MetLife, Inc. Forecasted to Post Q4 2023 Earnings of $2.08 Per Share (NYSE:MET)

MetLife, Inc. (NYSE:METGet Rating) – Investment analysts at Jefferies Financial Group increased their Q4 2023 earnings estimates for MetLife in a research note issued to investors on Sunday, June 5th. Jefferies Financial Group analyst S. Kamath now expects that the financial services provider will post earnings of $2.08 per share for the quarter, up from their prior forecast of $2.07.

MetLife (NYSE:METGet Rating) last announced its earnings results on Wednesday, May 4th. The financial services provider reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.45. The business had revenue of $17.72 billion during the quarter, compared to analysts’ expectations of $16.81 billion. MetLife had a net margin of 9.63% and a return on equity of 12.04%. The business’s revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned $2.20 earnings per share.

MET has been the topic of a number of other research reports. StockNews.com lowered shares of MetLife from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. Morgan Stanley raised their target price on shares of 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. lifted their price target on shares of MetLife from $69.00 to $75.00 in a report on Tuesday, April 5th. Piper Sandler raised their target price on shares of MetLife from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, April 6th. Finally, Citigroup started coverage on shares of MetLife in a research note on Monday, May 23rd. They set a “buy” rating and a $77.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, MetLife presently has a consensus rating of “Buy” and an average target price of $74.85.

MET stock opened at $67.69 on Wednesday. MetLife has a 12 month low of $55.21 and a 12 month high of $73.18. The company’s 50 day simple moving average is $67.55 and its 200-day simple moving average is $66.16. The firm has a market capitalization of $55.05 billion, a PE ratio of 8.77, a P/E/G ratio of 1.19 and a beta of 1.15. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.14 and a quick ratio of 0.14.

Several hedge funds and other institutional investors have recently bought and sold shares of MET. Maverick Capital Ltd. raised its holdings in shares of MetLife by 183.2% during the third quarter. Maverick Capital Ltd. now owns 23,476 shares of the financial services provider’s stock valued at $1,449,000 after acquiring an additional 15,187 shares during the period. Means Investment CO. Inc. purchased a new position in MetLife during the fourth quarter valued at approximately $662,000. Dynamic Advisor Solutions LLC grew its position in MetLife by 25.3% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 5,202 shares of the financial services provider’s stock valued at $325,000 after purchasing an additional 1,052 shares in the last quarter. First Hawaiian Bank grew its position in MetLife by 821.2% during the fourth quarter. First Hawaiian Bank now owns 80,219 shares of the financial services provider’s stock valued at $5,013,000 after purchasing an additional 71,511 shares in the last quarter. Finally, Arkadios Wealth Advisors grew its position in MetLife by 36.4% during the fourth quarter. Arkadios Wealth Advisors now owns 9,115 shares of the financial services provider’s stock valued at $570,000 after purchasing an additional 2,431 shares in the last quarter. 89.65% of the stock is owned by institutional investors and hedge funds.

MetLife declared that its Board of Directors has approved a share buyback plan on Wednesday, May 4th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 5.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 14th. Stockholders of record on Tuesday, May 10th will be issued a $0.50 dividend. The ex-dividend date is Monday, May 9th. This is a positive change from MetLife’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a dividend yield of 2.95%. MetLife’s payout ratio is 25.91%.

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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