Brighthouse Financial (NASDAQ:BHF) has received an increase in its price target from $42.00 to $46.00 by Morgan Stanley, as detailed in a report released on Tuesday. The brokerage currently holds an underweight rating on the stock, indicating a cautious outlook on the company’s performance.
The financial services firm is not the only one adjusting its assessments. On August 11, Keefe, Bruyette & Woods revised its target price from $57.00 to $50.00, assigning a “market perform” rating. Meanwhile, Piper Sandler lowered its target from $63.00 to $55.00 and issued a “neutral” rating on July 3. Other notable adjustments include Wells Fargo & Company, which increased its target from $53.00 to $54.00 and gave an “equal weight” rating, and JPMorgan Chase & Co., which raised its target from $56.00 to $63.00, maintaining an underweight rating.
As of now, one analyst has rated Brighthouse Financial as a Strong Buy, another as a Buy, five have given a Hold rating, and two have assigned a Sell rating. According to data from MarketBeat.com, the stock has a consensus rating of “Hold,” with a target price average of $59.89.
Recent Performance and Market Trends
Brighthouse Financial’s shares opened at $48.61 on Tuesday, reflecting a decline of 4.8% from the previous day. The stock has fluctuated significantly over the past year, hitting a low of $42.07 and a high of $64.12. Currently, the company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 5.26, and a beta of 0.86.
In its most recent quarterly earnings report on August 7, Brighthouse Financial reported earnings per share of $3.43, which fell short of the consensus estimate of $4.70 by $1.27. The company’s revenue for the quarter was $2.15 billion, slightly below the expected $2.21 billion, and down 2.8% compared to the same period last year. Analysts are predicting that Brighthouse Financial will achieve an earnings per share of $20.32 for the current fiscal year.
Institutional Investment Activity
Recent changes in institutional investment have also influenced Brighthouse Financial’s stock dynamics. GAMMA Investing LLC significantly increased its stake by 6,338.1% during the first quarter, now holding 118,010 shares valued at approximately $6.84 million. Other notable investors include UMB Bank n.a., which raised its stake by 101.7%, and Harbor Capital Advisors Inc., increasing its holdings by 24.7%.
In total, institutional investors and hedge funds own 81.24% of Brighthouse Financial’s stock. This substantial backing indicates strong institutional confidence, despite the mixed ratings from analysts.
Brighthouse Financial specializes in providing annuity and life insurance products within the United States, operating through three distinct segments: Annuities, Life, and Run-off. The company’s robust market presence and diverse product offerings position it uniquely in a competitive financial landscape.
In summary, the adjustments in price targets and mixed analyst ratings reflect a cautious sentiment surrounding Brighthouse Financial as it navigates through fluctuating market conditions and earnings performance.
