Market Update: MetLife Inc (NYSE:MET) – MetLife Signs Pension Buyout Agreement with PPG

[Business Wire] – Metropolitan Life Insurance Company has announced today that PPG has entered into an agreement with both MetLife and Massachusetts Mutual Life Insurance Company to provide annuity benefits to approximately 13,400 retirees in PPG’s defined benefit pension plans, representing pension obligations of $1.6 billion. Read more on this. MetLife, Inc. (MET) , valued at $40.68B, opened at $37.50. During the trading session, MET traded between $36.63 to $37.52 with a trailing 52-week range being $35.00 to $58.13. MET shares are currently priced at 6.72x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 16.36x forward p/e ratio. And for income investors, the company pays shareholders $1.60 per share annually in dividends, yielding 4.06%. Consensus earnings for the current quarter by the 16 sell-side analysts covering the stock is an estimate of $1.39 per share, which would be $0.17 worse than the year-ago quarter and a $0.02 sequential decrease. Investors should also note that the full-year EPS estimate of $5.44 is a $0.58 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $17.33 Billion. If realized, that would be a 0.17% decrease over the year-ago quarter. In terms of ratings, Sandler O’Neill upgraded MET from Hold to Buy (Jun 27, 2016). Previously, Raymond James upgraded MET from Mkt Perform to Strong Buy. Given all the information above, we should disclose to readers that the average price target is $51.00, which is 36.00% 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 Hong Kong Celebrates 18% YoY Business Growth Market Update: MetLife Inc (NYSE:MET) – MetLife plans to split off U.S. retail business; shares rise