NEW YORK - MetLife, Inc. (NYSE: NYSE:MET), a global provider of insurance and financial services, has announced an increase in its quarterly common stock dividend. The dividend for the second quarter of 2024 has been set at $0.545 per share, marking a 4.8% rise from the previous quarter's dividend of $0.52 per share.
This latest increase continues the company's trend of raising its dividend, with a compound annual growth rate of 8.7% since 2011.
Shareholders of record as of May 7, 2024, will be eligible for the dividend, which is scheduled for payment on June 11, 2024. MetLife's President and CEO, Michel Khalaf, commented on the dividend increase, stating that it reflects the company's "balanced approach to capital deployment focused on growing our business and returning capital to our shareholders to drive long-term value."
Founded in 1868, MetLife operates in over 40 markets worldwide and has a significant presence in the United States, Asia, Latin America, Europe, and the Middle East. The company is known for providing a range of financial services, including insurance, annuities, employee benefits, and asset management.
The announcement of the dividend increase is considered a forward-looking statement and is subject to various risks and uncertainties, as outlined in the company's filings with the U.S. Securities and Exchange Commission. MetLife has clarified that it does not commit to publicly correcting or updating any forward-looking statements.
This information about the dividend increase is based on a press release statement from MetLife, Inc.
InvestingPro Insights
MetLife, Inc. (NYSE: MET) has been a consistent performer when it comes to shareholder returns, as evidenced by its recent dividend increase. The company's commitment to capital deployment is further underscored by its track record of raising its dividend for 11 consecutive years. This dedication to returning capital to shareholders is a strong signal of MetLife's financial health and management's confidence in the company's future prospects.
InvestingPro data shows MetLife with a market capitalization of 52.22 billion USD, which positions it as a significant player in the insurance industry. The company trades at a P/E ratio of 39.68, and when adjusted for the last twelve months as of Q4 2023, the P/E ratio stands at 37.84.
While this indicates a high earnings multiple, it's important to note that analysts predict the company will be profitable this year, with a net income expected to grow. This is corroborated by the company's performance over the last twelve months, during which it remained profitable.
Despite a slight decline in revenue growth of -2.71% over the last twelve months as of Q4 2023, MetLife has shown an impressive quarterly revenue growth of 21.93% in Q1 2023. The dividend yield as of the latest data stands at a healthy 2.89%, with a recent dividend growth of 4.0%. These figures are complemented by a strong price performance, with the stock price appreciating 25.09% over the last six months and currently trading near its 52-week high at 96.71% of that peak.
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