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Market Update: MetLife Inc (NYSE:MET) – Salesforce Plans Takeover of MetLife Tower on NYC’s Bryant Park

[Bloomberg] – Salesforce.com Inc. is stepping up its presence in New York City with a plan that would give it naming rights to a Manhattan skyscraper. The developer of cloud-based business software said it will take space at 3 Bryant Park, a 41-story, 1.2 million-square-foot (111,000-square-meter) tower in Midtown. Under the deal, the building would be renamed Salesforce Tower New York, and the company’s logo would replace that of MetLife Inc. at the top of the property after the insurer leaves, said Elizabeth Pinkham, executive vice president for global real estate at San Francisco-based Salesforce. Read more on this. MetLife, Inc. (MET) , with a current market cap of $47.05B, opened this morning at $41.97. Looking at the stock, its one day range is $41.88 to $42.96 with its 52-week range being $35.00 to $58.23. MET shares are currently priced at 7.37x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 14.52x forward p/e ratio. And for income investors, the company pays shareholders $1.50 per share annually in dividends, yielding 3.54%. Consensus earnings for the current quarter by the 17 sell-side analysts covering the stock is an estimate of $1.39 per share, which would be $0.05 worse than the year-ago quarter and a $0.07 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $5.74 would be a $0.88 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $17.17 Billion. If reported, that would be a 0.82% increase over the year-ago quarter. In terms of ratings, Raymond James upgraded MET from Mkt Perform to Strong Buy (Jan 22, 2016). Previously, Macquarie upgraded MET from Neutral to Outperform. Given all the information above, we should disclose to readers that the average price target is $52.53, which is 25.16% above than it opened this morning. See more in (NYSE:MET) Similar Articles: Market Update: MetLife Inc (NYSE:MET) – MetLife Recognized as Highest Ranking Insurer for Commitment to Supplier Diversity Market Update: MetLife Inc (NYSE:MET) – MetLife plans to split off U.S. retail business; shares rise Market Update: MetLife Inc (NYSE:MET) – MetLife is First U.S. Insurer to Adopt Carbon Neutrality
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