Brighthouse Financial (NASDAQ:BHF) Given New $56.00 Price Target at Evercore ISI

Brighthouse Financial (NASDAQ:BHF) had its price target lowered by Evercore ISI from $59.00 to $56.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has an in-line rating on the stock.

A number of other brokerages have also recently weighed in on BHF. Piper Sandler cut their price objective on shares of Brighthouse Financial from $55.00 to $50.00 and set a neutral rating on the stock in a report on Friday, May 10th. Keefe, Bruyette & Woods upgraded shares of Brighthouse Financial from an underperform rating to a market perform rating and cut their price objective for the stock from $48.00 to $47.00 in a report on Monday, June 17th. Finally, Wells Fargo & Company cut their price objective on shares of Brighthouse Financial from $51.00 to $50.00 and set an equal weight rating on the stock in a report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average target price of $50.63.

Brighthouse Financial Price Performance

BHF stock opened at $43.25 on Wednesday. Brighthouse Financial has a 1 year low of $40.24 and a 1 year high of $56.24. The company has a market cap of $2.69 billion, a P/E ratio of -2.27 and a beta of 1.08. The firm has a 50-day moving average of $45.24 and a 200 day moving average of $48.53. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.83 and a quick ratio of 0.83.

Brighthouse Financial (NASDAQ:BHF) last released its quarterly earnings results on Tuesday, May 7th. The company reported $4.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.96 by $0.29. Brighthouse Financial had a negative net margin of 38.05% and a positive return on equity of 23.49%. The company had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the prior year, the firm earned $2.86 earnings per share. Brighthouse Financial’s revenue was up 4.2% on a year-over-year basis. On average, sell-side analysts forecast that Brighthouse Financial will post 16.29 EPS for the current year.

Insider Activity

In related news, Director Michael J. Inserra bought 2,500 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were bought at an average price of $43.20 per share, for a total transaction of $108,000.00. Following the completion of the acquisition, the director now owns 5,500 shares of the company’s stock, valued at approximately $237,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Edward A. Spehar sold 7,125 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $41.91, for a total value of $298,608.75. Following the sale, the chief financial officer now owns 44,765 shares in the company, valued at $1,876,101.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael J. Inserra bought 2,500 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was bought at an average price of $43.20 per share, for a total transaction of $108,000.00. Following the acquisition, the director now directly owns 5,500 shares of the company’s stock, valued at approximately $237,600. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Brighthouse Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in BHF. Royal Bank of Canada raised its position in Brighthouse Financial by 29.7% in the third quarter. Royal Bank of Canada now owns 2,073,894 shares of the company’s stock worth $101,496,000 after acquiring an additional 475,327 shares during the period. UBS Group AG raised its position in Brighthouse Financial by 4.5% in the fourth quarter. UBS Group AG now owns 1,061,985 shares of the company’s stock worth $56,200,000 after acquiring an additional 45,938 shares during the period. Northern Trust Corp raised its position in Brighthouse Financial by 0.3% in the third quarter. Northern Trust Corp now owns 723,928 shares of the company’s stock worth $35,429,000 after acquiring an additional 2,438 shares during the period. American Century Companies Inc. raised its position in Brighthouse Financial by 21.8% in the third quarter. American Century Companies Inc. now owns 667,411 shares of the company’s stock worth $32,663,000 after acquiring an additional 119,345 shares during the period. Finally, Norges Bank bought a new position in Brighthouse Financial in the fourth quarter worth approximately $33,362,000. Hedge funds and other institutional investors own 81.24% of the company’s stock.

About Brighthouse Financial

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.