Barclays Maintains an 'Overweight' on MetLife (MET); Clarity From FDIC Delay in Bank Sale

Barclays maintains an 'Overweight' on MetLife (NYSE: MET) price target of $42.00.

Analyst, Jay Gelb, said, "MET did not receive FDIC approval to close on the sale of its bank unit to GE Capital (NYSE: GE) at the FDIC meeting yesterday, according to the Wall Street Journal (Sources). The delay could be due to regulators questioning GE Capital's plans for the unit after the sale is complete. This means MET will likely need to wait until the next FDIC meeting in October to obtain approval at which point MET can resume share buybacks. We expect MET will eventually receive approval to close on the sale but it is taking longer than anticipated."

Overall, MET remains a Top Pick at Barclays (within Life Insurance) as the company has a well positioned international platform (and attractive valuation)

For an analyst ratings summary and ratings history on MetLife click here. For more ratings news on MetLife click here.

Shares of MetLife closed at $34.63 yesterday.

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