MetLife, Inc. (MET) Earns “Outperform” Rating from Royal Bank Of Canada
MetLife, Inc. (NYSE:MET)‘s stock had its “outperform” rating reaffirmed by analysts at Royal Bank Of Canada in a research report issued on Friday. They presently have a $60.00 price objective on the financial services provider’s stock, up from their previous price objective of $56.00. Royal Bank Of Canada’s price target suggests a potential upside of 8.99% from the stock’s current price.
MET has been the subject of several other reports. TheStreet cut MetLife from a “b-” rating to a “c+” rating in a research report on Monday, August 21st. Goldman Sachs Group, Inc. (The) initiated coverage on MetLife in a research report on Wednesday, October 18th. They set a “conviction-buy” rating and a $61.00 price objective for the company. BidaskClub cut MetLife from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Wells Fargo & Company reaffirmed an “outperform” rating and set a $63.00 price objective (up from $61.00) on shares of MetLife in a research report on Wednesday, July 12th. Finally, ValuEngine raised MetLife from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $57.89.
MetLife (NYSE:MET) last released its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.19. The business had revenue of $16.10 billion during the quarter, compared to analysts’ expectations of $15.47 billion. MetLife had a positive return on equity of 8.44% and a negative net margin of 0.75%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.28 EPS.
MetLife announced that its board has approved a stock buyback plan on Wednesday, November 1st that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
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A number of institutional investors and hedge funds have recently bought and sold shares of MET. Farmers National Bank purchased a new stake in MetLife during the 2nd quarter valued at approximately $118,000. Cable Hill Partners LLC raised its stake in shares of MetLife by 246.6% during the 3rd quarter. Cable Hill Partners LLC now owns 2,412 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,716 shares in the last quarter. Westside Investment Management Inc. raised its stake in shares of MetLife by 583.8% during the 1st quarter. Westside Investment Management Inc. now owns 2,694 shares of the financial services provider’s stock worth $140,000 after buying an additional 2,300 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of MetLife by 50.7% during the 1st quarter. Parallel Advisors LLC now owns 2,748 shares of the financial services provider’s stock worth $143,000 after buying an additional 924 shares in the last quarter. Finally, First Mercantile Trust Co. raised its stake in shares of MetLife by 3.4% during the 2nd quarter. First Mercantile Trust Co. now owns 2,926 shares of the financial services provider’s stock worth $161,000 after buying an additional 97 shares in the last quarter. 73.91% of the stock is owned by hedge funds and other institutional investors.
MetLife, Inc is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include U.S.; Asia; Latin America; Europe, the Middle East and Africa (EMEA); MetLife Holdings, and Corporate & Other. Its U.S. segment is organized into Group Benefits, Retirement and Income Solutions and Property & Casualty businesses.
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