NEW YORK (TheStreet) -- MetLife (MET) shares are down 3.44% to $53.31 in trading on Friday after the insurance provider authorized a $1 billion share buyback program, its second such program in the past seven months.
The company has already spent $967.1 million dollars of the original $1 billion share repurchase program that was initiated in June. The June repurchase program was the first share buyback the company initiated in six years.
"Our approach to capital management remains cautious in light of regulatory uncertainty. Excess capital belongs to MetLife's shareholders and we believe this new program is consistent with our prudent capital-management strategy," said CEO Steve Kandarian.
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TheStreet Ratings team rates METLIFE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate METLIFE INC (MET) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, attractive valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company shows low profit margins."