MetLife (NYSE:MET) Price Target Raised to $108.00

MetLife (NYSE:MET) had its target price increased by Keefe, Bruyette & Woods from $105.00 to $108.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other analysts also recently weighed in on MET. Atlantic Securities set a $103.00 target price on MetLife in a research report on Wednesday, July 15th. Weiss Ratings raised MetLife from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 15th. UBS Group increased their price objective on shares of MetLife from $102.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. JPMorgan Chase & Co. lifted their price target on MetLife from $96.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, July 21st. Finally, Morgan Stanley boosted their target price on shares of MetLife from $93.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $101.07.

MetLife Trading Up 0.8%

Shares of MET stock opened at $97.44 on Tuesday. The firm has a 50 day moving average price of $91.27 and a two-hundred day moving average price of $81.43. The company has a market capitalization of $62.70 billion, a PE ratio of 18.67, a price-to-earnings-growth ratio of 0.75 and a beta of 0.78. MetLife has a 12-month low of $67.33 and a 12-month high of $100.93. 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 (NYSE:MET) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.13. The firm had revenue of $13.52 billion for the quarter, compared to analyst estimates of $19.67 billion. MetLife had a return on equity of 23.39% and a net margin of 4.57%.The company’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.02 EPS. As a group, analysts predict that MetLife will post 9.68 earnings per share for the current year.

MetLife Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Tuesday, August 4th will be issued a dividend of $0.5925 per share. This represents a $2.37 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, August 4th. MetLife’s dividend payout ratio is presently 45.40%.

MetLife announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 5th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of MetLife

Several large investors have recently made changes to their positions in MET. Mowery & Schoenfeld Wealth Management LLC bought a new stake in MetLife during the 2nd quarter valued at $26,000. Activest Wealth Management lifted its position in shares of MetLife by 205.8% during the 4th quarter. Activest Wealth Management now owns 315 shares of the financial services provider’s stock worth $25,000 after buying an additional 212 shares in the last quarter. Burk Holdings LLC purchased a new position in MetLife in the second quarter worth $27,000. Garton & Associates Financial Advisors LLC purchased a new stake in MetLife during the fourth quarter worth about $30,000. Finally, Sound Income Strategies LLC boosted its stake in MetLife by 58.9% in the fourth quarter. Sound Income Strategies LLC now owns 383 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 142 shares during the last quarter. 94.99% of the stock is currently owned by institutional investors and hedge funds.

About MetLife

MetLife, Inc is a global provider of insurance, annuities and employee benefit programs. Headquartered in New York City, the company offers a range of risk protection and retirement solutions to individuals, employers and institutional clients. Its core businesses include life insurance, group benefits, retirement products such as annuities, and supplemental health products including dental and disability coverage.

In addition to traditional life and group insurance, MetLife provides workplace benefits and voluntary products distributed through employer-sponsored programs.