MetLife (NYSE:MET) Announces Earnings Results

MetLife (NYSE:MET) posted its earnings results on Wednesday. The financial services provider reported $1.83 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.83, Briefing.com reports. The business had revenue of $17.02 billion for the quarter, compared to analysts’ expectations of $17.73 billion. MetLife had a net margin of 3.50% and a return on equity of 20.39%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.52 EPS.

MetLife Stock Performance

Shares of NYSE:MET traded up $0.28 during midday trading on Friday, reaching $70.52. The company’s stock had a trading volume of 3,361,215 shares, compared to its average volume of 3,164,878. MetLife has a twelve month low of $48.95 and a twelve month high of $74.68. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $50.29 billion, a PE ratio of 24.23, a P/E/G ratio of 0.53 and a beta of 1.03. The stock has a fifty day moving average of $71.64 and a 200 day moving average of $67.40.

MetLife Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 11th. Shareholders of record on Tuesday, May 7th will be paid a $0.545 dividend. The ex-dividend date of this dividend is Monday, May 6th. This is a boost from MetLife’s previous quarterly dividend of $0.52. This represents a $2.18 dividend on an annualized basis and a yield of 3.09%. MetLife’s dividend payout ratio (DPR) is 71.48%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MET shares. Piper Sandler upped their price target on shares of MetLife from $74.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Morgan Stanley lifted their price target on shares of MetLife from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Wells Fargo & Company raised their target price on MetLife from $83.00 to $86.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Keefe, Bruyette & Woods upped their price target on shares of MetLife from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Finally, The Goldman Sachs Group upgraded shares of MetLife from a “neutral” rating to a “buy” rating and raised their price objective for the company from $70.00 to $80.00 in a research report on Monday, January 8th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, MetLife currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.23.

MetLife declared that its Board of Directors has authorized a share repurchase plan on Wednesday, May 1st that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at MetLife

In other MetLife news, insider Ramy Tadros sold 4,026 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $71.90, for a total transaction of $289,469.40. Following the transaction, the insider now owns 146,981 shares in the company, valued at $10,567,933.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Bill Pappas sold 27,000 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $72.27, for a total value of $1,951,290.00. Following the sale, the executive vice president now directly owns 57,768 shares in the company, valued at $4,174,893.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ramy Tadros sold 4,026 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $71.90, for a total transaction of $289,469.40. Following the transaction, the insider now owns 146,981 shares of the company’s stock, valued at approximately $10,567,933.90. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.

MetLife Company Profile

MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through six segments: Retirement and Income Solutions; Group Benefits; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short-and long-term disability, individual disability, pet insurance, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements.