Argus Boosts MetLife (NYSE:MET) Price Target to $80.00

MetLife (NYSE:MET) had its target price raised by Argus from $77.00 to $80.00 in a research report report published on Wednesday morning, Benzinga reports. Argus currently has a buy rating on the financial services provider’s stock.

MET has been the subject of a number of other research reports. Morgan Stanley upped their target price on MetLife from $80.00 to $82.00 and gave the company an overweight rating in a report on Monday, April 15th. Keefe, Bruyette & Woods dropped their target price on shares of MetLife from $87.00 to $86.00 and set an outperform rating on the stock in a report on Tuesday, May 7th. UBS Group decreased their target price on shares of MetLife from $87.00 to $82.00 and set a buy rating for the company in a research note on Monday, February 5th. Wells Fargo & Company dropped their price target on shares of MetLife from $86.00 to $85.00 and set an overweight rating on the stock in a research note on Friday, May 10th. Finally, StockNews.com lowered MetLife from a buy rating to a hold rating in a research note on Saturday, May 11th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $79.08.

MetLife Trading Up 1.2 %

Shares of MET opened at $72.54 on Wednesday. The stock has a market capitalization of $51.58 billion, a P/E ratio of 24.93, a PEG ratio of 0.60 and a beta of 1.09. MetLife has a twelve month low of $49.38 and a twelve month high of $74.68. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The firm has a fifty day simple moving average of $72.22 and a two-hundred day simple moving average of $68.78.

MetLife (NYSE:MET) last posted its earnings results on Wednesday, May 1st. The financial services provider reported $1.83 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.83. MetLife had a net margin of 3.50% and a return on equity of 20.39%. The company had revenue of $17.02 billion during the quarter, compared to analyst estimates of $17.73 billion. During the same period in the prior year, the business posted $1.52 earnings per share. MetLife’s revenue for the quarter was up 5.5% on a year-over-year basis. On average, research analysts anticipate that MetLife will post 8.62 EPS for the current year.

MetLife declared that its board has authorized a share buyback plan on Wednesday, May 1st that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

MetLife Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 7th will be paid a $0.545 dividend. This represents a $2.18 annualized dividend and a dividend yield of 3.01%. This is a positive change from MetLife’s previous quarterly dividend of $0.52. The ex-dividend date is Monday, May 6th. MetLife’s dividend payout ratio (DPR) is presently 74.91%.

Insider Activity

In other news, insider Ramy Tadros sold 4,026 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $71.90, for a total transaction of $289,469.40. Following the transaction, the insider now owns 146,981 shares of the company’s stock, valued at $10,567,933.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Bill Pappas sold 27,000 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $72.27, for a total transaction of $1,951,290.00. Following the transaction, the executive vice president now owns 57,768 shares of the company’s stock, valued at approximately $4,174,893.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ramy Tadros sold 4,026 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $71.90, for a total transaction of $289,469.40. Following the transaction, the insider now owns 146,981 shares in the company, valued at $10,567,933.90. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On MetLife

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in MetLife by 3.4% in the first quarter. Vanguard Group Inc. now owns 59,622,348 shares of the financial services provider’s stock worth $4,418,612,000 after buying an additional 1,974,268 shares in the last quarter. Pzena Investment Management LLC raised its position in shares of MetLife by 118.1% in the 3rd quarter. Pzena Investment Management LLC now owns 10,108,992 shares of the financial services provider’s stock worth $635,957,000 after acquiring an additional 5,474,449 shares in the last quarter. Norges Bank purchased a new stake in shares of MetLife during the 4th quarter worth $558,460,000. Northern Trust Corp boosted its position in MetLife by 3.9% during the third quarter. Northern Trust Corp now owns 7,440,583 shares of the financial services provider’s stock valued at $468,087,000 after purchasing an additional 276,364 shares in the last quarter. Finally, Invesco Ltd. grew its stake in MetLife by 0.3% in the third quarter. Invesco Ltd. now owns 5,829,965 shares of the financial services provider’s stock valued at $366,763,000 after purchasing an additional 17,375 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

About MetLife

MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through six segments: Retirement and Income Solutions; Group Benefits; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short-and long-term disability, individual disability, pet insurance, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements.