October 28, 2011 at 08:38 AM EDT
Derivative Gains Propel MetLife’s Q3 Profit (MET)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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