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Tue, Jan. 12, 5:37 PM
Tue, Jan. 12, 4:29 PM
- The separation could come in the form of an IPO, a spinoff, or a sale.
- As of Sept. 30, the new company would represent 20% of the operating earnings of MetLife (NYSE:MET) and 50% of the operating earnings of MetLife's U.S. retail segment. It would have about $240B of total assets, including 60% of current U.S. variable annuity account values, including 75% of variable annuities with living benefit guarantees. It will be led by current EVP Eric Steigerwalt.
- Even though MetLife is appealing its SIFI designation - and hopes to win that case - CEO Steven Kandarian says the separation lessens the risks the company would have to cope with higher capital requirements.
- Source: Press Release
- The stock's higher by 9% after hours.
Wed, Jan. 6, 4:21 PM
Tue, Jan. 5, 10:06 AM
- An outlier to the downside among the life insurers is MetLife (MET -1%) as Citigroup throws in the towel on its Buy rating, downgrading to Neutral with $51 price target cut from $57.
- Thought to be among the beneficiaries of higher rates Met was having a strong 2015, but peaked in July at about $58 per share. It's a $47 stock in the early going this morning. It began 2015 at about $52.
Dec. 16, 2015, 3:04 PM
- Wells Fargo's quick post-FOMC boost in its prime rate while leaving the deposit rate unchanged makes clear why bank bulls have been banking on a higher Fed Funds rate - higher net interest margins.
- U.S. Bancorp (USB +1.3%) has quickly followed suit.
- Owing to the glut of deposits, it could be several quarters before lenders begin raising rates for savers, reminds CNBC's Kayla Tausche.
- The XLF is higher by 1.5%.
- Individual names: Bank of America (BAC +1.6%), JPMorgan (JPM +2%), PNC Financial (PNC +2.1%), First Niagara (FNFG +2.1%), Regions Financial (RF +1.2%), Schwab (SCHW +1.5%), MetLife (MET +2.1%), Prudential (PRU +1%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, FINZ, KRS, XLFS
- Previously: Fed officially puts an end to ZIRP (Dec. 16)
- Previously: Yellen: Factors holding down inflation to fade (Dec. 16)
Nov. 11, 2015, 10:54 AM
- MetLife's (MET -0.6%) third party asset manager - MetLife Investment Management - original focus when began in 2012 was on real estate and private-placement debt. As part of its growth plan, it's bringing new strategies on structured credit and junk bonds to market this quarter, and could establish an emerging markets offering in the future, says CIO Steven Goulart.
- Constrained by low interest rates and tougher regulations, insurers have moved to manage money for third parties as a way to generate fee income. MIM currently oversees $1.6B in commercial mortgages and $5.6B in private placements.
- MetLife has already beefed up MIM's staff and still has aggressive hiring plans for the operation, says Goulart. Acquisitions will be necessary as well, he says, as organic growth alone won't be enough to make the business material.
- Source: Bloomberg
Nov. 6, 2015, 10:04 AM
- The major averages are lower following the blowout jobs number, but the financial sector (XLF +1%) is charging ahead, enthused at what appears to finally be the near-certain prospect of higher interest rates.
- Short-term interest rate futures are pricing in about a 75% chance of a rate hike next month, and the 10-year Treasury yield is up nine basis points to 2.32%. The two-year yield has soared all the way to 0.90% - its highest level in more than five years.
- The green in this yield-starved sector is everywhere: Bank of America (BAC +3.5%), Citigroup (C +3.4%), U.S. Bancorp (USB +2.8%), Regions Financial (RF +3.7%), PNC Financial (PNC +2.4%), Capital One (COF +1.4%), Bank of New York Mellon (BK +1.9%), E*Trade (ETFC +3.5%), Schwab (SCHW +5.1%), Interactive Brokers (IBKR +3.4%), MetLife (MET +3.2%), Prudential (PRU +3.6%).
- Previously: Big beat on jobs number (Nov. 6)
- Previously: December rate hike back on after big jobs number (Nov. 6)
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, KIE, IAT, SEF, IYG, IAK, FXO, FNCL, KBWB, QABA, FINU, KRU, KBWR, RWW, RYF, KBWP, KBWI, FINZ, KRS, XLFS
Nov. 4, 2015, 4:37 PM
- Q3 operating earnings of $705M or $0.62 per share vs. $1.825B and $1.60 one year ago. This year's results included a $0.73 hit from notable items.
- Adjusting for notable items operating ROE was 10.7%.
- Book value (excl. AOCI other than FCTA) of $51.11 per share vs. $49.69 one year ago.
