Bank of America Cuts MetLife (NYSE:MET) Price Target to $99.00

Key Points

• Bank of America cut MetLife's price target from $103 to $99 but kept a "buy" rating, implying roughly a 29.8% upside from the stock's previous close.
• Analyst consensus is a Moderate Buy with an average target of $93.38; most analysts rate MetLife as Buy (10), though recent revisions have been mixed (several cuts from Barclays, Mizuho and TD Cowen and an increase from UBS to $102).
• MetLife shares traded at $76.27 (1-year range $67.33–$83.85) with a $49.7B market cap and P/E of 16.23; the company beat quarterly EPS ($2.49 vs. $2.34) and revenue rose 27.6% YoY, with analysts projecting 9.65 EPS for the year.

MetLife (NYSE:MET - Get Free Report) had its target price reduced by equities research analysts at Bank of America from $103.00 to $99.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the financial services provider's stock. Bank of America's target price would suggest a potential upside of 29.80% from the stock's previous close.

Other equities analysts also recently issued reports about the stock. Barclays decreased their price objective on shares of MetLife from $92.00 to $89.00 and set an "overweight" rating on the stock in a report on Wednesday, April 8th. Mizuho decreased their price objective on shares of MetLife from $100.00 to $93.00 and set an "outperform" rating on the stock in a report on Monday. Wall Street Zen upgraded shares of MetLife from a "hold" rating to a "buy" rating in a report on Saturday. TD Cowen decreased their price objective on shares of MetLife from $91.00 to $88.00 and set a "buy" rating on the stock in a report on Wednesday, March 11th. Finally, UBS Group upped their price objective on shares of MetLife from $98.00 to $102.00 and gave the company a "buy" rating in a report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, MetLife currently has a consensus rating of "Moderate Buy" and an average target price of $93.38.

MetLife Stock Performance

Shares of NYSE:MET traded up $0.91 on Tuesday, hitting $76.27. The company had a trading volume of 1,427,166 shares, compared to its average volume of 3,899,678. MetLife has a 1-year low of $67.33 and a 1-year high of $83.85. The stock has a market cap of $49.73 billion, a price-to-earnings ratio of 16.23, a P/E/G ratio of 0.66 and a beta of 0.74. The stock has a 50 day moving average price of $73.10 and a 200 day moving average price of $76.91. 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 released its quarterly earnings data on Wednesday, February 4th. The financial services provider reported $2.49 EPS for the quarter, beating the consensus estimate of $2.34 by $0.15. MetLife had a net margin of 4.38% and a return on equity of 21.81%. The firm had revenue of $52.44 billion for the quarter, compared to the consensus estimate of $31.43 billion. During the same period in the previous year, the company earned $2.08 earnings per share. The company's quarterly revenue was up 27.6% on a year-over-year basis. Analysts expect that MetLife will post 9.65 EPS for the current year.

Hedge Funds Weigh In On MetLife

Institutional investors and hedge funds have recently modified their holdings of the business. Activest Wealth Management grew its stake in shares of MetLife by 205.8% in the fourth quarter. Activest Wealth Management now owns 315 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 212 shares in the last quarter. Vermillion & White Wealth Management Group LLC grew its stake in shares of MetLife by 790.0% in the third quarter. Vermillion & White Wealth Management Group LLC now owns 356 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 316 shares in the last quarter. Sound Income Strategies LLC lifted its position in MetLife by 58.9% during the fourth quarter. Sound Income Strategies LLC now owns 383 shares of the financial services provider's stock worth $29,000 after purchasing an additional 142 shares during the period. Garton & Associates Financial Advisors LLC bought a new stake in MetLife during the fourth quarter worth about $30,000. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in MetLife during the fourth quarter worth about $31,000. 94.99% of the stock is currently owned by institutional investors and hedge funds.

MetLife Company Profile

MetLife, Inc is a global provider of insurance, annuities and employee benefit programs. Headquartered in New York City, the company offers a range of risk protection and retirement solutions to individuals, employers and institutional clients. Its core businesses include life insurance, group benefits, retirement products such as annuities, and supplemental health products including dental and disability coverage.

In addition to traditional life and group insurance, MetLife provides workplace benefits and voluntary products distributed through employer-sponsored programs.

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