Barclays Cuts MetLife (NYSE:MET) Price Target to $89.00
by Kim Johansen · The Markets DailyMetLife (NYSE:MET – Get Free Report) had its price objective cut by analysts at Barclays from $92.00 to $89.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price target indicates a potential upside of 20.76% from the stock’s current price.
Other research analysts have also recently issued research reports about the company. UBS Group boosted their price objective on MetLife from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Morgan Stanley cut their price target on MetLife from $101.00 to $93.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 3rd. Wells Fargo & Company cut their price target on MetLife from $97.00 to $93.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. Keefe, Bruyette & Woods reiterated a “moderate buy” rating and issued a $87.00 price target on shares of MetLife in a research note on Thursday, March 26th. Finally, TD Cowen lowered their price objective on MetLife from $91.00 to $88.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $93.33.
Check Out Our Latest Report on MetLife
MetLife Trading Up 3.5%
Shares of NYSE:MET traded up $2.50 during midday trading on Wednesday, reaching $73.70. The company’s stock had a trading volume of 1,614,487 shares, compared to its average volume of 3,921,836. The business has a 50 day moving average price of $73.40 and a 200 day moving average price of $77.08. MetLife has a 1 year low of $66.83 and a 1 year high of $83.85. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52. The firm has a market cap of $48.06 billion, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 0.63 and a beta of 0.74.
MetLife (NYSE:MET – Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The financial services provider reported $2.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.15. MetLife had a return on equity of 21.81% and a net margin of 4.38%.The firm had revenue of $52.44 billion during the quarter, compared to the consensus estimate of $31.43 billion. During the same quarter in the previous year, the business earned $2.08 earnings per share. The firm’s quarterly revenue was up 27.6% compared to the same quarter last year. Research analysts forecast that MetLife will post 9.65 EPS for the current year.
Hedge Funds Weigh In On MetLife
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MET. Norges Bank bought a new position in MetLife in the 4th quarter worth approximately $639,986,000. Vanguard Group Inc. lifted its position in shares of MetLife by 12.1% during the 4th quarter. Vanguard Group Inc. now owns 72,555,335 shares of the financial services provider’s stock valued at $5,727,518,000 after acquiring an additional 7,805,814 shares during the last quarter. Pzena Investment Management LLC lifted its position in shares of MetLife by 22.9% during the 4th quarter. Pzena Investment Management LLC now owns 11,883,338 shares of the financial services provider’s stock valued at $938,071,000 after acquiring an additional 2,211,315 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of MetLife by 105.3% in the third quarter. AQR Capital Management LLC now owns 3,305,620 shares of the financial services provider’s stock valued at $271,424,000 after purchasing an additional 1,695,563 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of MetLife by 173.4% in the third quarter. First Trust Advisors LP now owns 1,641,253 shares of the financial services provider’s stock valued at $135,190,000 after purchasing an additional 1,040,894 shares in the last quarter. 94.99% of the stock is owned by institutional investors.
MetLife Company Profile
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.