Metlife (MET) Jumps After Boosting Dividend, Insurers Higher in Sympathy

Shares of Metlife (NYSE: MET) popped on Tuesday, gaining over 6 percent after boosting its Q2 dividend to 27.5 cents from 18.5 cents. This was the first dividend increase for the largest U.S. insurer since before the financial crisis in 2007 and represents an approximate yield of 3 percent. The dividend will be payable on June 13, 2013 to shareholders of record as of May 9, 2013.

The dividend increase follows reduced oversight of Metlife by U.S. regulators after it exited bank status in February.

"This action by our board makes our dividend more competitive and demonstrates our commitment to delivering value to shareholders," said Steven A. Kandarian, chairman, president and chief executive officer of MetLife.

The news was surprise and gave yield-hungry investors reason to take notice. The news also gave a slight boost to shares of AIG (NYSE: AIG) Hartford Financial Services Group, Inc. (NYSE: HIG) and Prudential Financial, Inc. (NYSE: PRU).

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