MetLife (NYSE:MET) Hits New 52-Week High Following Analyst Upgrade

Key Points

• MetLife shares reached a new 52-week high of $101.44 after BMO Capital Markets raised its price target to $80, while other analysts set targets as high as $110.
• Analyst sentiment is broadly positive, with 13 Buy ratings and two Holds, producing a consensus “Moderate Buy” rating and average price target of $105.06.
• MetLife offers a 2.4% dividend yield and has authorized a $3 billion share buyback, while institutional investors own nearly 95% of the company.

Shares of MetLife, Inc. (NYSE:MET - Get Free Report) hit a new 52-week high on Tuesday after BMO Capital Markets raised their price target on the stock from $78.00 to $80.00. BMO Capital Markets currently has a market perform rating on the stock. MetLife traded as high as $101.44 and last traded at $100.3850, with a volume of 71,055 shares. The stock had previously closed at $100.17.

Other equities research analysts have also issued reports about the company. UBS Group lifted their price target on MetLife from $105.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, October 6th. Piper Sandler upgraded MetLife from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $99.00 to $110.00 in a report on Tuesday, September 22nd. Wall Street Zen raised shares of MetLife from a "hold" rating to a "buy" rating in a research report on Sunday, September 27th. Keefe, Bruyette & Woods lifted their target price on shares of MetLife from $105.00 to $108.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Finally, Argus boosted their target price on shares of MetLife from $93.00 to $109.00 and gave the stock a "buy" rating in a research report on Wednesday, September 2nd. 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 currently has an average rating of "Moderate Buy" and an average price target of $105.06.

Institutional Trading of MetLife

Large investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in MetLife in the 2nd quarter worth approximately $4,381,692,000. Pzena Investment Management LLC acquired a new position in MetLife during the second quarter valued at approximately $941,792,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in MetLife by 5.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,026,518 shares of the financial services provider's stock valued at $509,904,000 after purchasing an additional 336,794 shares during the last quarter. Bank of America Corp DE acquired a new position in MetLife during the second quarter valued at approximately $455,424,000. Finally, Legal & General Group Plc bought a new position in shares of MetLife in the second quarter valued at approximately $326,904,000. Institutional investors own 94.99% of the company's stock.

MetLife Stock Performance

The stock's 50-day moving average price is $96.65 and its 200 day moving average price is $87.99. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52. The company has a market cap of $64.54 billion, a P/E ratio of 19.21, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78.

MetLife (NYSE:MET - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share for the quarter, topping analysts' consensus estimates of $2.30 by $0.13. The business had revenue of $13.52 billion during the quarter, compared to analysts' expectations of $19.67 billion. MetLife had a net margin of 4.57% and a return on equity of 23.39%. MetLife's revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the previous year, the company earned $2.02 earnings per share. As a group, research analysts expect that MetLife, Inc. will post 9.88 EPS for the current fiscal year.

MetLife Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 8th. Shareholders of record on Tuesday, November 3rd will be given a dividend of $0.5925 per share. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $2.37 dividend on an annualized basis and a yield of 2.4%. MetLife's payout ratio is currently 45.40%.

MetLife declared that its board has authorized a share buyback program on Wednesday, August 5th that permits the company to repurchase $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Share buyback programs are usually a sign that the company's board believes its stock is undervalued.

MetLife Company Profile

MetLife, Inc is a global financial services company that provides insurance, employee benefits and retirement solutions. Its products and services include life insurance, dental and vision coverage, disability insurance, accident and health benefits, annuities, and savings and retirement products.

The company serves individuals, employers and institutions through group benefits, workplace solutions and individual insurance offerings. MetLife also provides investment and retirement services designed to help employers and employees prepare for long-term financial needs.

Founded in 1868, MetLife is headquartered in New York City and operates through businesses in the United States and international markets, including regions across Latin America, Asia and Europe.

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