Hennessy Advisors Inc. Acquires New Holdings in Brighthouse Financial, Inc. $BHF

Key Points

• Hennessy Advisors Inc. has acquired a new stake in Brighthouse Financial, Inc., purchasing 173,447 shares valued at approximately $9.3 million, now owning 0.30% of the company.
• Brighthouse Financial's quarterly earnings fell short of analysts' expectations, reporting $3.43 earnings per share against an estimated $4.70, with revenue declining 2.8% year-over-year.
• Wall Street analysts have revised their target prices for Brighthouse Financial, with several downgrades, leading to an average target price of $59.67 and an average rating of "Hold".

Hennessy Advisors Inc. acquired a new stake in Brighthouse Financial, Inc. (NASDAQ:BHF - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 173,447 shares of the company's stock, valued at approximately $9,326,000. Hennessy Advisors Inc. owned 0.30% of Brighthouse Financial as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. LPL Financial LLC grew its position in shares of Brighthouse Financial by 0.4% in the 1st quarter. LPL Financial LLC now owns 39,718 shares of the company's stock valued at $2,303,000 after purchasing an additional 173 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Brighthouse Financial by 5.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,598 shares of the company's stock valued at $209,000 after purchasing an additional 181 shares during the period. GAMMA Investing LLC grew its position in shares of Brighthouse Financial by 11.0% in the 1st quarter. GAMMA Investing LLC now owns 2,035 shares of the company's stock valued at $118,000 after purchasing an additional 202 shares during the period. Parallel Advisors LLC grew its position in shares of Brighthouse Financial by 19.4% in the 2nd quarter. Parallel Advisors LLC now owns 1,364 shares of the company's stock valued at $73,000 after purchasing an additional 222 shares during the period. Finally, Brooklyn Investment Group grew its position in shares of Brighthouse Financial by 42.0% in the 1st quarter. Brooklyn Investment Group now owns 764 shares of the company's stock valued at $44,000 after purchasing an additional 226 shares during the period. 81.24% of the stock is currently owned by institutional investors and hedge funds.

Brighthouse Financial Trading Up 2.3%

Shares of Brighthouse Financial stock opened at $53.08 on Friday. Brighthouse Financial, Inc. has a 12-month low of $42.07 and a 12-month high of $64.12. The stock has a market cap of $3.03 billion, a P/E ratio of 5.74 and a beta of 0.86. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.55. The business's 50 day moving average is $48.28 and its 200-day moving average is $52.84.

Brighthouse Financial (NASDAQ:BHF - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $3.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.70 by ($1.27). Brighthouse Financial had a return on equity of 21.06% and a net margin of 10.24%.The company had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter in the prior year, the company earned $5.57 EPS. The company's revenue for the quarter was down 2.8% on a year-over-year basis. Equities research analysts predict that Brighthouse Financial, Inc. will post 20.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Morgan Stanley cut their target price on Brighthouse Financial from $45.00 to $42.00 and set an "underweight" rating on the stock in a research note on Monday, July 14th. Barclays cut their target price on Brighthouse Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Keefe, Bruyette & Woods cut their target price on Brighthouse Financial from $57.00 to $50.00 and set a "market perform" rating on the stock in a research note on Monday, August 11th. Piper Sandler cut their target price on Brighthouse Financial from $63.00 to $55.00 and set a "neutral" rating on the stock in a research note on Thursday, July 3rd. Finally, Wall Street Zen cut Brighthouse Financial from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $59.67.

Brighthouse Financial Company Profile

Brighthouse Financial, Inc provides annuity and life insurance products in the United States. It operates through three segments: Annuities, Life, and Run-off. The Annuities segment consists of variable, fixed, index-linked, and income annuities for contract holders' needs for protected wealth accumulation on a tax-deferred basis, wealth transfer, and income security.

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