MetLife reports first-quarter 2026 results on May 6 with short sellers notably pulling back even as the stock posts its strongest month in recent memory.
The clearest signal heading into the print is that bears have been covering, not building. Short interest dropped nearly 12% over the past week to 1.85% of the float — a level too modest to constitute a genuine short-thesis story. Borrow conditions reinforce the message: cost to borrow has eased to 0.43% and borrow availability remains extremely loose, with the lending pool barely touched even at its 52-week tightest. The ORTEX short score of 32.9 is consistent with that picture, placing MET comfortably in the lower half of the short-pressure universe. Options positioning has actually turned less defensive than usual into the print — the put/call ratio is running at 1.32, well below its 20-day average of 1.50 and sitting near the bottom of its 52-week range. That combination of retreating short interest and lighter hedging reflects a market that has grown more comfortable with the setup.
The price action supports that read. MET has gained 13.4% over the past month to $80.23 — a sharp recovery that has compressed valuation multiples meaningfully. The P/E now trades at roughly 7.9x and price-to-book at 1.69x, both up around 10% over 30 days purely on price. Peers and have broadly moved in the same direction — up 4.7% and 1.8% on the week respectively — so the recovery isn't idiosyncratic to MetLife. The forward EPS growth ranking sits at the 92nd percentile of the universe, suggesting the Street sees earnings momentum ahead; the EPS surprise rank at 23rd percentile is more cautious, indicating hasn't consistently beaten estimates.
Analyst moves over the past month have been a study in trimmed targets and maintained conviction. B of A Securities cut its target to $99 from $103 but held its Buy. Mizuho, Wells Fargo, and Barclays all trimmed their numbers in similar fashion — keeping positive ratings while pulling targets modestly lower. The lone upgrade on price target came from UBS, which lifted to $102. The mean target now rests at $89.31, implying roughly 11% upside from current levels — meaningful but not extreme given the recent rally. Most of the target cuts pre-date the stock's April surge, which means the consensus may already look conservative relative to where the price has moved.
Institutional ownership adds a layer of stability to the picture. Vanguard added nearly 7.8 million shares in the quarter to March 31, lifting its stake toward 11.2% of the company — a meaningful accumulation from one of the largest passive holders. The MetLife Policyholder Trust, the single largest holder at 16.3%, trimmed slightly. Insider activity from early March was uniformly sell-side across the senior leadership team, including CEO Michel Khalaf, though all trades were low-significance and likely routine plan sales at around $73.
The May 6 print will test whether the recent share price recovery — built on improving macro sentiment and solid forward earnings momentum — can survive contact with the actual quarterly numbers.
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