Insurance giant Metlife Inc. (
) on Friday received some continued bullish commentary from
analysts at Barclays Capital.
The firm reiterated its "Overweight" rating on MET as well as
its $42 price target, which suggests an 18% upside to the stock's
Thursday closing price of $35.46.
A Barclays analyst commented, "MET did not receive FDIC approval
to close on the sale of its bank unit to GE Capital (
) at the FDIC meeting yesterday, according to the Wall Street
Journal (Sources). The delay could be due to regulators questioning
GE Capital's plans for the unit after the sale is complete. This
means MET will likely need to wait until the next FDIC meeting in
October to obtain approval at which point MET can resume share
buybacks. We expect MET will eventually receive approval to close
on the sale but it is taking longer than anticipated."
MetLife shares rose 36 cents, or +1%, in premarket trading
The Bottom Line
Shares of Metlife (
) have a 2.09% dividend yield, based on last night's closing stock
price of $35.46. The stock has technical support in the $30-$32
price area. If the shares can firm up, we see overhead resistance
around the $38-$39 price levels.
Metlife Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.2 out of 5 stars.
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, as well as a detailed explanation of
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