MetLife: S&P Intraday Laggard
The S&P 500 rose 2.18 points, or 0.16%, to 1,398.13, in trading Wednesday morning.
Shares of MetLife fell 4.38% to $37.73. The Federal Reserve rejected MetLife's capital plan on Tuesday.
MetLife CEO Steven Kandarian said he is "deeply disappointed with the Federal Reserve's announcement," and didn't "believe that the bank-centric methodologies used under the CCAR are appropriate for insurance companies, which operate under a different business model than banks."MetLife has an estimated price-to-earnings ratio for next year of 6.74 times; the average for life insurance companies is 11.32. For comparison, Aflac (AFL) has a lower forward P/E of 6.53. Eighteen of the 23 analysts who cover Metlife rated it buy; five analysts gave the stock a hold rating. TheStreet Ratings gives Metlife a B grade with a buy rating and a $43.99 price target. The stock has risen 21.04% year to date. -- Written by Alexandra Zendrian
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