JPMorgan Chase & Co. Issues Positive Forecast for MetLife (NYSE:MET) Stock Price

MetLife (NYSE:MET) had its price objective boosted by analysts at JPMorgan Chase & Co. from $106.00 to $108.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 11.56% from the company’s current price.

MET has been the subject of a number of other reports. Morgan Stanley lifted their price objective on MetLife from $93.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Wall Street Zen lowered MetLife from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Piper Sandler upped their price target on MetLife from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. Barclays increased their price target on shares of MetLife from $94.00 to $97.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, TD Cowen boosted their price objective on shares of MetLife from $87.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $101.07.

MetLife Trading Down 0.2%

MET traded down $0.22 during trading on Tuesday, reaching $96.81. 244,264 shares of the company’s stock were exchanged, compared to its average volume of 3,794,489. The company’s fifty day moving average price is $90.40 and its 200-day moving average price is $81.00. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.20 and a current ratio of 0.20. MetLife has a fifty-two week low of $67.33 and a fifty-two week high of $100.93. The firm has a market capitalization of $62.29 billion, a PE ratio of 18.57, a P/E/G ratio of 0.75 and a beta of 0.78.

MetLife (NYSE:MET) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 EPS for the quarter, beating the consensus estimate of $2.30 by $0.13. The company had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $19.67 billion. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.02 EPS. As a group, equities analysts forecast that MetLife will post 9.73 EPS for the current year.

MetLife announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 5th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Activest Wealth Management raised its holdings in shares of MetLife by 205.8% during the fourth quarter. Activest Wealth Management now owns 315 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 212 shares during the period. Mowery & Schoenfeld Wealth Management LLC bought a new position in MetLife during the 2nd quarter worth about $26,000. Sound Income Strategies LLC increased its holdings in MetLife by 58.9% during the 4th quarter. Sound Income Strategies LLC now owns 383 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 142 shares in the last quarter. Garton & Associates Financial Advisors LLC acquired a new stake in shares of MetLife in the 4th quarter valued at about $30,000. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of MetLife in the fourth quarter valued at about $31,000. 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.