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MetLife, Inc. MET benefits on the back of a well-performing Group Benefits business, acquisitions and partnerships, cost-cutting efforts and strong cash balance.
Zacks Rank & Price Performance
MetLife carries a Zacks Rank #2 (Buy) at present.
The stock has gained 10% in the past three months compared with the industry’s growth of 5.3%. The Zacks Finance sector and the S&P 500 composite index have returned 0.8% and 2.4%, respectively, in the said time frame.
Favorable Style Score
MetLife carries an impressive Value Score of A. Value Score helps find stocks that are undervalued. Back-tested results show that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2, offer the best opportunities in the value investing space.
Robust Growth Prospects
The Zacks Consensus Estimate for MetLife’s 2024 earnings is pegged at $8.67 per share, which indicates an improvement of 18.3% from the 2023 reported figure. The consensus mark for revenues is $73.2 billion, implying a rise of 2% from the 2023 figure. MET’s earnings estimates witnessed seven upward revisions over the past 60 days against no downward movement.
The consensus mark for 2025 earnings is pegged at $9.83 per share, suggesting an improvement of 13.4% from the 2024 estimate. The same for revenues is $76.5 billion, hinting at a 4.6% increase from the 2024 estimate.
Valuation
Price-to-book (P/B) is one of the multiples used for valuing insurance stocks. Compared with the multiline industry’s trailing 12-month P/B ratio of 2.57, MetLife has a reading of 1.92. It is quite evident that the stock is currently undervalued.
Solid Return on Equity
Return on equity in the trailing 12 months is currently 21.4%, which is higher than the industry’s average of 16.2%. This substantiates the company’s efficiency in utilizing shareholders’ funds.
Business Tailwinds
A key revenue contributor is MetLife's steady premiums, which have been recovering from pandemic-driven declines. Premiums are witnessing a steady increase in the Group Benefits business, wherein it rose 4% year over year in the first half of 2024. Growth has also been robust in its EMEA and Latin America segments, further contributing to the company's revenue stream.
MetLife's focus on streamlining its business, coupled with strategic acquisitions and partnerships, is expected to drive long-term growth. The company has expanded its presence in key areas like vision care and pet insurance through acquisitions, such as Versant Health and PetFirst. It has also strengthened its benefits offerings through partnerships with firms like Aura and Nayya.
A strategic push into private credit investments, marked by the acquisition of Raven Capital, and a collaboration with Fidelity Investments on a fixed immediate income annuity further diversify its business portfolio. Additionally, MetLife continues to reduce volatility by divesting capital-intensive units and intensifying focus on high-growth areas.
MetLife's cost-saving measures have resulted in notable operational improvements. Between 2015 and 2020, the company saw an improvement of 230 basis points in its direct expense ratio. This efficiency trend has continued, with the direct expense ratio remaining below the guided 12.3% in the first half of 2024.
MetLife also benefits from a strong liquidity position, with short-term debt of $390 million as of June 30, 2024, significantly overshadowed by its $20.8 billion in cash and cash equivalents. This financial strength underpins shareholder returns through repurchases and dividend payments. In April 2024, management approved a 4.8% dividend increase.
Other Stocks to Consider
Some other top-ranked stocks in the insurance space include CNO Financial Group, Inc. CNO, MGIC Investment Corporation MTG and Palomar Holdings, Inc. PLMR, each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of CNO Financial outpaced estimates in three of the trailing four quarters and missed the mark once, the average surprise being 21.21%. The Zacks Consensus Estimate for CNO’s 2024 earnings suggests 11% year-over-year growth. The consensus mark for CNO Financial’s 2024 earnings has moved north by 3% in the past 30 days.
MGIC Investment’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 15.59%. The Zacks Consensus Estimate for MTG’s 2024 earnings indicates 9.1% year-over-year growth, while the same for revenues implies an improvement of 4.7%. MGIC Investment’s consensus mark for 2024 earnings has moved north by 2.2% in the past 30 days.
The bottom line of Palomar outpaced estimates in each of the trailing four quarters, the average surprise being 17.10%. The Zacks Consensus Estimate for PLMR’s 2024 earnings suggests 30.9% year-over-year growth, while the same for revenues implies an improvement of 41.6%. The consensus mark for Palomar’s 2024 earnings has moved north by 1.3% in the past 30 days.
