MetLife (NYSE:MET) Stock Gets Price Target Bump from Wells Fargo & Company

MetLife (NYSE:MET) had its price target lifted by equities researchers at Wells Fargo & Company from $109.00 to $110.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 9.37% from the company’s previous close.

MET has been the subject of a number of other research reports. Atlantic Securities set a $103.00 price target on shares of MetLife in a research note on Wednesday, July 15th. Wall Street Zen upgraded shares of MetLife from a “hold” rating to a “buy” rating in a research note on Sunday, September 27th. Evercore reaffirmed a “mixed” rating on shares of MetLife in a report on Monday, August 24th. Jefferies Financial Group increased their target price on shares of MetLife from $97.00 to $103.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Finally, Mizuho decreased their target price on shares of MetLife from $112.00 to $109.00 and set an “outperform” rating for the company in a research note on Wednesday, October 7th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, MetLife has an average rating of “Moderate Buy” and an average price target of $105.06.

MetLife Trading Up 0.4%

MET opened at $100.58 on Monday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52. MetLife has a 52 week low of $67.33 and a 52 week high of $101.44. The business’s 50 day moving average is $96.74 and its two-hundred day moving average is $88.21. The firm has a market cap of $64.71 billion, a price-to-earnings ratio of 10.25, a price-to-earnings-growth ratio of 0.95 and a beta of 0.78.

MetLife (NYSE:MET) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.13. The business had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $19.67 billion. MetLife had a return on equity of 23.39% and a net margin of 4.57%. The company’s revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.02 earnings per share. On average, research analysts predict that MetLife will post 9.88 EPS for the current year.

MetLife announced that its Board of Directors has approved a stock buyback plan on Wednesday, August 5th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Trading of MetLife

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in MetLife during the second quarter worth $4,381,692,000. Pzena Investment Management LLC acquired a new stake in MetLife in the second quarter valued at $941,792,000. Bank of America Corp DE acquired a new stake in MetLife in the second quarter valued at $455,424,000. Legal & General Group Plc acquired a new stake in MetLife in the second quarter valued at $326,904,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of MetLife in the second quarter valued at $293,287,000. Hedge funds and other institutional investors own 94.99% of the company’s stock.

About MetLife

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.