MetLife (NYSE:MET) Stock Gets Price Target Bump from Piper Sandler

MetLife (NYSE:MET) had its price target raised by equities research analysts at Piper Sandler from $110.00 to $115.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler‘s target price indicates a potential upside of 11.83% from the stock’s current price.

MET has been the subject of a number of other reports. Evercore reaffirmed a “mixed” rating on shares of MetLife in a report on Monday, August 24th. Keefe, Bruyette & Woods lifted their price objective on shares of MetLife from $105.00 to $108.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of MetLife in a research report on Friday, September 11th. Wells Fargo & Company lifted their price target on MetLife from $109.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Finally, Bank of America reduced their target price on shares of MetLife from $106.00 to $103.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Fourteen analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, MetLife presently has a consensus rating of “Moderate Buy” and a consensus price target of $106.62.

MetLife Stock Performance

Shares of MetLife stock traded up $4.57 during trading on Monday, hitting $102.84. 825,852 shares of the company’s stock traded hands, compared to its average volume of 3,588,478. The business has a 50-day simple moving average of $98.15 and a 200-day simple moving average of $86.26. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.18 and a quick ratio of 0.20. The stock has a market capitalization of $66.17 billion, a P/E ratio of 13.42, a PEG ratio of 0.93 and a beta of 0.79. MetLife has a 1 year low of $67.33 and a 1 year high of $106.72.

MetLife (NYSE:MET) last announced its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.01. MetLife had a net margin of 6.21% and a return on equity of 24.19%. The firm had revenue of $20.52 billion during the quarter, compared to analyst estimates of $19.86 billion. During the same period in the previous year, the business posted $2.34 earnings per share. The business’s revenue for the quarter was up 18.2% on a year-over-year basis. As a group, analysts forecast that MetLife will post 9.93 EPS for the current year.

MetLife announced that its Board of Directors has authorized a share repurchase plan on Wednesday, August 5th that authorizes the company to buy back $3 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Share buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On MetLife

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in MetLife during the 2nd quarter valued at about $4,381,692,000. Pzena Investment Management LLC acquired a new stake in MetLife during the 2nd quarter valued at approximately $941,792,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in MetLife by 5.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,026,518 shares of the financial services provider’s stock valued at $509,904,000 after purchasing an additional 336,794 shares during the last quarter. Bank of America Corp DE purchased a new stake in shares of MetLife in the second quarter worth about $455,424,000. Finally, Legal & General Group Plc purchased a new position in shares of MetLife during the 2nd quarter valued at approximately $326,904,000. 94.99% of the stock is owned by hedge funds and other institutional investors.

MetLife Company Profile

MetLife, Inc is a global financial services company best known for providing insurance, employee benefits and retirement-related products. Its offerings include life, dental and disability insurance, annuities, and products and services designed to help individuals and employers plan for financial protection and retirement.

The company serves individuals, businesses and institutions in the United States and international markets, including countries in Latin America, Asia, Europe and the Middle East.