JPMorgan Chase & Co. Forecasts Strong Price Appreciation for MetLife (NYSE:MET) Stock

MetLife (NYSE:MET) had its price target upped by equities researchers at JPMorgan Chase & Co. from $108.00 to $110.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 11.40% from the stock’s current price.

Several other analysts also recently issued reports on MET. Wall Street Zen raised MetLife from a “hold” rating to a “buy” rating in a research note on Sunday, September 27th. Morgan Stanley upped their price target on MetLife from $103.00 to $111.00 and gave the stock an “overweight” rating in a research note on Monday, August 24th. UBS Group increased their price objective on shares of MetLife from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. Atlantic Securities set a $103.00 price objective on shares of MetLife in a research report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of MetLife from $105.00 to $108.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Thirteen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $105.19.

MetLife Price Performance

MET stock traded down $0.98 during trading on Thursday, reaching $98.74. The company’s stock had a trading volume of 540,627 shares, compared to its average volume of 3,614,869. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52. The company’s fifty day moving average is $96.80 and its 200-day moving average is $88.42. The company has a market capitalization of $63.53 billion, a P/E ratio of 18.93, a price-to-earnings-growth ratio of 0.95 and a beta of 0.78. MetLife has a 1 year low of $67.33 and a 1 year high of $101.44.

MetLife (NYSE:MET) last announced its quarterly earnings data 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 business had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $19.67 billion. MetLife had a return on equity of 23.39% and a net margin of 4.57%. The business’s revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the business earned $2.02 earnings per share. On average, research analysts expect that MetLife will post 9.88 earnings per share for the current fiscal year.

MetLife announced that its board has approved a share repurchase program on Wednesday, August 5th that permits the company to buy back $3.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On MetLife

Several institutional investors have recently added to or reduced their stakes in MET. BlackRock Inc. bought a new position in shares of MetLife during the 2nd quarter valued at approximately $4,381,692,000. Pzena Investment Management LLC bought a new stake in MetLife in the second quarter worth $941,792,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in MetLife by 5.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,026,518 shares of the financial services provider’s stock worth $509,904,000 after purchasing an additional 336,794 shares during the last quarter. Bank of America Corp DE purchased a new stake in MetLife during the second quarter valued at $455,424,000. Finally, Legal & General Group Plc purchased a new stake in MetLife during the second quarter valued at $326,904,000. Hedge funds and other institutional investors own 94.99% of the company’s stock.

About MetLife

MetLife, Inc is a global financial services company that provides insurance, employee benefits and retirement solutions. Its products and services include life insurance, dental and vision coverage, disability insurance, accident and health benefits, annuities, and savings and retirement products.

The company serves individuals, employers and institutions through group benefits, workplace solutions and individual insurance offerings. MetLife also provides investment and retirement services designed to help employers and employees prepare for long-term financial needs.

Founded in 1868, MetLife is headquartered in New York City and operates through businesses in the United States and international markets, including regions across Latin America, Asia and Europe.