Insurance giant MetLife, Inc. (MET) late Thursday posted a sharp uptick in third quarter earnings, led by massive one-time derivative gains, as adjusted results beat analyst expectations.
The New York-based company reported third quarter net income of $3.58 billion, or $3.33 per share, compared with $316 million, or 32 cents per share, in the year-ago period. Excluding $2.7 billion in investment gains, operating profit was $1.11 per share.
Revenue surged 66% from last year to $20.46 billion.
On average, Wall Street analysts expected a smaller profit of $1.05 per share on much lower revenue of $16.56 billion.
MetLife shares were mostly flat in premarket trading Friday.
The Bottom Line
Shares of Metlife (MET) have a 2.07% dividend yield, based on last night’s closing stock price of $35.67. The stock has technical support in the $30 price area. If the shares can firm up, we see overhead resistance around the $38-$40 price level.
MetLife, Inc. (MET) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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