Citi Removes MetLife (MET) from Top Picks Live List, Adds Unum (UNM)
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Price: $131.06 +1.07%
Rating Summary:
31 Buy, 11 Hold, 2 Sell
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
31 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Citigroup's (NYSE: C) Colin Devine has taken MetLife Inc. (NYSE: MET) off the firm's Top Picks Live list Monday morning following a few announcements from new CEO Steven Kandarian.
Kandarian announced plans to divide the company into three different segments: Americas, Europe, and Asia. He elected former CFO William Wheeler to run the Americas division and Michel Khalaf to lead the European division. The company reported it has not yet found the right person to run its Asian division.
The company also announced plans for William Mullaney, former president of MetLife’s U.S. business, to retire and William Toppeta, who previously led MetLife’s international operations, to retire next year.
As new CEO, Kandarian has his hands full. Bloomberg notes since coming to the company in May of 2011, he has been facing declining interest rates and equity markets. Shares are down roughly 37 percent since the beginning of the year, but are trading up nearly 5 percent Monday.
Devine reaffirmed his Buy rating on shares MET and reduced his price target from $42 to $39. Devine replaced MetLife with shares of Unum Group (NYSE: UNM) on the Top Picks list.
Kandarian announced plans to divide the company into three different segments: Americas, Europe, and Asia. He elected former CFO William Wheeler to run the Americas division and Michel Khalaf to lead the European division. The company reported it has not yet found the right person to run its Asian division.
The company also announced plans for William Mullaney, former president of MetLife’s U.S. business, to retire and William Toppeta, who previously led MetLife’s international operations, to retire next year.
As new CEO, Kandarian has his hands full. Bloomberg notes since coming to the company in May of 2011, he has been facing declining interest rates and equity markets. Shares are down roughly 37 percent since the beginning of the year, but are trading up nearly 5 percent Monday.
Devine reaffirmed his Buy rating on shares MET and reduced his price target from $42 to $39. Devine replaced MetLife with shares of Unum Group (NYSE: UNM) on the Top Picks list.
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