MetLife (NYSE:MET) Releases Quarterly Earnings Results

MetLife (NYSE:MET) announced its earnings results on Wednesday. The financial services provider reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.01, FiscalAI reports. The company had revenue of $20.52 billion for the quarter, compared to the consensus estimate of $19.86 billion. MetLife had a return on equity of 23.39% and a net margin of 4.57%. The company’s revenue was up 18.2% on a year-over-year basis. During the same period last year, the business posted $2.34 EPS.

MetLife Trading Down 3.0%

Shares of MET stock traded down $3.10 during mid-day trading on Thursday, hitting $99.79. 4,037,058 shares of the company’s stock were exchanged, compared to its average volume of 3,603,124. The stock has a 50-day simple moving average of $98.05 and a two-hundred day simple moving average of $86.03. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52. MetLife has a fifty-two week low of $67.33 and a fifty-two week high of $106.72. The stock has a market cap of $64.21 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 0.95 and a beta of 0.79.

MetLife Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 8th. Shareholders of record on Tuesday, November 3rd will be paid a dividend of $0.5925 per share. This represents a $2.37 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, November 3rd. MetLife’s dividend payout ratio is currently 45.40%.

Analyst Ratings Changes

MET has been the topic of several analyst reports. Piper Sandler raised shares of MetLife from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $99.00 to $110.00 in a report on Tuesday, September 22nd. TD Cowen raised their price objective on shares of MetLife from $110.00 to $114.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of MetLife in a report on Friday, September 11th. JPMorgan Chase & Co. boosted their target price on MetLife from $108.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. Finally, Argus increased their price objective on MetLife from $93.00 to $109.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Thirteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $105.44.

Trending Headlines about MetLife

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: MetLife reported third-quarter adjusted EPS of $2.78, slightly above the $2.77 consensus and up from $2.34 a year earlier. Revenue rose 18.2% year over year to $20.52 billion, above the estimate cited in the results report. Higher investment income and business growth supported the quarter. Article: MET Q3 Earnings Beat on Higher Investment Income
• Positive Sentiment: Group Benefits underwriting ran ahead of target, and the company said it expects full-year Retirement and Income Solutions adjusted earnings slightly above the midpoint of its $1.6 billion–$1.8 billion outlook range as variable investment income normalizes. Article: MetLife expects full-year RIS adjusted earnings slightly north of midpoint
• Neutral Sentiment: MetLife is expanding its footprint at 200 Park Avenue to 500,000 square feet. The lease signals continued business activity, but the report gives no financial details indicating a material near-term earnings impact. Article: MetLife Expands to 500K SF at 200 Park Avenue
• Negative Sentiment: Rising expenses and actuarial adjustments tempered the earnings gains. MetLife Asia earnings increased, but sales dipped, another potential concern alongside the stock’s pronounced decline below $100. Article: MetLife posts record adjusted EPS

MetLife declared that its Board of Directors has authorized a share repurchase program on Wednesday, August 5th that allows the company to buy back $3 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Share buyback programs are typically an indication that the company’s board believes its shares are undervalued.

About MetLife

MetLife, Inc (NYSE: MET) is a global financial services company that provides insurance, retirement, and employee benefits solutions to individuals, employers, and institutions. Its offerings include life insurance, dental and vision coverage, accident and disability insurance, annuities, retirement savings products, and related financial services.

Through its institutional and workplace businesses, MetLife helps employers provide benefits and retirement programs to their employees. The company also serves individual customers with protection and income products.