On June 29th MetLife Inc (MET) said that its board of directors has approved the spin-off of the companys retail life insurance and annuity business in the United States. July 19th has been set as the effective date for the spin-off, while Brighthouse Financial Incs shares are to be distributed on August 4th.
MetLife shares closed higher for a fifth consecutive trading session on Thursday. The stock went up 0.95% ($0.52) to $55.06, after touching an intraday high at $56.29, or a price level not seen since January 26th ($56.36). In the week ended on June 25th the shares of the insurance company lost 2.35% of their market value compared to a week ago, which marked the first drop in the past five weeks and also the steepest one since the week ended on May 14th. The stock has extended its advance to 8.84% so far during the current month, following a 2.35% drop in May. The latter has been a second consecutive month of decline. For the entire past year, MetLife shares gained 11.78%.
Common shareholders at MetLife Inc are to receive 1 share of Brighthouse Financials common stock for every 11 shares of MetLifes common stock they possess, given that the US Securities and Exchange Commission grants its approval of the transaction.
According to a June 29th statement by the Delaware insurance regulator, Brighthouse Life Insurance Companys assets will be worth over $220 billion, while the number of its policies and annuity contracts in force will exceed 2 million.
According to CNN Money, the 14 analysts, offering 12-month forecasts regarding MetLife Inc’s stock price, have a median target of $58.50, with a high estimate of $67.00 and a low estimate of $51.00. The median estimate is a 6.25% surge compared to the closing price of $55.06 on June 29th.
The same media also reported that 11 out of 19 surveyed investment analysts had rated MetLife Inc’ stock as “Buy”, while 7 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the MetLife Incs stock are presented as follows:
R1 – $55.20
R2 – $55.35
R3 (Range Resistance – Sell) – $55.49
R4 (Long Breakout) – $55.92
R5 (Breakout Target 1) – $56.42
R6 (Breakout Target 2) – $56.63
S1 – $54.92
S2 – $54.77
S3 (Range Support – Buy) – $54.63
S4 (Short Breakout) – $54.20
S5 (Breakout Target 1) – $53.70
S6 (Breakout Target 2) – $53.49
By using the traditional method of calculation, the weekly levels of importance for MetLife Inc (MET) are presented as follows:
Central Pivot Point – $52.84
R1 – $53.64
R2 – $55.01
R3 – $55.81
R4 – $56.60
S1 – $51.47
S2 – $50.67
S3 – $49.30
S4 – $47.92
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