MetLife Inc. (MET) Raised to Hold at Zacks Investment Research
MetLife Inc. (NYSE:MET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “MetLife remains exposed to headwinds like low interest rates, adverse foreign exchange, taxes, regulatory uncertainty surrounding its SIFI designation, and stiff competition. The company's earnings estimates for 2016 has been revised down by 3.1% to $4.62 over the past 60 days. The same for 2017 is down 1% to $5.67 over the same time frame. Nevertheless, consistent inorganic growth via acquisitions and divestitures allow it to focus on core growth areas, which in turn, have been paving the way for long-term success. The separation of the company’s retail unit will reduce its risk exposure to equity and interest rates. The company’s ongoing efforts to reduce expenses will cushion its bottom line in the long term. In addition, the company maintains a diversified business mix and is one of the strongest brands in the world. Its strong balance sheet, improved cash balance and lower debt level are other positives.”
Several other research analysts have also commented on MET. Argus set a $54.00 price target on MetLife and gave the stock a “buy” rating in a research report on Friday, October 7th. Deutsche Bank AG reaffirmed a “hold” rating and set a $44.00 price target on shares of MetLife in a research report on Saturday, October 8th. Bank of America Corp. set a $51.00 price target on MetLife and gave the stock a “buy” rating in a research report on Thursday, October 6th. Credit Suisse Group AG began coverage on MetLife in a research report on Friday, October 7th. They set a “neutral” rating and a $51.00 price target on the stock. Finally, Citigroup Inc. cut their price target on MetLife from $46.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, July 7th. Eight analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $51.95.
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MetLife (NYSE:MET) opened at 46.89 on Monday. The company has a 50 day moving average of $44.51 and a 200-day moving average of $43.24. The stock has a market capitalization of $51.53 billion, a price-to-earnings ratio of 12.32 and a beta of 1.84. MetLife has a 12-month low of $35.00 and a 12-month high of $52.45.
MetLife (NYSE:MET) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.83 EPS for the quarter, missing the consensus estimate of $1.35 by $0.52. The firm had revenue of $17 billion for the quarter, compared to analyst estimates of $17.35 billion. MetLife had a return on equity of 6.18% and a net margin of 6.49%. The company’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the firm earned $1.56 EPS. On average, equities research analysts forecast that MetLife will post $4.64 earnings per share for the current year.
In other MetLife news, EVP Maria R. Morris sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $42.96, for a total transaction of $85,920.00. Following the sale, the executive vice president now directly owns 109,273 shares of the company’s stock, valued at approximately $4,694,368.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Maria R. Morris sold 8,800 shares of the business’s stock in a transaction dated Tuesday, October 4th. The stock was 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 in the company, valued at $5,238,405. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.
A number of large investors have recently modified their holdings of the company. ClariVest Asset Management LLC boosted its stake in shares of MetLife by 0.3% in the second quarter. ClariVest Asset Management LLC now owns 2,806 shares of the company’s stock valued at $112,000 after buying an additional 8 shares during the period. Manchester Capital Management LLC boosted its stake in shares of MetLife by 0.3% in the second quarter. Manchester Capital Management LLC now owns 2,891 shares of the company’s stock valued at $115,000 after buying an additional 9 shares during the period. Private Bank & Trust Co. boosted its stake in shares of MetLife by 0.5% in the second quarter. Private Bank & Trust Co. now owns 7,515 shares of the company’s stock valued at $300,000 after buying an additional 40 shares during the period. Keeley Asset Management Corp boosted its stake in shares of MetLife by 0.8% in the second quarter. Keeley Asset Management Corp now owns 6,174 shares of the company’s stock valued at $246,000 after buying an additional 50 shares during the period. Finally, Atlantic Trust Group LLC boosted its stake in shares of MetLife by 0.3% in the second quarter. Atlantic Trust Group LLC now owns 22,262 shares of the company’s stock valued at $887,000 after buying an additional 67 shares during the period. 74.81% of the stock is currently 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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