MetLife Inc. (MET) Coverage Initiated at Credit Suisse Group AG
Equities researchers at Credit Suisse Group AG began coverage on shares of MetLife Inc. (NYSE:MET) in a research report issued to clients and investors on Friday. The brokerage set a “neutral” rating and a $51.00 price target on the stock. Credit Suisse Group AG’s target price points to a potential upside of 8.01% from the stock’s previous close.
A number of other equities analysts also recently issued reports on MET. Zacks Investment Research downgraded shares of MetLife from a “hold” rating to a “sell” rating in a report on Monday, June 13th. Sandler O’Neill raised shares of MetLife from a “hold” rating to a “buy” rating in a report on Monday, June 27th. JPMorgan Chase & Co. reissued a “buy” rating and issued a $51.00 price objective on shares of MetLife in a report on Wednesday, July 6th. Evercore ISI started coverage on shares of MetLife in a report on Wednesday, July 6th. They issued a “buy” rating and a $52.00 price objective on the stock. Finally, Citigroup Inc. dropped their price objective on shares of MetLife from $46.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, July 7th. Eight analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $51.95.
Shares of MetLife (NYSE:MET) traded up 0.15% during trading on Friday, hitting $47.22. 9,248,369 shares of the stock were exchanged. MetLife has a 52-week low of $35.00 and a 52-week high of $52.45. The firm has a 50 day moving average of $43.39 and a 200-day moving average of $43.08. The stock has a market cap of $51.89 billion, a PE ratio of 12.41 and a beta of 1.84.
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MetLife (NYSE:MET) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by $0.52. The business earned $17 billion during the quarter, compared to analysts’ expectations of $17.35 billion. MetLife had a return on equity of 6.18% and a net margin of 6.49%. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.56 EPS. Equities research analysts anticipate that MetLife will post $4.64 earnings per share for the current fiscal year.
In other news, EVP Maria R. Morris sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $42.96, for a total transaction of $85,920.00. Following the completion of the sale, the executive vice president now directly owns 109,273 shares of the company’s stock, valued at $4,694,368.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Maria R. Morris sold 8,800 shares of the business’s stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $45.00, for a total transaction of $396,000.00. Following the sale, the executive vice president now directly owns 116,409 shares of the company’s stock, valued at $5,238,405. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Forward Management LLC raised its stake in shares of MetLife by 0.8% in the first quarter. Forward Management LLC now owns 13,028 shares of the company’s stock worth $572,000 after buying an additional 100 shares in the last quarter. Pictet Asset Management Ltd. raised its stake in shares of MetLife by 1.5% in the first quarter. Pictet Asset Management Ltd. now owns 534,597 shares of the company’s stock worth $21,148,000 after buying an additional 7,800 shares in the last quarter. Quadrature Capital Ltd bought a new stake in shares of MetLife during the first quarter worth about $5,306,000. Lazard Asset Management LLC raised its stake in shares of MetLife by 63.2% in the first quarter. Lazard Asset Management LLC now owns 757,586 shares of the company’s stock worth $33,287,000 after buying an additional 293,263 shares in the last quarter. Finally, Rafferty Asset Management LLC raised its stake in shares of MetLife by 49.2% in the first quarter. Rafferty Asset Management LLC now owns 123,618 shares of the company’s stock worth $5,432,000 after buying an additional 40,760 shares in the last quarter. 74.80% of the stock is owned by hedge funds and other institutional investors.
MetLife Company Profile
MetLife, Inc (MetLife) is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; Latin America (collectively, the Americas); Asia, and Europe, the Middle East and Africa (EMEA).
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