other reports. Bank of America dropped their price objective on MetLife from $106.00 to $103.00 and set a "buy" rating on the stock in a research note on Wednesday, July 15th. Argus lifted their price objective on MetLife from $93.00 to $109.00 and gave the company a "buy" rating in a research note on Wednesday, September 2nd. Atlantic Securities set a $103.00 price target on MetLife in a research report on Wednesday, July 15th. TD Cowen upped their price target on MetLife from $110.00 to $114.00 and gave the stock a "buy" rating in a report on Wednesday, October 21st. Finally, Piper Sandler raised shares of MetLife from a "neutral" rating to an "overweight" rating and increased their price target for the stock 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 given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $105.44.

MetLife Stock Performance

Shares of MetLife stock opened at $98.25 on Friday. MetLife has a 12 month low of $67.33 and a 12 month high of $106.72. The firm has a market capitalization of $63.22 billion, a P/E ratio of 10.33, a price-to-earnings-growth ratio of 0.95 and a beta of 0.79. The business's fifty day simple moving average is $98.15 and its 200 day simple moving average is $86.26. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.52.

MetLife (NYSE:MET - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $2.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.77 by $0.01. MetLife had a return on equity of 23.39% and a net margin of 4.57%. The company had revenue of $20.52 billion during the quarter, compared to the consensus estimate of $19.86 billion. During the same period last year, the company earned $2.34 earnings per share. MetLife's revenue was up 18.2% on a year-over-year basis. As a group, analysts anticipate that MetLife will post 9.94 EPS for the current year.

MetLife announced that its board has authorized a stock repurchase plan on Wednesday, August 5th that permits the company to repurchase $3 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Share repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Institutional Trading of MetLife

Several large investors have recently modified their holdings of the business. Diversified Trust Co grew its holdings in shares of MetLife by 27.2% during the third quarter. Diversified Trust Co now owns 30,028 shares of the financial services provider's stock valued at $2,827,000 after buying an additional 6,415 shares in the last quarter. Allworth Financial LP lifted its holdings in MetLife by 3.9% during the 3rd quarter. Allworth Financial LP now owns 16,457 shares of the financial services provider's stock worth $1,550,000 after purchasing an additional 621 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in MetLife by 3.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,744,854 shares of the financial services provider's stock worth $164,536,000 after purchasing an additional 58,571 shares in the last quarter. Eurizon Capital SGR S.p.A. raised its holdings in shares of MetLife by 29.7% during the third quarter. Eurizon Capital SGR S.p.A. now owns 1,337,687 shares of the financial services provider's stock valued at $126,357,000 after purchasing an additional 306,277 shares during the period. Finally, Werba Rubin Papier Wealth Management purchased a new stake in shares of MetLife during the 3rd quarter worth approximately $206,000. 94.99% of the stock is currently owned by institutional investors and hedge funds.

More MetLife News

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: MetLife reported record adjusted EPS, with group-benefits underwriting ahead of target. Higher investment income and business growth supported results, and the company’s $1.8 billion in adjusted profit was a key highlight. MetLife posts record adjusted EPS
• Positive Sentiment: Management expects full-year Retirement and Income Solutions adjusted earnings to come in slightly above the midpoint of its $1.6 billion–$1.8 billion range, offering a constructive outlook for that business. MetLife full-year RIS outlook
• Neutral Sentiment: MetLife agreed to sell a closed-book UK life insurance business to Chesnara. The transaction may allow it to simplify its portfolio, but the reported coverage does not specify financial terms or the expected earnings impact. Chesnara acquisition of MetLife business
• Negative Sentiment: Quarterly coverage also flagged rising expenses and actuarial adjustments as offsets to earnings growth; some reports noted softer sales in Asia. Those mixed details may help explain why strong headline results have not prevented selling pressure. MetLife Q3 results and headwinds

MetLife Company Profile

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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