MetLife, Inc. (NYSE:MET) Downgraded by Zacks Investment Research to “Sell”
MetLife, Inc. (NYSE:MET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Shares of MetLife have underperformed the industry year to date. Its second-quarter earnings beat the Zacks Consensus Estimate and grew year over year driven by continued expense discipline and higher fees from improved equity markets. Persistent decline in MetLife’s revenues for more than two years bothers us. Pressure on premium from currency volatility, competitive market conditions and the exit of certain businesses will further suppress revenue growth. Charges related to the BrightHouse Financial spinoff will drain the company’s earnings in the coming quarters. The company’s return on equity also compared unfavorably with the S&P 500, reflecting its inefficient utilization of funds. The stock has witnessed a downward revision in the Zacks Consensus Estimate for 2017 earnings in the past seven days.”
Several other brokerages also recently commented on MET. Citigroup Inc. set a $51.00 price objective on shares of MetLife and gave the company a “sell” rating in a research report on Friday, July 7th. Royal Bank Of Canada restated a “buy” rating and set a $62.00 price objective on shares of MetLife in a research report on Wednesday, July 12th. Wells Fargo & Company restated 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. Keefe, Bruyette & Woods restated a “buy” rating and set a $59.00 price objective on shares of MetLife in a research report on Thursday, August 3rd. Finally, TheStreet upgraded shares of MetLife from a “c” rating to a “b-” rating in a research report on Monday, July 24th. Two analysts have rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. MetLife has a consensus rating of “Hold” and a consensus price target of $59.10.
MetLife (NYSE:MET) traded down 1.13% during trading on Wednesday, reaching $48.22. The company’s stock had a trading volume of 1,239,221 shares. MetLife has a 52-week low of $39.50 and a 52-week high of $58.09. The firm’s 50-day moving average is $54.67 and its 200-day moving average is $53.10. The stock has a market cap of $52.43 billion, a P/E ratio of 541.80 and a beta of 1.46.
MetLife (NYSE:MET) last released its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.02. MetLife had a net margin of 0.30% and a return on equity of 8.51%. The company had revenue of $17.39 billion during the quarter, compared to the consensus estimate of $17.11 billion. During the same period in the previous year, the business earned $0.83 earnings per share. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. Equities research analysts forecast that MetLife will post $4.93 EPS for the current year.
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Several hedge funds have recently bought and sold shares of MET. Atria Investments LLC boosted its stake in MetLife by 2.6% in the first quarter. Atria Investments LLC now owns 18,914 shares of the financial services provider’s stock worth $999,000 after buying an additional 488 shares during the last quarter. BKD Wealth Advisors LLC bought a new stake in MetLife during the first quarter worth $210,000. Parametrica Management Ltd bought a new stake in MetLife during the first quarter worth $501,000. Private Bank & Trust Co. boosted its stake in MetLife by 22.2% in the first quarter. Private Bank & Trust Co. now owns 11,884 shares of the financial services provider’s stock worth $628,000 after buying an additional 2,161 shares during the last quarter. Finally, Prospera Financial Services Inc bought a new stake in MetLife during the first quarter worth $1,525,000. 74.83% of the stock is currently owned by hedge funds and other institutional investors.
MetLife Company Profile
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; Brighthouse Financial, and Corporate & Other. Its U.S. segment is organized into Group Benefits, Retirement and Income Solutions and Property & Casualty businesses.
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