Bank of Nova Scotia Buys Shares of 53,000 Brighthouse Financial, Inc. $BHF

Key Points

• Bank of Nova Scotia acquired 53,000 Brighthouse Financial shares worth approximately $3.36 million during the second quarter, joining other institutional buyers. Institutional investors collectively owned 81.24% of the company.
• Brighthouse Financial reported quarterly EPS of $4.45, below the $4.86 analyst consensus, while revenue of $1.62 billion also missed expectations and declined 2% year over year.
• Analyst sentiment remains cautious: eight analysts rate the stock “Hold” and two rate it “Sell,” producing a consensus “Reduce” rating and a $60.50 price target.

Bank of Nova Scotia purchased a new position in Brighthouse Financial, Inc. (NASDAQ:BHF - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 53,000 shares of the company's stock, valued at approximately $3,355,000. Bank of Nova Scotia owned 0.09% of Brighthouse Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Kendall Capital Management bought a new stake in shares of Brighthouse Financial in the second quarter valued at approximately $1,059,000. Commerce Bank purchased a new position in Brighthouse Financial in the 2nd quarter valued at approximately $994,000. Northwestern Mutual Wealth Management Co. bought a new stake in Brighthouse Financial during the 2nd quarter valued at $27,000. Allworth Financial LP purchased a new stake in shares of Brighthouse Financial during the second quarter worth $49,000. Finally, Four Tree Island Advisory LLC bought a new position in shares of Brighthouse Financial in the second quarter worth $3,786,000. 81.24% of the stock is owned by institutional investors.

Brighthouse Financial Stock Performance

Brighthouse Financial stock opened at $51.87 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.48. The firm has a market cap of $2.98 billion, a P/E ratio of 4.14 and a beta of 0.87. Brighthouse Financial, Inc. has a 1-year low of $42.07 and a 1-year high of $66.80. The firm has a 50-day moving average of $61.82 and a 200-day moving average of $61.74.

Brighthouse Financial (NASDAQ:BHF - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $4.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.86 by ($0.41). The company had revenue of $1.62 billion for the quarter, compared to analysts' expectations of $2.18 billion. Brighthouse Financial had a net margin of 12.49% and a return on equity of 17.24%. The firm's revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.43 earnings per share. Sell-side analysts expect that Brighthouse Financial, Inc. will post 18.83 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on BHF shares. Zacks Research upgraded shares of Brighthouse Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, May 18th. Wall Street Zen upgraded Brighthouse Financial to a "hold" rating in a research report on Sunday, July 12th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Brighthouse Financial in a research report on Friday, August 7th. Eight analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $60.50.

About Brighthouse Financial

Brighthouse Financial, Inc is a U.S.-based life insurance company that specializes in retirement income solutions and annuity products. The firm was established in August 2017 as a spin-off from MetLife, Inc, and is headquartered in Charlotte, North Carolina. Since its separation, Brighthouse Financial has focused on providing products designed to help individuals and families manage retirement income needs, drawing on decades of experience in life insurance and annuity administration inherited from its parent company.

The company's core product offerings include fixed indexed annuities, which allow policyholders to participate in market-linked gains while protecting against downside market risk, and single premium immediate annuities, which provide guaranteed lifetime income.

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