MetLife (NYSE:MET) Announces Earnings Results

MetLife (NYSE:MET) issued its earnings results on Wednesday. The financial services provider reported $2.78 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.01, FiscalAI reports. The company had revenue of $20.52 billion during 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%. MetLife’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.34 earnings per share.

MetLife Stock Down 3.0%

NYSE:MET traded down $3.10 during trading hours on Thursday, hitting $99.79. 3,919,571 shares of the company’s stock traded hands, compared to its average volume of 3,602,567. The firm has a market cap of $64.21 billion, a P/E ratio of 19.12, a P/E/G ratio of 0.95 and a beta of 0.79. MetLife has a twelve month low of $67.33 and a twelve month high of $106.72. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.20 and a current ratio of 0.20. The stock’s fifty day moving average price is $98.05 and its two-hundred day moving average price is $86.03.

MetLife Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MET. JPMorgan Chase & Co. raised their price target on MetLife from $108.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. Morgan Stanley increased their price objective on shares of MetLife from $103.00 to $111.00 and gave the stock an “overweight” rating in a report on Monday, August 24th. Argus lifted their target price on MetLife from $93.00 to $109.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Mizuho cut their price objective on MetLife from $112.00 to $109.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. Finally, Atlantic Securities set a $103.00 target price on shares of MetLife in a report on Wednesday, July 15th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $105.44.

Key Headlines Impacting MetLife

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: MetLife reported Q3 EPS of $2.78, just above the $2.77 consensus, and revenue of $20.52 billion versus $19.86 billion expected—an 18.2% increase from a year earlier. MetLife Q3 results
• Positive Sentiment: Coverage highlighted record adjusted EPS and stronger-than-target underwriting in Group Benefits. MetLife also expects full-year Retirement and Income Solutions adjusted earnings to come in slightly above the midpoint of its $1.6 billion–$1.8 billion range as variable investment income normalizes. MetLife posts record adjusted EPS MetLife outlook
• Neutral Sentiment: MetLife Asia earnings rose 17%, with investment returns and business-volume growth offsetting a dip in sales—an uneven regional picture. MetLife Asia earnings report
• Negative Sentiment: Rising expenses and actuarial adjustments tempered the quarter’s gains. The EPS beat was also narrow, which may have limited the positive reaction to otherwise solid sales and earnings growth. Zacks Q3 analysis

MetLife declared that its Board of Directors has authorized a share repurchase plan 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 purchase up to 4.8% of its shares through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

MetLife Company Profile

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.