Insurance giant Metlife Inc. (MET) late Tuesday posted a higher-than-expected quarterly profit, driven by higher premium and fee revenue, although its revenue totals fell shy of Wall Street’s view.
The New York-based company reported fourth quarter net income of $1.13 billion, or $1.06 per share, compared with just $51 million, or 5 cents per share, in the year-ago period. Last year’s results were hampered by steep derivatives losses.
Excluding one-time items, MET’s adjusted profit was $1.31 per share, while revenue jumped 32% from last year to $16.75 billion.
On average, Wall Street analysts expected a smaller profit of $1.24 per share, albeit on higher revenue of $16.93 billion.
Metlife shares rose $1.18, or +3.2%, in premarket trading Wednesday.
The Bottom Line
Shares of Metlife (MET) have a 1.98% dividend yield, based on last night’s closing stock price of $37.32. The stock has technical support in the $34-$35 price area. If the shares can firm up, we see overhead resistance around the $40-$41 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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