MetLife (NYSE:MET) Sets New 1-Year High on Analyst Upgrade

Key Points

• MetLife shares reached a new 52-week high after TD Cowen raised its price target from $110 to $114 and maintained a Buy rating. Analysts collectively rate the stock “Moderate Buy,” with a consensus target of $105.44.
• Institutional ownership is substantial at 94.99%, with major investors including BlackRock, Pzena Investment Management, UBS Asset Management and Bank of America adding or initiating positions.
• MetLife exceeded quarterly EPS expectations, announced a $0.5925 quarterly dividend yielding about 2.3%, and authorized a $3 billion share-repurchase program covering up to 4.8% of outstanding shares.

MetLife, Inc. (NYSE:MET - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday after TD Cowen raised their price target on the stock from $110.00 to $114.00. TD Cowen currently has a buy rating on the stock. MetLife traded as high as $102.48 and last traded at $101.9460, with a volume of 96,665 shares changing hands. The stock had previously closed at $101.18.

A number of other research firms have also recently issued reports on MET. Piper Sandler upgraded 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 report on Tuesday, September 22nd. Keefe, Bruyette & Woods boosted their price objective on MetLife from $105.00 to $108.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. Mizuho lowered their price objective on MetLife from $112.00 to $109.00 and set an "outperform" rating for the company in a research note on Wednesday, October 7th. Wall Street Zen upgraded MetLife from a "hold" rating to a "buy" rating in a report on Sunday, September 27th. Finally, Atlantic Securities set a $103.00 target price on MetLife in a research report on Wednesday, July 15th. Thirteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, MetLife has an average rating of "Moderate Buy" and a consensus target price of $105.44.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MET. BlackRock Inc. purchased a new stake in shares of MetLife during the second quarter valued at approximately $4,381,692,000. Pzena Investment Management LLC purchased a new position in shares of MetLife during the 2nd quarter worth approximately $941,792,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in MetLife by 5.9% in 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 worth $509,904,000 after purchasing an additional 336,794 shares in the last quarter. Bank of America Corp DE bought a new position in shares of MetLife in the 2nd quarter worth about $455,424,000. Finally, Legal & General Group Plc purchased a new position in shares of MetLife during the second quarter valued at approximately $326,904,000. 94.99% of the stock is owned by institutional investors.

MetLife Stock Up 0.7%

The company has a fifty day simple moving average of $97.01 and a 200 day simple moving average of $89.29. 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 firm has a market capitalization of $65.54 billion, a P/E ratio of 19.52, a P/E/G ratio of 0.94 and a beta of 0.78.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.30 by $0.13. The company had revenue of $13.52 billion for 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 was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.02 EPS. On average, equities analysts expect that MetLife, Inc. will post 9.93 EPS for the current fiscal year.

MetLife Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 8th. Shareholders of record on Tuesday, November 3rd will be paid a dividend of $0.5925 per share. The ex-dividend date is Tuesday, November 3rd. This represents a $2.37 annualized dividend and a yield of 2.3%. MetLife's dividend payout ratio is currently 45.40%.

MetLife announced that its Board of Directors has approved a share repurchase program on Wednesday, August 5th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its shares are undervalued.

About MetLife

MetLife, Inc NYSE: MET is a global financial services company that provides insurance, retirement, and employee benefits solutions to individuals, employers, and institutions. Its offerings include life insurance, dental and vision coverage, accident and disability insurance, annuities, retirement savings products, and related financial services.

Through its institutional and workplace businesses, MetLife helps employers provide benefits and retirement programs to their employees. The company also serves individual customers with protection and income products.

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