Wells Fargo & Company Has Lowered Expectations for MetLife (NYSE:MET) Stock Price

MetLife (NYSE:MET) had its target price reduced by research analysts at Wells Fargo & Company from $93.00 to $90.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 21.65% from the stock’s current price.

MET has been the subject of a number of other reports. Barclays cut their target price on MetLife from $92.00 to $89.00 and set an “overweight” rating for the company in a research note on Wednesday. Weiss Ratings downgraded MetLife from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 9th. Mizuho set a $100.00 target price on MetLife in a research note on Thursday, February 12th. UBS Group increased their target price on MetLife from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, TD Cowen decreased their target price on shares of MetLife from $91.00 to $88.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $93.50.

MetLife Stock Down 0.9%

MET stock opened at $73.98 on Friday. MetLife has a one year low of $67.33 and a one year high of $83.85. The stock has a market capitalization of $48.24 billion, a PE ratio of 15.74, a price-to-earnings-growth ratio of 0.66 and a beta of 0.74. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.20 and a current ratio of 0.20. The company has a fifty day moving average of $73.19 and a 200-day moving average of $76.97.

MetLife (NYSE:MET) last released its earnings results on Wednesday, February 4th. The financial services provider reported $2.49 EPS for the quarter, topping the consensus estimate of $2.34 by $0.15. MetLife had a net margin of 4.38% and a return on equity of 21.81%. The company had revenue of $52.44 billion during the quarter, compared to analysts’ expectations of $31.43 billion. During the same quarter last year, the business earned $2.08 EPS. The business’s revenue was up 27.6% on a year-over-year basis. As a group, analysts expect that MetLife will post 9.65 EPS for the current year.

Hedge Funds Weigh In On MetLife

A number of large investors have recently modified their holdings of MET. Purpose Unlimited Inc. purchased a new stake in MetLife during the fourth quarter worth approximately $39,000. Rockefeller Capital Management L.P. raised its position in MetLife by 30.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 545,795 shares of the financial services provider’s stock valued at $43,085,000 after purchasing an additional 126,722 shares during the period. World Investment Advisors raised its position in MetLife by 32.0% in the fourth quarter. World Investment Advisors now owns 13,422 shares of the financial services provider’s stock valued at $1,060,000 after purchasing an additional 3,250 shares during the period. Corient Private Wealth LLC raised its position in MetLife by 4.4% in the fourth quarter. Corient Private Wealth LLC now owns 611,606 shares of the financial services provider’s stock valued at $48,284,000 after purchasing an additional 25,877 shares during the period. Finally, Union Savings Bank purchased a new position in MetLife in the fourth quarter valued at about $181,000. 94.99% of the stock is currently 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.