In a report released today, Elyse Greenspan from Wells Fargo maintained a Buy rating on Metlife (MET), with a price target of $55. The company’s shares opened today at $48.13.
Greenspan commented:
“We believe the biggest take from this potential sale is that it shows that MET’s new CEO (Michel Khalaf) is willing to dispose of lower returning businesses, which we believe will be positively viewed by the street. Our quick analysis assumes all of the proceeds are used to repurchase shares, although he could potentially be looking into acquisitions as well.”
According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 5.3% and a 63.1% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and AXA Equitable Holdings Inc.
Currently, the analyst consensus on Metlife is a Hold with an average price target of $50.40.
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Based on Metlife’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $16.18 billion and net profit of $1.38 billion. In comparison, last year the company earned revenue of $14.28 billion and had a net profit of $1.25 billion.
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MetLife, Inc. provides insurance and financial services to individual and institutional customers. It offers life insurance, annuities, automobile and homeowner’s insurance and retail banking services to individuals as well as group insurance, reinsurance and retirement and savings products and services. The company operates through the following segments: U.
