MetLife, Inc. (NYSE:MET – Get Rating) – Research analysts at Jefferies Financial Group increased their Q4 2023 earnings per share estimates for shares of MetLife in a report issued on Sunday, June 5th. Jefferies Financial Group analyst S. Kamath now forecasts that the financial services provider will earn $2.08 per share for the quarter, up from their prior forecast of $2.07.
Several other equities analysts also recently issued reports on the company. StockNews.com downgraded MetLife from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. Citigroup initiated coverage on MetLife in a research report on Monday, May 23rd. They issued a “buy” rating and a $77.00 target price on the stock. Morgan Stanley increased their price target on MetLife from $76.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 22nd. JPMorgan Chase & Co. increased their price target on MetLife from $69.00 to $75.00 in a research report on Tuesday, April 5th. Finally, Barclays increased their price target on MetLife from $76.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 12th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $74.85.
MetLife (NYSE:MET – Get Rating) last announced its quarterly earnings results on Wednesday, May 4th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.45. The firm had revenue of $17.72 billion during the quarter, compared to analyst estimates of $16.81 billion. MetLife had a return on equity of 12.04% and a net margin of 9.63%. MetLife’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.20 earnings per share.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 14th. Shareholders of record on Tuesday, May 10th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.95%. The ex-dividend date is Monday, May 9th. This is a boost from MetLife’s previous quarterly dividend of $0.48. MetLife’s dividend payout ratio (DPR) is currently 25.91%.
MetLife declared that its board has approved a share repurchase plan on Wednesday, May 4th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
Hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in shares of MetLife during the 4th quarter worth $430,368,000. Bank of New York Mellon Corp lifted its position in shares of MetLife by 93.3% during the 1st quarter. Bank of New York Mellon Corp now owns 11,393,164 shares of the financial services provider’s stock worth $800,713,000 after purchasing an additional 5,499,871 shares during the last quarter. KBC Group NV lifted its position in MetLife by 181.1% in the fourth quarter. KBC Group NV now owns 2,620,548 shares of the financial services provider’s stock valued at $163,758,000 after acquiring an additional 1,688,395 shares during the last quarter. Nordea Investment Management AB lifted its position in MetLife by 118.3% in the fourth quarter. Nordea Investment Management AB now owns 2,932,631 shares of the financial services provider’s stock valued at $183,729,000 after acquiring an additional 1,589,304 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its position in MetLife by 164.2% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,461,926 shares of the financial services provider’s stock valued at $153,846,000 after acquiring an additional 1,530,000 shares during the last quarter. 89.65% of the stock is owned by institutional investors.
MetLife Company Profile (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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