Bank of America Corp DE Makes New Investment in Brighthouse Financial, Inc. $BHF

Key Points

• Bank of America initiated a stake in Brighthouse Financial during the second quarter, purchasing 125,064 shares valued at approximately $7.9 million, or about 0.22% of the company.
• Institutional investors own approximately 81.24% of Brighthouse Financial, while analyst sentiment remains cautious: nine analysts rate the stock Hold and one rates it Sell, producing a consensus “Reduce” rating and a $60.50 price target.
• Brighthouse Financial shares opened at $53.24, down 0.4%, after the company’s latest quarterly results missed expectations, with EPS of $4.45 versus $4.86 expected and revenue of $1.62 billion versus $2.18 billion estimated.

Bank of America Corp DE purchased a new stake in Brighthouse Financial, Inc. (NASDAQ:BHF - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 125,064 shares of the company's stock, valued at approximately $7,917,000. Bank of America Corp DE owned approximately 0.22% of Brighthouse Financial as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Brighthouse Financial during the 2nd quarter worth approximately $27,000. Bessemer Group Inc. increased its stake in shares of Brighthouse Financial by 390.3% in the 1st quarter. Bessemer Group Inc. now owns 505 shares of the company's stock valued at $30,000 after purchasing an additional 402 shares during the last quarter. Allworth Financial LP acquired a new position in shares of Brighthouse Financial during the 2nd quarter worth $49,000. Global Retirement Partners LLC acquired a new position in shares of Brighthouse Financial during the 2nd quarter worth $55,000. Finally, Longfellow Investment Management Co. LLC bought a new stake in shares of Brighthouse Financial during the 4th quarter worth $74,000. Institutional investors own 81.24% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BHF shares. Weiss Ratings lowered Brighthouse Financial from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, September 10th. Wall Street Zen raised Brighthouse Financial to a "hold" rating in a research note on Sunday, July 12th. Nine research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $60.50.

Brighthouse Financial Trading Down 0.4%

Shares of BHF stock opened at $53.24 on Friday. Brighthouse Financial, Inc. has a twelve month low of $44.51 and a twelve month high of $66.80. The stock's fifty day simple moving average is $56.06 and its 200 day simple moving average is $60.05. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $3.06 billion, a P/E ratio of 4.25, a P/E/G ratio of 0.70 and a beta of 0.84.

Brighthouse Financial (NASDAQ:BHF - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $4.45 EPS for the quarter, missing the consensus estimate of $4.86 by ($0.41). The firm had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $2.18 billion. Brighthouse Financial had a net margin of 12.49% and a return on equity of 17.24%. Brighthouse Financial's revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.43 earnings per share. As a group, sell-side analysts predict that Brighthouse Financial, Inc. will post 18.91 EPS for the current fiscal year.

Brighthouse Financial Profile

Brighthouse Financial, Inc is a U.S.-based insurance company focused on helping individuals achieve financial security through annuity and life insurance products. The company serves retail customers, as well as institutions and distribution partners, through a network that includes independent agents, banks, broker-dealers and other financial professionals.

Brighthouse Financial offers fixed, indexed and variable annuities designed to provide retirement income, tax-deferred growth and death-benefit features.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.