MetLife (NYSE:MET) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

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

MetLife Price Performance

Shares of NYSE:MET traded down $3.10 during midday trading on Thursday, reaching $99.79. The company’s stock had a trading volume of 4,037,058 shares, compared to its average volume of 3,603,124. MetLife has a fifty-two week low of $67.33 and a fifty-two week high of $106.72. The company has a market capitalization 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. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.20 and a quick ratio of 0.20. The business’s fifty day simple moving average is $98.05 and its 200-day simple moving average is $86.03.

MetLife Dividend Announcement

The firm also recently announced 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. This represents a $2.37 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, November 3rd. MetLife’s dividend payout ratio is presently 45.40%.

MetLife announced that its Board of Directors has approved a stock 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 purchase up to 4.8% of its shares through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have weighed in on MET. Keefe, Bruyette & Woods lifted their price objective on MetLife from $105.00 to $108.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Atlantic Securities set a $103.00 target price on MetLife in a report on Wednesday, July 15th. Bank of America cut their target price on MetLife from $106.00 to $103.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Barclays boosted their price target on MetLife from $97.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 7th. Finally, UBS Group upped their price target on MetLife from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. Thirteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, MetLife 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 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

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.