After Merrill Lynch and Morgan Stanley gave Metlife (NYSE: MET) a Buy rating last month, the company received another Buy, this time from Wells Fargo. Analyst Elyse Greenspan maintained a Buy rating on Metlife today. The company’s shares closed last Monday at $37.09.
According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 3.2% and a 58.7% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and United Insurance Holdings.
Currently, the analyst consensus on Metlife is a Strong Buy with an average price target of $44.75, a 22.0% upside from current levels. In a report issued on June 26, Merrill Lynch also maintained a Buy rating on the stock with a $45.00 price target.
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Based on Metlife’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $18.31 billion and net profit of $4.4 billion. In comparison, last year the company earned revenue of $16.3 billion and had a net profit of $1.38 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.S., Asia, Latin America, EMEA, MetLife Holdings and Corporate & Other. The U.S. segment offers a broad range of protection products and services aimed at serving the financial needs of customers throughout their lives. The U.S. segment is organized into three businesses: Group Benefits, Retirement and Income Solutions and Property & Casualty. The Asia segment offers a broad range of products to individuals and corporations, as well as other institutions and their respective employees, which include whole life, term life, variable life, universal life, accident & health insurance, fixed and variable annuities and endowment products. The Latin America segment offers a broad range of products to individuals and corporations, as well as other institutions and their respective employees, which include life insurance, accident & health insurance, credit insurance and retirement and savings products. The EMEA segment offers a broad range of products to individuals and corporations, as well as other institutions and their respective employees, which include life insurance, accident & health insurance, credit insurance and retirement and savings products. The MetLife Holdings segment consists of operations relating to products and businesses, such as variable, universal, term and whole life insurance, variable, fixed and index-linked annuities, long-term care insurance, as well as the assumed variable annuity guarantees. The Corporate & Other segment contains the excess capital, as well as certain charges and activities, not allocated to the segments. Metlife was founded in 1868 and is headquartered in New York, NY.
