MetLife (NYSE:MET) Reaches New 12-Month High at $77.06

MetLife, Inc. (NYSE:MET)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $77.06 and last traded at $76.99, with a volume of 358607 shares trading hands. The stock had previously closed at $75.50.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods dropped their price objective on MetLife from $86.00 to $85.00 and set an “outperform” rating for the company in a report on Monday, July 8th. Wells Fargo & Company reduced their price target on shares of MetLife from $86.00 to $85.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. Piper Sandler lowered their price objective on shares of MetLife from $85.00 to $82.00 and set an “overweight” rating for the company in a report on Monday, May 6th. StockNews.com downgraded MetLife from a “buy” rating to a “hold” rating in a report on Monday, July 1st. Finally, Citigroup lifted their price target on MetLife from $83.00 to $89.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $81.08.

MetLife Price Performance

The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $54.49 billion, a P/E ratio of 25.95, a P/E/G ratio of 0.66 and a beta of 1.11. The firm has a fifty day moving average of $71.73 and a 200 day moving average of $71.06.

MetLife (NYSE:MET) last issued its earnings results on Wednesday, May 1st. The financial services provider reported $1.83 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.83. The company had revenue of $17.02 billion for the quarter, compared to analysts’ expectations of $17.73 billion. MetLife had a net margin of 3.50% and a return on equity of 20.39%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the company posted $1.52 earnings per share. On average, equities research analysts anticipate that MetLife, Inc. will post 8.59 EPS for the current year.

MetLife Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Tuesday, August 6th will be given a $0.545 dividend. The ex-dividend date of this dividend is Tuesday, August 6th. This represents a $2.18 annualized dividend and a yield of 2.85%. MetLife’s payout ratio is 74.91%.

MetLife declared that its Board of Directors has authorized a stock buyback program on Wednesday, May 1st that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of MetLife

Several large investors have recently added to or reduced their stakes in the business. Criterion Capital Advisors LLC purchased a new position in MetLife during the fourth quarter valued at $26,000. GoalVest Advisory LLC grew its stake in shares of MetLife by 73.3% during the 1st quarter. GoalVest Advisory LLC now owns 390 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 165 shares during the period. Tennessee Valley Asset Management Partners bought a new stake in MetLife during the 4th quarter worth approximately $34,000. Pineridge Advisors LLC bought a new position in shares of MetLife in the fourth quarter worth approximately $39,000. Finally, Bank & Trust Co bought a new stake in shares of MetLife during the 2nd quarter valued at $39,000. 89.81% of the stock is currently owned by institutional investors.

About MetLife

MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through six segments: Retirement and Income Solutions; Group Benefits; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short-and long-term disability, individual disability, pet insurance, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements.