MetLife (NYSE:MET) Raised to Buy at StockNews.com

StockNews.com upgraded shares of MetLife (NYSE:MET) from a hold rating to a buy rating in a research note released on Friday.

Other equities research analysts have also recently issued reports about the company. The Goldman Sachs Group upgraded MetLife from a neutral rating to a buy rating and upped their target price for the stock from $70.00 to $80.00 in a report on Monday, January 8th. Wells Fargo & Company raised their target price on shares of MetLife from $83.00 to $86.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Piper Sandler increased their price objective on shares of MetLife from $74.00 to $85.00 and gave the company an overweight rating in a research note on Friday, April 5th. UBS Group cut their price objective on shares of MetLife from $87.00 to $82.00 and set a buy rating on the stock in a report on Monday, February 5th. Finally, Morgan Stanley increased their target price on MetLife from $80.00 to $82.00 and gave the company an overweight rating in a research report on Monday, April 15th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $79.00.

MetLife Trading Up 1.2 %

Shares of NYSE:MET traded up $0.84 on Friday, hitting $70.82. 1,697,081 shares of the company’s stock were exchanged, compared to its average volume of 3,540,620. The stock has a market capitalization of $50.36 billion, a price-to-earnings ratio of 24.28, a price-to-earnings-growth ratio of 0.56 and a beta of 1.03. MetLife has a 12 month low of $48.95 and a 12 month high of $74.68. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. The business’s 50 day simple moving average is $71.66 and its two-hundred day simple moving average is $67.50.

MetLife (NYSE:MET) last released its quarterly earnings data on Wednesday, May 1st. The financial services provider reported $1.83 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.83. The company had revenue of $17.02 billion during the quarter, compared to analysts’ expectations of $17.73 billion. MetLife had a net margin of 3.50% and a return on equity of 20.39%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.52 EPS. Analysts anticipate that MetLife will post 8.69 EPS for the current fiscal year.

MetLife declared that its board has initiated a share repurchase program on Wednesday, May 1st that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

MetLife Increases Dividend

The company 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 3.08%. This is a boost from MetLife’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Monday, May 6th. MetLife’s dividend payout ratio (DPR) is presently 71.48%.

Insider Buying and Selling at MetLife

In related news, insider Ramy Tadros sold 4,026 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $71.90, for a total transaction of $289,469.40. Following the completion of the transaction, the insider now owns 146,981 shares of the company’s stock, valued at $10,567,933.90. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other MetLife 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 value of $289,469.40. Following the sale, the insider now owns 146,981 shares in the company, valued at approximately $10,567,933.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Bill Pappas sold 27,000 shares of MetLife stock in a transaction that occurred on Monday, March 18th. The shares were 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 directly owns 57,768 shares of the company’s stock, valued at $4,174,893.36. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On MetLife

A number of hedge funds have recently bought and sold shares of MET. Commonwealth Equity Services LLC lifted its holdings in MetLife by 0.3% during the third quarter. Commonwealth Equity Services LLC now owns 235,997 shares of the financial services provider’s stock valued at $14,847,000 after purchasing an additional 599 shares in the last quarter. SVB Wealth LLC increased its stake in MetLife by 22.2% during the 3rd quarter. SVB Wealth LLC now owns 10,310 shares of the financial services provider’s stock worth $649,000 after buying an additional 1,876 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of MetLife by 42.2% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 72,792 shares of the financial services provider’s stock valued at $4,579,000 after acquiring an additional 21,613 shares during the last quarter. Dakota Wealth Management lifted its position in shares of MetLife by 6.4% in the third quarter. Dakota Wealth Management now owns 7,531 shares of the financial services provider’s stock valued at $474,000 after acquiring an additional 455 shares in the last quarter. Finally, Bailard Inc. acquired a new stake in shares of MetLife in the third quarter worth approximately $201,000. 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.