Shares of CNO Financial, MGIC Investment and Palomar have gained 24.2%, 22.4% and 18.3%, respectively, in the past three months.
Zacks Investment Research
After an initial setback at the beginning of the month, the broader U.S. equity markets witnessed a steady uptrend over the past few days as the technology stocks appeared to regain the lost ground. The stock market rally was further propelled by cooling inflation, with data from the U.S. Consumer Price Index revealing that the 12-month inflation rate declined to 2.5% in August – the lowest level since February 2021. This was followed by another healthy economic data that portrayed that the Producer Price Index, a measure of final demand goods and services costs that producers receive, increased 0.2% in August – in line with the broader expectations.
With a better-than-expected 2.8% annualized GDP growth in the second quarter and solid labor market conditions, it appeared that the economy was back on the growth track, cooling recessionary fears. Amid the uncertainty, investors often seek to employ time-tested winning strategies to fetch sustained profits. One of the most successful game plans to beat the blues is to bet on momentum stocks like Pilgrim's Pride Corporation PPC, Tenet Healthcare Corporation THC and MGIC Investment Corporation MTG when value or growth investing fails to generate the desired profits.
This approach primarily tends to follow the adage, “the trend is your friend.” At its core, momentum investing is “buying high and selling higher.” It is based on the idea that once a stock establishes a trend, it is more likely to continue in that direction because of the momentum that is already behind it. Momentum investing is a way to profit from the general human tendency to extrapolate current trends into the future. It is based on that gap in time before the mean reversion occurs, i.e., before prices become rational again.
Momentum strategies have been known to be alpha-generative over a long period and across market stages. So, this strategy is quite tricky to implement, as detecting these trends is no child’s play. Here, we have created a strategy to help investors get in on these fast movers and rake in handsome gains. Our screen will help you benefit from both long-term price momentum and a short-term pullback in price.
Screening Parameters for Momentum Anomaly Stocks
Percentage Change in Price (52 Weeks) = Top #50: This selects the top 50 stocks with the best percentage price change over the last 52 weeks. This parameter ensures we get the best stocks that have appreciated steadily over the past year.
Percentage Change in Price (1 Week) = Bottom #10: From the above 50 stocks, we then choose those that are also among the 10 worst performers over a short one-week period. This parameter picks the ones that have witnessed a short-term pullback in price.
Zacks Rank #1: Stocks sporting a Zacks Rank #1 (Strong Buy) have a proven history of outperformance irrespective of the market conditions. You can see the complete list of today’s Zacks #1 Rank stocks here.
Momentum Style Score of B or Better: A top Momentum Style Score knocks out a lot of the screening process as it takes into account several factors that include volume change and performance relative to its peers. It indicates when the timing is best to grab a stock and take advantage of its momentum with the highest probability of success. Stocks with a Momentum Score of A or B, when combined with a Zacks Rank #1 or 2 (Buy), handily outperform other stocks.
Current Price greater than $5: The stocks must all be trading at a minimum of $5.
Market Capitalization = Top #3000: We have chosen stocks that are among the top 3000 in terms of market value to ensure the stability of price.
Average 20-Day Volume greater than 100,000: A substantial trading volume ensures that these stocks are easily tradable.
Here are three stocks out of the eight that made it through this screen:
Greeley, CO-based Pilgrim's Pride is engaged in the processing, production, marketing and distribution of frozen, fresh and value-added chicken products. The company offers its services in the United States, Mexico, France, the Netherlands, Puerto Rico and Mexico through several distributors, retailers and food service operators. The stock has surged 65.4% in the past year but declined 9.3% in the past week. Pilgrim's Pride has a Momentum Score of B.
Founded in 1967 and headquartered in Dallas, TX, Tenet is an investor-owned healthcare services company that owns and operates general hospitals and related healthcare facilities for urban and rural communities in numerous states and has offices in California and Florida. The company has investments in other healthcare companies and is one of the largest investor-owned healthcare delivery systems in the United States. The stock has gained 121.5% in the past year but declined 2.4% in the past week. Tenet has a Momentum Score of A.
