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MET

MetLife

$45.20

0.58 (1.30%)

17:15
02/13/18
02/13
17:15
02/13/18
17:15

MetLife executives say there were deficiencies in internal controls

On December 15, MetLife announced that it was undertaking a review of practices and procedures used to estimate its reserves related to certain Retirement and Income Solutions group annuitants who have been unresponsive or missing over time. As a result of this process, management, in consultation with the Audit Committee of MetLife,s Board of Directors, has identified a material weakness in the company's internal control over financial reporting related to certain RIS group annuity reserves.In addition, the company has completed a review of its processes and procedures for identifying unresponsive and missing (a) international group annuity annuitants and pension beneficiaries and (b) policyholders and beneficiaries for the other insurance and annuity products the Company offers for all segments. While certain of the company's processes, procedures, and controls have been identified for further enhancement, no issues which would be material to the conduct of the Company's business, results of operations or financial position were identified. The Company intends going forward to increase the scope and frequency of such reviews in connection with its material weakness remediation efforts.Based on the company's internal review, MetLife, Chief Executive Officer and Chief Financial Officer determined that there were deficiencies in the design and/or execution of internal controls that aggregated to a material weakness. Management determined that a lack of adequate controls over the administrative and accounting practices relating to certain RIS group annuity reserves and the untimely communication and escalation of issues regarding those reserves throughout the company contributed to the material weakness.

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MET MetLife
$45.20

0.58 (1.30%)

01/02/18
DBAB
01/02/18
INITIATION
Target $55
DBAB
Hold
MetLife initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Joshua Shanker started MetLife with a Hold rating and $55 price target. The analyst sees limited share upside until the company can generate a consistency of earnings growth.
01/19/18
SBSH
01/19/18
NO CHANGE
Target $63
SBSH
Buy
Citi removes Voya Financial, adds Prudential to Focus List
Citi analyst Suneet Kamath removed Voya Financial (VOYA) from his firm's Focus List saying the sale of its Annuity operation, a significant positive catalyst, is largely reflected in the valuation. The analyst keeps a Buy rating on the shares with a $63 price target. Kamath added Prudential (PRU) to the Focus List and keeps a Buy rating on the shares with a $130 price target. He believes the company could replace MetLife (MET) as the "default, large-cap life insurer in the space for investors to own." The analyst keeps a Sell rating on MetLife with a $48 price target.
01/31/18
GSCO
01/31/18
DOWNGRADE
Target $57
GSCO
Buy
MetLife downgraded to Buy from Conviction Buy at Goldman Sachs
Goldman analyst Alex Scott removed MetLife from the Conviction Buy List due to ongoing uncertainty from an expanded reserve review following the announcement it will incur a $525M-$575M charge. The analyst said there is potential for further reserve action resulting in earnings risk driven by lower potential capital deployment due to the risk of MetLife halting share repurchases. Scott maintains a Buy rating on MetLife and a $57 price target on shares.
01/31/18
01/31/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apple (AAPL) downgraded to Market Perform from Outperform at BMO Capital with analyst Tim Long saying that while the press has recently speculated about the order cuts for iPhone X, which he says reflects his first quarter model for a "weaker mix," he is "more concerned by a secular change" for the iPhone product. AK Steel (AKS) downgraded to Underperform from Buy at BofA/Merrill with analyst Timna Tanners saying AK Steel's "disappointing" first quarter and normalized earnings guidance is due to management's "commodity neutral approach," which limits benefits from higher steel prices. 3. U.S. Bancorp (USB) downgraded to Underweight from Neutral at JPMorgan with analyst Vivek Juneja saying the benefit from tax cuts and improving consumer spending are likely to be offset by increased tech spending. 4. Wayfair (W) downgraded to Accumulate from Buy at Gordon Haskett analyst Chuck Grom saying he believes it is important to remain disciplined with the stock at an all-time high, though Grom notes the rating change should not be interpreted as a concern for near-term sales trends, which he believes appear strong. 5. MetLife (MET) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Alex Scott citing ongoing uncertainty from an expanded reserve review following the announcement it will incur a $525M-$575M charge. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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SBBP

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COOL

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NOG

Northern Oil and Gas

$2.74

0.09 (3.40%)

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NOG

Northern Oil and Gas

$2.74

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SNH

Senior Housing

$18.19

0.29 (1.62%)

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AAWW

Atlas Air

$73.45

-0.5 (-0.68%)

16:21
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SPY

SPDR S&P 500 ETF Trust

$274.75

0.47 (0.17%)

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United States Oil Fund

$14.02

0.71 (5.33%)

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$14.02

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GLD

SPDR Gold Trust

$120.33

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FXE

Euro Currency Trust

$111.91

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FXC

CurrencyShares Canadian Dollar Trust

$74.31

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VIX

Volatility Index S&P 500 Options

$0.00

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DFS

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SRNE

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NFLX

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$NSD

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DIS

Disney

$106.37

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MS

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XSPA

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NOG

Northern Oil and Gas

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$NYE

NYSE Market Internals

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FDEF

First Defiance Financial

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BXG

Bluegreen Vacations

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