MetLife (NYSE:MET) Reaches New 52-Week High on Strong Earnings

MetLife, Inc. (NYSE:MET) shares reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $100.93 and last traded at $99.6820, with a volume of 419120 shares trading hands. The stock had previously closed at $96.26.

The financial services provider reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.13. The firm had revenue of $19.07 billion during the quarter, compared to analyst estimates of $19.67 billion. MetLife had a net margin of 4.66% and a return on equity of 22.60%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.02 earnings per share.

MetLife Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Tuesday, August 4th will be given a dividend of $0.5925 per share. This represents a $2.37 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, August 4th. MetLife’s dividend payout ratio (DPR) is 45.93%.

MetLife declared that its board has approved a stock buyback program on Wednesday, August 5th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have weighed in on the company. JPMorgan Chase & Co. upped their price target on MetLife from $96.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. Jefferies Financial Group boosted their target price on shares of MetLife from $97.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Evercore set a $96.00 target price on shares of MetLife in a report on Thursday, April 9th. Piper Sandler increased their target price on shares of MetLife from $86.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 24th. Finally, Wells Fargo & Company lifted their price target on shares of MetLife from $95.00 to $101.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.71.

Hedge Funds Weigh In On MetLife

Several hedge funds have recently added to or reduced their stakes in the company. Activest Wealth Management lifted its position in MetLife by 205.8% during the 4th quarter. Activest Wealth Management now owns 315 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 212 shares during the period. Sound Income Strategies LLC lifted its holdings in MetLife by 58.9% in the fourth quarter. Sound Income Strategies LLC now owns 383 shares of the financial services provider’s stock valued at $29,000 after buying an additional 142 shares during the period. Garton & Associates Financial Advisors LLC acquired a new stake in MetLife during the 4th quarter worth $30,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of MetLife during the 4th quarter valued at $31,000. Finally, Prosperity Bancshares Inc acquired a new position in shares of MetLife in the 4th quarter valued at $31,000. Institutional investors own 94.99% of the company’s stock.

MetLife Trading Up 3.5%

The business has a 50 day moving average of $89.44 and a 200 day moving average of $80.54. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.20 and a quick ratio of 0.20. The firm has a market capitalization of $64.13 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 0.74 and a beta of 0.78.

About MetLife

MetLife, Inc is a global provider of insurance, annuities and employee benefit programs. Headquartered in New York City, the company offers a range of risk protection and retirement solutions to individuals, employers and institutional clients. Its core businesses include life insurance, group benefits, retirement products such as annuities, and supplemental health products including dental and disability coverage.

In addition to traditional life and group insurance, MetLife provides workplace benefits and voluntary products distributed through employer-sponsored programs.