- Total premiums, fees, and other revenues of $13.2B up 3% Y/Y.
- CEO Steve Kandarian: "While it was a difficult quarter, we are pleased that we have returned $2.3B to shareholders in the first nine months of 2015, which is roughly half of our normalized operating earnings."
- Conference call tomorrow at 8 ET
- Previously: MetLife misses by $0.14, beats on revenue (Nov. 4)
- MET -1% after hours
Nov. 4, 2015, 4:25 PM
- MetLife (NYSE:MET): Q3 EPS of $0.62 misses by $0.14.
- Revenue of $17.96B (+0.2% Y/Y) beats by $240M.
Nov. 3, 2015, 5:35 PM
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Oct. 27, 2015, 4:59 PM
- MetLife (NYSE:MET) declares $0.375/share quarterly dividend, in line with previous.
- Forward yield 3.05%
- Payable Dec. 11; for shareholders of record Nov. 6; ex-div Nov. 4.
Oct. 14, 2015, 11:12 AM
- The insurer's internally defined combined risk-based capital ratio as of Dec. 31, 201 was 398%, not in excess of 400% as reported in the annual report, and to regulators.
- An internal review of risk-based capital models uncovered the need for an adjusted to a component of the RBC ratio of the MetLife Insurance Company USA subsidiary.
- Source: SEC Form 8-K
- MET -1.4%
Oct. 6, 2015, 10:13 AM
- Groundbreaking is today for Park Tower, a 43-story, 743K square-foot office building next to San Francisco's Transbay Transit Center.
- Terms of MetLife's (NYSE:MET) JV with Chicago-based John Buck Co. for ownership of the property weren't disclosed. The building is expected to be ready in 2018.
- There are no tenants yet, but the owners are hoping to capitalize on the city's tech boom. Salesforce.com just signed a lease for most of an office tower under construction two blocks away.
Oct. 2, 2015, 9:08 AM
- September's weak print has combined with a sizable downward revision to August's already so-so numbers to push rate hike expectations into late Q1 or Q2 of next year.
- S&P 500 futures are down 1.2%, but the Financial SPDR (NYSEARCA:XLF) is off 2% as the yield-starved names which make up the ETFs holdings look like they're going to have to wait at least a little while longer for higher rates. The SPDR Regional Bank ETF (NYSEARCA:KRE) is lower by 2.75%.
- Premarket action in individual names: Citigroup (NYSE:C) -2.25%, BofA (NYSE:BAC) -2.8%, JPMorgan (NYSE:JPM) -3.1%, Fifth Third (NASDAQ:FITB) -2.6% (also hit with a Goldman downgrade to Neutral), Regions Financial (NYSE:RF) -1.8%, Schwab (NYSE:SCHW) -2%, E*Trade (NASDAQ:ETFC) -2.3%, MetLife (NYSE:MET) -2%.
- Previously: Futures turn sharply lower after weak jobs report (Oct. 2)
- Previously: Treasurys to the moon after lame jobs report (Oct. 2)
- Previously: Big miss for jobs numbers (Oct. 2)
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KBWR, KRU, RWW, RYF, FINZ, KRS
Sep. 22, 2015, 4:30 PM
- MetLife (NYSE:MET) is up 0.7% after hours following a move to increase its repurchase authorization to $1B.
- The company had wrapped a previous $1B buyback program, announced last December, in Q1.
- "Our philosophy is that excess capital belongs to MetLife's shareholders," says MetLife CEO Steven Kandarian. "This new authorization is consistent with the prudent capital management strategy we have been employing as we await clarity on the capital rules for federally regulated life insurers."
Sep. 17, 2015, 2:37 PM
- It'll be at least a little while longer until banks and insurers get the higher rates they are hoping will boost sluggish profits, as the Fed holds its fire this month.
- The "dots" however are still projecting at least one rate hike before year-end.
- The SPDR KBW Regional Banking ETF (KRE -1.4%), and the SPDR KBW Bank ETF (KBE -1.2%).
- BofA (BAC -1.7%), Wells Fargo (WFC -1.2%), Regions (RF -2%), KeyCorp (KEY -1.8%), BB&T (BBT -1.7%), Fifth Third (FITB -2.4%), MetLife (MET -2.2%), Prudential Financial (PRU -1.9%), Schwab (SCHW -2.2%), Ameritrade (AMTD -2%), E*&Trade (ETFC -1.2%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS
MetLife Inc is a provider of insurance, annuities & employee benefit programs in United States, Japan, Latin America, Asia, Europe & Middle East. It offers life insurance, annuities, property & casualty insurance, and other financial services.
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