Based in Milwaukee, WI, and formed in 1957, MGIC Investment is the parent company of Mortgage Guaranty Insurance Corporation, the largest private mortgage insurer in the United States. It established the private mortgage insurance industry to provide a private market alternative to federal government insurance programs for families wanting to buy a home with less than a 20% down payment. With a focus on sustainable homeownership, MGIC Investment provides a critical component of the country's residential mortgage finance system by protecting mortgage investors from credit losses. The stock has rallied 42.9% in the past year but lost 1.9% in the past week. MGIC Investment has a Momentum Score of B.
You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your trading. Further, you can also create your own strategies and test them first before taking the investment plunge.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Click here to sign up for a free trial to the Research Wizard today.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance.
Zacks Investment Research
The insurance player, CNO Financial Group, Inc. CNO, continues to exhibit a growing agent force and improving underwriting margins. The company has seen its shares rise 19.6% in the past three months, outpacing the industry’s 3.5% growth. The company also outperformed the S&P 500’s return of 0.6%. Currently priced at $32.11, the stock is a little below its 52-week high of $35.45.
Given this impressive performance, can investors still consider buying CNO Financial stock, or should you book profits?
CNO’s Three-Month Price Performance
The stock is trading above its 50-day and 200-day moving averages, indicating solid upward momentum. This proximity to its 52-week high underscores investor confidence and market optimism about this multi-line insurance company’s prospects.
Solid Reasons to Like CNO
The company’s focus on the underserved middle-income market, its unique distribution model and broad product offerings are major tailwinds. Thanks to these, it achieved its eighth consecutive quarter of sales growth in the second quarter of 2024. Its new product launches, geographic expansionary measures and agent productivity improvements through customer referrals will likely drive its sales growth.
It invests significantly in technology to improve agent productivity and sales. This is expected to improve the online customer experience and enhance productivity. Leveraging technology such as artificial intelligence (AI) will improve its efficiency, which will continue to support its return on equity (ROE). CNO currently has a ROE of 18.3%, higher than the industry average of 16.2%.
CNO Financial has consistently increased its quarterly dividend since 2013. In the first half of 2024, it distributed $117.3 million through share buybacks and $34.5 million through dividends. As of June 30, 2024, the company had $421.8 million remaining for repurchase funds.
Improving insurance product margin, general account assets, and new annualized premiums will continue to support its bottom-line growth. Now, let’s look at how the estimates are standing for CNO.
Estimates for CNO & Surprise History
The Zacks Consensus Estimate for 2024 adjusted earnings for CNO Financial is currently pegged at $3.43 per share, indicating 11% year-over-year growth. The consensus mark for next year suggests a further 6.2% jump. It beat earnings estimates in three of the past four quarters and missed once, with an average surprise of 21.2%. This is depicted in the figure below.
CNO Financial Group, Inc. Price and EPS Surprise
CNO Financial Group, Inc. price-eps-surprise | CNO Financial Group, Inc. Quote
The consensus estimate for 2024 and 2025 revenues are pegged at $3.7 billion and $3.8 billion, respectively.
Key Concerns for CNO
There are a few factors that investors should keep an eye on. One of them is:
It exited the second quarter with unrestricted cash and cash equivalents of $566.3 million, which decreased from the 2023-end level of $878.8 million. The amount was much lower than the long-term debt of around $4 billion. The company’s long-term debt-to-capital stands at 62.3%, much higher than the industry's average of 26.4%.
Final Verdict: Buy CNO Stock Now
If you believe in the long-term potential of the company’s expansionary measures and are prepared for the associated risks, buying shares now could pay off. CNO Financial’s sales growth initiatives, investments in technology and impressive returns make it an attractive choice for investors. It offers substantial upside potential from the current price levels. The earnings estimates indicating further profit growth add to its appeal.
CNO currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Top-Ranked Players
Investors interested in the broader Finance space may look at some other top-ranked players like MGIC Investment Corporation MTG,Jackson Financial Inc. JXN and WisdomTree, Inc. WT. While MGIC Investment currently sports a Zacks Rank #1, Jackson Financial and WisdomTree carry a Zacks Rank #2 (Buy) each.
The Zacks Consensus Estimate for MGIC Investment’s current-year earnings suggests a 9.1% year-over-year increase. During the past month, MTG has witnessed one upward estimate revision against none in the opposite direction. The consensus mark for current-year revenues is pegged at $1.2 billion, indicating a 4.7% increase from a year ago.
