MetLife (NYSE:MET – Get Free Report) declared that its board has authorized a stock buyback program on Wednesday, August 5th, RTT News reports. The company plans to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
MetLife Stock Performance
MetLife stock traded up $0.32 during midday trading on Wednesday, reaching $96.45. The stock had a trading volume of 4,686,212 shares, compared to its average volume of 3,968,851. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $62.06 billion, a PE ratio of 18.69, a P/E/G ratio of 0.74 and a beta of 0.78. MetLife has a 12 month low of $67.33 and a 12 month high of $97.80. The firm’s 50-day moving average price is $89.44 and its 200 day moving average price is $80.54.
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, beating analysts’ consensus estimates of $2.30 by $0.13. MetLife had a return on equity of 22.60% and a net margin of 4.66%.The company had revenue of $19.07 billion for the quarter, compared to analyst estimates of $19.67 billion. During the same period in the previous year, the company posted $2.02 EPS. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, research analysts predict that MetLife will post 9.89 earnings per share for the current fiscal year.
MetLife Dividend Announcement
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on MET shares. Weiss Ratings raised MetLife from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 15th. Piper Sandler increased their price target on MetLife from $86.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. Mizuho lifted their price objective on shares of MetLife from $95.00 to $102.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Bank of America reduced their target price on shares of MetLife from $103.00 to $99.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Finally, TD Cowen increased their target price on shares of MetLife from $87.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, MetLife has an average rating of “Moderate Buy” and a consensus price target of $100.50.
View Our Latest Research Report on MetLife
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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