MetLife (NYSE:MET) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised MetLife’s price target from $106 to $108 and maintained an “overweight” rating, implying 11.56% upside from the previous close.
• MetLife reported quarterly EPS of $2.43, beating the $2.30 consensus estimate, while revenue increased 10.5% year over year. Analysts collectively rate the stock “Moderate Buy,” with an average target of $101.07.
• 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) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $106.00 to $108.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 11.56% from the stock's previous close.

MET has been the subject of a number of other research reports. Jefferies Financial Group increased their target price on shares of MetLife from $97.00 to $103.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Barclays upped their price objective on shares of MetLife from $94.00 to $97.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Atlantic Securities set a $103.00 price objective on shares of MetLife in a report on Wednesday, July 15th. TD Cowen lifted their target price on shares of MetLife from $87.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Finally, Morgan Stanley boosted their target price on MetLife from $93.00 to $103.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, MetLife presently has a consensus rating of "Moderate Buy" and an average target price of $101.07.

MetLife Price Performance

MET stock traded down $0.22 during trading on Tuesday, hitting $96.81. The company had a trading volume of 244,264 shares, compared to its average volume of 3,794,489. The company has a fifty day moving average price of $90.40 and a two-hundred day moving average price of $81.00. MetLife has a fifty-two week low of $67.33 and a fifty-two week high of $100.93. The company has a market cap of $62.29 billion, a P/E ratio of 18.57, a P/E/G ratio of 0.75 and a beta of 0.78. 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, August 5th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $13.52 billion during the quarter, compared to analyst estimates of $19.67 billion. During the same period in the prior year, the company posted $2.02 earnings per share. The business's revenue for the quarter was up 10.5% compared to the same quarter last year. Equities research analysts expect that MetLife will post 9.73 earnings per share for the current fiscal year.

MetLife announced that its board has approved a stock buyback plan 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 repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of MetLife in the 2nd quarter valued at $4,381,692,000. Pzena Investment Management LLC bought a new position in MetLife in the second quarter valued at about $941,792,000. Norges Bank bought a new position in MetLife in the fourth quarter valued at about $639,986,000. Vanguard Group Inc. increased its position in MetLife by 12.1% in the fourth quarter. Vanguard Group Inc. now owns 72,555,335 shares of the financial services provider's stock worth $5,727,518,000 after purchasing an additional 7,805,814 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in MetLife during the 2nd quarter worth about $293,287,000. Institutional investors own 94.99% of the company's stock.

About MetLife

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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