The Zacks Consensus Estimate for Jackson Financial’s current-year earnings is pegged at $18.49 per share, which indicates 44% year-over-year growth. It witnessed two upward estimate revisions in the past 60 days against no downward movement. The consensus mark for JXN’s current year revenues suggests a 116.7% surge from a year ago.
The Zacks Consensus Estimate for WisdomTree’s 2024 earnings indicates 67.6% year-over-year growth. During the past month, WT has witnessed two upward estimate revisions against none in the opposite direction. It beat earnings estimates twice in the past four quarters and met on the other occasions, with an average surprise of 5.9%.
Zacks Investment Research
W.R. Berkley Corporation WRB board of directors recently approved a special cash dividend of 25 cents per share. This, along with the special dividend paid as well as quarterly dividend and share buyback in the second quarter this year, will take the total payout to $535.3 million in 2024.
Concurrently, the board also approved a quarterly cash dividend of 8 cents. Shareholders, as of the close of business on Sept. 23, 2024, will receive both the special dividend and quarterly dividend on Sept. 30, 2024.
WRB’s Impressive Dividend History
The nation’s largest commercial lines property casualty insurance provider has been increasing dividends each year since 2005. In fact, it made 10 hikes in the past five years. This apart, this Zacks Rank #3 (Hold) insurer pays special dividends.
Its dividend yield of 0.6% is higher than the industry average of 0.3% and has a payout ratio of 8%. The insurer has grown its dividend at a five-year average of 1%.
What Will Help WRB Sustain This Momentum?
A solid insurance business, momentum in international business and a sturdy financial position should continue to drive earnings. WRB primarily focuses on commercial lines, including excess and surplus lines, admitted lines and specialty personal lines. Its growth strategy encompasses operating in areas where it has a competitive advantage.
This, in turn, supports a solid balance sheet with sufficient liquidity and strong cash flows. Its strong capital position enables it to distribute wealth to shareholders via share repurchases, special dividends and dividend hikes that enhance shareholders' value.
Better pricing, expansion of international business, reserving discipline, a solid balance sheet and prudent capital management policy should help WRB maintain the streak of hiking dividends and paying special dividends.
Apart from dividends, the insurer resorts to regular share buyback as another way to enhance shareholder value. The board has increased the share repurchase authorization to 15 million shares.
WRB's Price Outperformance
Shares of WRB closed at $57.11 on Wednesday, near its 52-week high of $61.28 after gaining 35.6% in a year. WRB shares are trading well above the 50-day moving average, indicating a bullish trend.
Shares outperformed the industry, the Finance sector as well as the Zacks S&P 500 composite. Solid insurance business, strong international business and a sturdy financial position continue to drive shares.
WRB Outperforms Industry, Sector and S&P
Other Insurers Following Suit
First American Financial Corporation’s FAF board increased dividend to 53 cents per share of common stock from 52 cents. This increment represents a remarkable 2% rise over the previously declared rate. Robust operational performance, solid investment performance and strong capital management are likely to help FAF in sustaining the dividend streak.
First American enjoys a strong liquidity position to enhance operating leverage. Its strong liquidity not only mitigates balance sheet risks but also paves the way for accelerated capital deployment.
MGIC Investment Corporation’s MTG board of directors approved a 13% hike in its quarterly dividend to return more profits to stockholders. The insurer will pay out 13 cents per share compared with the previous payout of 12 cents.
The insurer distributes wealth to its shareholders via dividend increases and share buybacks. This reflects continued strong mortgage credit performance and financial results and share price valuation levels that are expected to be attractive to generate long-term value for remaining shareholders. By virtue of capital contribution, reinsurance transactions and improving cash position, MTG has significantly improved its capital position. Its strong liquidity not only mitigates balance sheet risks but also paves the way for accelerated capital deployment.
The board of directors of American Financial Group AFG has increased the regular annual dividend to $3.20 per share of common stock from $2.84, which represents a remarkable 12.7% rise over the previously declared rate.
The robust operating profitability at the P&C segment, a stellar investment performance and effective capital management support effective shareholders return. AFG expects its operations to continue to generate significant excess capital throughout the remainder of 2024, which provides ample opportunity for additional share repurchases or special dividends over the next year.
Zacks Investment Research
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