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Based in New York, MetLife, Inc. (MET) is a leading global provider of insurance, annuities, and employee benefit programs. Valued at $53.18 billion by market cap, MetLife is renowned for its robust portfolio of services and commitment to financial security. The company is set to announce its fiscal Q2 earnings results after the market closes on Wednesday, Jul. 31.
Ahead of the event, analysts expect MET to report a profit of $2.13 per share, up 9.8% from $1.94 per share in the year-ago quarter. In the last four quarters, the company has surpassed or matched Wall Street’s bottom-line estimates in two and missed on two other occasions.
MetLife's adjusted earnings of $1.83 per share for the last quarter matched the consensus estimate. Stable investment income and effective expense management aided the company's performance.
For fiscal 2024, analysts expect MET to report EPS of $8.59, up 17.2% from $7.33 in fiscal 2023.
MET stock is up 13.1% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 15.4% gains. Also, the stock marginally underperformed the Insurance ETF SPDR’s (KIE) 13.6% returns over the same time frame.
MET reported Q1 earnings on May 1. Revenue for the period was $17.02 billion, which fell short of analysts' forecasts of $17.69 million. Following the release of its results, the stock declined by over 2.3% in the next trading session.
However, the consensus opinion on MET stock is bullish, with an overall “Strong Buy” rating. Out of 15 analysts covering the stock, 10 advise a “Strong Buy” rating, two suggest a “Moderate Buy” rating, and three recommend a “Hold.” MET's average analyst price target is $83.67, indicating a potential upside of 11.9% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
