MetLife (NYSE:MET – Get Rating) had its price objective hoisted by Wells Fargo & Company from $72.00 to $75.00 in a report published on Friday morning, The Fly reports.
MET has been the topic of several other reports. Royal Bank of Canada cut their price objective on MetLife from $83.00 to $76.00 and set an outperform rating on the stock in a research report on Thursday, April 20th. TheStreet downgraded MetLife from a b- rating to a c+ rating in a research note on Wednesday. StockNews.com began coverage on MetLife in a report on Thursday, May 18th. They set a hold rating on the stock. Morgan Stanley cut their price target on MetLife from $90.00 to $80.00 and set an overweight rating on the stock in a report on Wednesday, April 12th. Finally, Piper Sandler dropped their target price on MetLife from $82.00 to $74.00 and set an overweight rating on the stock in a report on Wednesday, April 5th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $76.33.
MetLife Price Performance
Shares of NYSE:MET opened at $51.81 on Friday. MetLife has a one year low of $48.95 and a one year high of $77.36. The business’s fifty day moving average price is $56.46 and its two-hundred day moving average price is $66.31. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market cap of $39.68 billion, a PE ratio of 23.34, a price-to-earnings-growth ratio of 0.71 and a beta of 1.05.
MetLife announced that its Board of Directors has approved a share repurchase program on Wednesday, May 3rd that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
MetLife Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 14th. Shareholders of record on Tuesday, May 9th will be issued a $0.52 dividend. The ex-dividend date is Monday, May 8th. This is a positive change from MetLife’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 4.01%. MetLife’s dividend payout ratio (DPR) is 93.69%.
Insider Buying and Selling
In related news, EVP Bill Pappas sold 2,857 shares of the firm’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $70.96, for a total value of $202,732.72. Following the completion of the transaction, the executive vice president now owns 48,915 shares of the company’s stock, valued at $3,471,008.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the company. Synovus Financial Corp boosted its holdings in MetLife by 11.4% in the 1st quarter. Synovus Financial Corp now owns 17,847 shares of the financial services provider’s stock valued at $1,260,000 after purchasing an additional 1,829 shares during the period. Brighton Jones LLC acquired a new position in MetLife during the 1st quarter worth approximately $225,000. Baird Financial Group Inc. increased its position in MetLife by 179.7% in the 1st quarter. Baird Financial Group Inc. now owns 540,081 shares of the financial services provider’s stock valued at $37,957,000 after acquiring an additional 346,999 shares during the period. Zions Bancorporation N.A. increased its position in MetLife by 937.3% in the 1st quarter. Zions Bancorporation N.A. now owns 5,861 shares of the financial services provider’s stock valued at $412,000 after acquiring an additional 5,296 shares during the period. Finally, Brown Brothers Harriman & Co. increased its position in MetLife by 114.5% in the 1st quarter. Brown Brothers Harriman & Co. now owns 3,419 shares of the financial services provider’s stock valued at $240,000 after acquiring an additional 1,825 shares during the period. 88.15% of the stock is currently owned by institutional investors and hedge funds.
About MetLife
MetLife, Inc provides insurance and financial services to individual and institutional customers. It offers life insurance, annuities, automobile and homeowner’s insurance and retail banking services to individuals as well as group insurance, reinsurance and retirement and savings products and services.
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