Insurance giant MetLife, Inc. (MET) on Monday announced a tepid fourth quarter forecast but in-line 2012 guidance, sending its shares higher in premarket trading Monday.
The New York-based company said it expects to earn between $1.16 and $1.26 per share in the current fourth quarter, while Wall Street analysts, on average, are looking for $1.28 per share.
For the full year 2011, MET forecast profits of $4.83 to $4.93 per share, much better than analyst expectations of $4.38 per share.
As for 2012, MetLife provided guidance for operating earnings of $4.80 to $5.20 per share, while analysts expect $5.10.
MetLife shares rose $1.04, or +3.3%, in premarket trading Monday.
The Bottom Line
Shares of Metlife (MET) have a 2.33% dividend yield, based on Friday’s closing stock price of $31.76. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $35-$37 price levels.
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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