MetLife (NYSE:MET) Stock Price Target Raised at TD Cowen

MetLife (NYSE:MET) had its price objective increased by investment analysts at TD Cowen from $110.00 to $114.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. TD Cowen’s price target indicates a potential upside of 11.74% from the company’s previous close.

Several other research analysts also recently commented on MET. Wells Fargo & Company raised their price objective on shares of MetLife from $109.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, October 12th. Argus boosted their target price on shares of MetLife from $93.00 to $109.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. Piper Sandler upgraded MetLife from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $99.00 to $110.00 in a research report on Tuesday, September 22nd. Atlantic Securities set a $103.00 target price on MetLife in a research report on Wednesday, July 15th. Finally, Jefferies Financial Group raised their price target on MetLife from $103.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Thirteen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, MetLife presently has an average rating of “Moderate Buy” and a consensus price target of $105.44.

MetLife Price Performance

MET opened at $102.02 on Wednesday. The company has a market capitalization of $65.64 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 0.94 and a beta of 0.78. 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 50-day moving average price of $97.01 and a 200-day moving average price of $89.29. MetLife has a twelve month low of $67.33 and a twelve month high of $102.43.

MetLife (NYSE:MET) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.13. The company had revenue of $13.52 billion for the quarter, compared to analyst estimates of $19.67 billion. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.02 earnings per share. Equities analysts expect that MetLife will post 9.93 EPS for the current year.

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

Hedge Funds Weigh In On MetLife

Institutional investors have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC grew its holdings in shares of MetLife by 0.9% during the third quarter. Quadrant Capital Group LLC now owns 15,841 shares of the financial services provider’s stock worth $1,594,000 after purchasing an additional 148 shares in the last quarter. Carnegie Investment Counsel increased its position in shares of MetLife by 4.4% in the third quarter. Carnegie Investment Counsel now owns 3,136 shares of the financial services provider’s stock worth $295,000 after purchasing an additional 132 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of MetLife by 1.7% in the third quarter. Nisa Investment Advisors LLC now owns 144,007 shares of the financial services provider’s stock worth $13,560,000 after purchasing an additional 2,361 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in MetLife by 159.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 220,050 shares of the financial services provider’s stock valued at $20,720,000 after purchasing an additional 135,186 shares in the last quarter. Finally, Diversify Advisory Services LLC raised its stake in MetLife by 46.3% in the third quarter. Diversify Advisory Services LLC now owns 10,751 shares of the financial services provider’s stock valued at $1,078,000 after purchasing an additional 3,401 shares in the last quarter. 94.99% of the stock is currently owned by institutional investors.

About MetLife

MetLife, Inc (NYSE: MET) is a global financial services company that provides insurance, retirement, and employee benefits solutions to individuals, employers, and institutions. Its offerings include life insurance, dental and vision coverage, accident and disability insurance, annuities, retirement savings products, and related financial services.

Through its institutional and workplace businesses, MetLife helps employers provide benefits and retirement programs to their employees. The company also serves individual customers with protection and income products.