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Highlights
MetLife, Inc. is set to release its fiscal Q3 earnings results on October 30, with analysts projecting a profit of $2.16 per share.
The company has shown strong performance in recent quarters, with a year-to-date share increase of 28.3%, outperforming the broader market.
Analyst sentiment is bullish, with a consensus rating of "Strong Buy" from 16 analysts covering the stock.
New York-based MetLife, Inc. (NYSE:MET) is a leading global financial services company specializing in insurance, annuities, employee benefits, and asset management. With a market capitalization of $60.7 billion, MetLife provides a diverse array of protection and investment products tailored for both individual and institutional clients. The company is scheduled to announce its fiscal Q3 earnings results after the market closes on October 30.
Analysts project that MetLife will report a profit of $2.16 per share for the third quarter, marking a 9.6% increase from the $1.97 per share recorded in the same quarter of the previous year. Over the past four quarters, MetLife has met or exceeded Wall Street's bottom-line estimates in two instances while missing in two others. In the most recent quarter, the company surpassed the consensus earnings per share estimate by a margin of 7%, largely driven by strong performance within its group benefits unit.
For fiscal 2024, analysts anticipate that MetLife will report earnings per share of $8.58, reflecting a 17.1% increase from $7.33 in fiscal 2023. Year-to-date, MetLife shares have increased by 28.3%, outpacing the S&P 500 Index, which has gained 22.7%, and the Financial Select Sector SPDR Fund, which has risen 25.6%.
Despite reporting better-than-expected adjusted revenue of $18.7 billion and earnings per share of $2.28 on July 31, MetLife’s shares fell by 1.4% the following day, attributed to stagnant premiums, fees, and other revenues compared to the previous year. The Retirement and Income Solutions segment faced declining earnings due to lower recurring interest margins, while the MetLife Holdings segment experienced a sharp 27% drop in earnings, primarily due to a reinsurance transaction.
Analysts maintain a bullish consensus rating on MetLife's stock, with 11 "Strong Buy" ratings, two "Moderate Buy" ratings, and three "Hold" ratings among the 16 analysts covering the company. This sentiment reflects a more optimistic outlook than three months prior, as the average analyst price indication suggests a potential upside from current levels.
