MetLife (NYSE:MET) Reaches New 1-Year High – What’s Next?

MetLife, Inc. (NYSE:MET) hit a new 52-week high on Tuesday . The stock traded as high as $85.53 and last traded at $85.5010, with a volume of 351750 shares. The stock had previously closed at $84.38.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MET. Weiss Ratings upgraded MetLife from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 1st. Wells Fargo & Company upped their price target on MetLife from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Evercore set a $96.00 price target on MetLife in a report on Thursday, April 9th. Wall Street Zen cut MetLife from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Piper Sandler upped their price objective on MetLife from $81.00 to $86.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.31.

MetLife Trading Up 1.2%

The company has a 50 day simple moving average of $78.13 and a 200 day simple moving average of $77.07. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $54.96 billion, a PE ratio of 16.54, a P/E/G ratio of 0.64 and a beta of 0.78.

MetLife (NYSE:MET) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.27 by $0.15. The business had revenue of $14.18 billion during the quarter, compared to the consensus estimate of $19.49 billion. MetLife had a return on equity of 22.60% and a net margin of 4.66%.The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.96 EPS. Analysts predict that MetLife, Inc. will post 9.96 earnings per share for the current fiscal year.

MetLife Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 12th will be paid a dividend of $0.5925 per share. This is a positive change from MetLife’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Tuesday, May 12th. This represents a $2.37 dividend on an annualized basis and a dividend yield of 2.8%. MetLife’s dividend payout ratio (DPR) is currently 45.93%.

Hedge Funds Weigh In On MetLife

Hedge funds have recently bought and sold shares of the company. Providence Capital Advisors LLC acquired a new position in shares of MetLife during the third quarter worth about $6,649,000. Nordea Investment Management AB lifted its stake in shares of MetLife by 2.6% during the fourth quarter. Nordea Investment Management AB now owns 4,630,165 shares of the financial services provider’s stock worth $366,524,000 after purchasing an additional 117,545 shares in the last quarter. Varma Mutual Pension Insurance Co lifted its stake in shares of MetLife by 21.9% during the third quarter. Varma Mutual Pension Insurance Co now owns 137,956 shares of the financial services provider’s stock worth $11,363,000 after purchasing an additional 24,800 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ lifted its stake in shares of MetLife by 6.5% during the third quarter. Lansforsakringar Fondforvaltning AB publ now owns 187,358 shares of the financial services provider’s stock worth $15,433,000 after purchasing an additional 11,469 shares in the last quarter. Finally, Lighthouse Investment Partners LLC acquired a new position in shares of MetLife during the third quarter worth about $8,091,000. 94.99% of the stock is owned by hedge funds and other institutional investors.

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.