MetLife (NYSE:MET – Get Free Report) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.
Several other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of MetLife from $106.00 to $108.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Keefe, Bruyette & Woods raised their price objective on MetLife from $105.00 to $108.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Barclays boosted their price objective on MetLife from $94.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Jefferies Financial Group increased their target price on MetLife from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Finally, Evercore reissued a “mixed” rating on shares of MetLife in a research note on Monday, August 24th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, MetLife presently has a consensus rating of “Moderate Buy” and an average price target of $102.77.
Check Out Our Latest Analysis on MET
MetLife Trading Up 0.0%
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 analysts’ consensus estimates of $2.30 by $0.13. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The business had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $19.67 billion. During the same period in the prior year, the company earned $2.02 EPS. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. Equities research analysts forecast that MetLife will post 9.78 earnings per share for the current fiscal year.
MetLife announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 5th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. OMERS ADMINISTRATION Corp acquired a new stake in shares of MetLife during the 2nd quarter worth approximately $2,683,000. Bank of Nova Scotia bought a new position in MetLife during the second quarter worth $14,182,000. SWS Partners acquired a new stake in MetLife in the second quarter worth $3,145,000. Daiichi Life Insurance Co. Ltd. acquired a new stake in MetLife in the second quarter worth $8,329,000. Finally, Redwood Investment Management LLC bought a new stake in MetLife in the second quarter valued at $1,169,000. 94.99% of the stock is owned by institutional investors and hedge funds.
About MetLife
MetLife, Inc (NYSE: MET) is a global financial services company that provides insurance, employee benefits and retirement solutions to individuals, employers and institutions. Its offerings include life insurance, dental and vision insurance, disability coverage, accident and health insurance, annuities, and retirement products.
Through its employer-focused business, MetLife helps organizations provide benefits and financial protection to their employees. The company also offers group insurance, individual protection products and investment management services through MetLife Investment Management, which serves institutional investors and retirement plans.
Founded in 1868, MetLife serves customers in the United States and operates internationally across Latin America, Asia, Europe and the Middle East.
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