MetLife (NYSE:MET) Price Target Raised to $94.00 at Wells Fargo & Company

MetLife (NYSE:MET) had its price objective hoisted by Wells Fargo & Company from $92.00 to $94.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 15.69% from the stock’s previous close.

Several other analysts have also issued reports on MET. Weiss Ratings restated a “hold (c+)” rating on shares of MetLife in a research report on Monday, December 15th. Mizuho initiated coverage on shares of MetLife in a research note on Monday, December 15th. They set an “outperform” rating and a $101.00 target price on the stock. Piper Sandler cut MetLife from an “overweight” rating to a “neutral” rating and set a $84.00 price target for the company. in a report on Friday, September 19th. Morgan Stanley set a $101.00 price target on MetLife and gave the stock an “overweight” rating in a research report on Monday, December 15th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of MetLife from $92.00 to $90.00 and set an “outperform” rating on the stock in a report on Tuesday, November 11th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, MetLife presently has a consensus rating of “Moderate Buy” and an average target price of $95.73.

MetLife Price Performance

Shares of MetLife stock traded down $0.10 on Tuesday, reaching $81.26. 53,401 shares of the stock were exchanged, compared to its average volume of 3,431,109. The firm has a market cap of $53.54 billion, a PE ratio of 15.30, a P/E/G ratio of 0.78 and a beta of 0.76. MetLife has a one year low of $65.21 and a one year high of $88.09. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.18 and a current ratio of 0.18. The firm’s 50 day moving average is $78.52 and its 200-day moving average is $78.90.

MetLife (NYSE:MET) last released its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $2.37 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.07. The business had revenue of $12.46 billion for the quarter, compared to analysts’ expectations of $18.64 billion. MetLife had a net margin of 5.30% and a return on equity of 21.00%. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.95 earnings per share. As a group, analysts anticipate that MetLife will post 9.65 EPS for the current fiscal year.

Hedge Funds Weigh In On MetLife

A number of hedge funds have recently added to or reduced their stakes in the business. Brighton Jones LLC increased its holdings in MetLife by 9.0% in the fourth quarter. Brighton Jones LLC now owns 4,240 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 351 shares during the last quarter. AlphaQuest LLC grew its position in shares of MetLife by 569.9% in the 1st quarter. AlphaQuest LLC now owns 891 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 758 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of MetLife by 58.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 63,051 shares of the financial services provider’s stock valued at $5,062,000 after purchasing an additional 23,297 shares during the period. ICONIQ Capital LLC increased its position in MetLife by 14.3% during the 1st quarter. ICONIQ Capital LLC now owns 3,738 shares of the financial services provider’s stock worth $300,000 after buying an additional 469 shares during the period. Finally, Comerica Bank boosted its holdings in MetLife by 2.9% in the 1st quarter. Comerica Bank now owns 210,808 shares of the financial services provider’s stock valued at $16,926,000 after purchasing an additional 5,955 shares during the period. Institutional investors and hedge funds own 94.99% of the company’s stock.

About MetLife

MetLife, Inc is a global provider of insurance, annuities and employee benefit programs. Headquartered in New York City, the company offers a range of risk protection and retirement solutions to individuals, employers and institutional clients. Its core businesses include life insurance, group benefits, retirement products such as annuities, and supplemental health products including dental and disability coverage.

In addition to traditional life and group insurance, MetLife provides workplace benefits and voluntary products distributed through employer-sponsored programs.