MetLife Inc. (NYSE: MET) shares are
currently trading at $42.73 a weekly gain of $3.19 gain which is 8.07% up
from last Monday’s closing price of $39.54.
The company’s shares have 52-week trading range of $32.16 - $47.75. The daily
average volume of the stock is 9.33 million shares. The company has 50 day
moving average of $39.67 and 200 day moving average of $38.76. The RSI of the
stock is 63.97, heading towards an overbought position. The sustenance and
resistance levels of MetLife Inc. are $40.53 and $44.52. The Market
Capitalization of the company is $35.06 billion.
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MetLife announced yesterday that they have sold 75 million shares at $42
per share, to raise $3.15 billion. The company will use these proceeds to fund
the $6.8 billion cash portion of the deal to acquire American Life Insurance
Co. – American International Group, Inc. (AIG).
The MetLife – AIG deal was signed in Mar this year. The deal was worth
$15.5 billion, $6.8 billion in cash and $8.7 billion of equity which will be
subject to minimum holding periods. MetLife also plans to raise a senior debt
of $3 billion in a series with varying maturities and interest rates. The
remainder of the deal would be funded through cash in hand.
MetLife had planned to raise cash from sale of share by $2 billion.
However it had sold more shares yesterday and raised $3.15 billion, $1.15
billion higher than planned for. This
increase in sale of share has made MetLife to revise its estimates of the
increase in earnings per share from the Alico acquisition. MetLife now sees operating earnings
per share for the year 2011 rising 40 cents to 45 cents. The company had
previously expected to realize a 45 to 55 cent per share increase in its 2011
profit.
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MetLife reported it second quarter results last week. MetLife reported a
net profit of $1.5 billion in second quarter, a huge improvement from the $1.43
billion loss in the second quarter last year. EPS was seen at $1.23 beating market estimates
of $1.00 per share.
MetLife, Inc. is a provider of
insurance, employee benefits and financial services, with operations throughout
the
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