MetLife (NYSE:MET) Releases Earnings Results, Beats Expectations By $0.43 EPS

MetLife (NYSE:METGet Rating) posted its quarterly earnings results on Wednesday. The financial services provider reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.43, MarketWatch Earnings reports. The business had revenue of $17.72 billion during the quarter, compared to the consensus estimate of $16.81 billion. MetLife had a return on equity of 11.40% and a net margin of 9.63%. MetLife’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.20 earnings per share.

NYSE:MET traded up $0.04 during trading hours on Friday, reaching $67.54. The company had a trading volume of 4,833,670 shares, compared to its average volume of 3,114,078. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.22. The firm has a market cap of $55.73 billion, a price-to-earnings ratio of 8.75, a P/E/G ratio of 1.29 and a beta of 1.15. The business’s 50-day simple moving average is $68.35 and its two-hundred day simple moving average is $65.99. MetLife has a twelve month low of $55.21 and a twelve month high of $73.18.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 14th. Shareholders of record on Tuesday, May 10th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.96%. This is a boost from MetLife’s previous quarterly dividend of $0.48. The ex-dividend date is Monday, May 9th. MetLife’s dividend payout ratio (DPR) is presently 24.87%.

In other MetLife news, EVP Steven J. Goulart sold 56,857 shares of the firm’s stock in a transaction on Tuesday, February 8th. The shares were sold at an average price of $70.29, for a total value of $3,996,478.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.20% of the company’s stock.

Several large investors have recently bought and sold shares of MET. EverSource Wealth Advisors LLC purchased a new position in MetLife during the fourth quarter worth about $79,000. Sequoia Financial Advisors LLC purchased a new position in MetLife during the fourth quarter worth about $277,000. Penserra Capital Management LLC boosted its holdings in MetLife by 19.3% during the fourth quarter. Penserra Capital Management LLC now owns 2,958 shares of the financial services provider’s stock worth $184,000 after purchasing an additional 478 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in MetLife in the fourth quarter valued at about $319,000. Finally, Allstate Corp boosted its stake in MetLife by 9.5% in the fourth quarter. Allstate Corp now owns 12,190 shares of the financial services provider’s stock valued at $762,000 after acquiring an additional 1,062 shares during the last quarter. 89.65% of the stock is owned by institutional investors.

MetLife announced that its board has approved a share repurchase program on Wednesday, May 4th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

A number of research firms recently commented on MET. JPMorgan Chase & Co. boosted their target price on MetLife from $69.00 to $75.00 in a research note on Tuesday, April 5th. Jefferies Financial Group began coverage on MetLife in a research note on Tuesday, January 25th. They set a “buy” rating and a $74.00 target price for the company. Morgan Stanley boosted their target price on MetLife from $76.00 to $79.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 22nd. Wolfe Research began coverage on MetLife in a research note on Friday, January 21st. They set a “market perform” rating and a $70.00 target price for the company. Finally, Piper Sandler boosted their price target on MetLife from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, April 6th. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $74.14.

About MetLife (Get Rating)

MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through five segments: U.S.; 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.

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Earnings History for MetLife (NYSE:MET)

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