Cinctive Capital Management LP Acquires New Position in Brighthouse Financial, Inc. $BHF

Cinctive Capital Management LP purchased a new stake in shares of Brighthouse Financial, Inc. (NASDAQ:BHF) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 109,136 shares of the company’s stock, valued at approximately $6,329,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. American Century Companies Inc. lifted its holdings in Brighthouse Financial by 9.3% during the first quarter. American Century Companies Inc. now owns 1,838,020 shares of the company’s stock valued at $106,587,000 after purchasing an additional 155,944 shares in the last quarter. Royal Bank of Canada boosted its stake in Brighthouse Financial by 41.0% during the first quarter. Royal Bank of Canada now owns 985,215 shares of the company’s stock worth $57,134,000 after buying an additional 286,607 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Brighthouse Financial by 3.2% during the first quarter. Victory Capital Management Inc. now owns 912,242 shares of the company’s stock valued at $52,901,000 after purchasing an additional 28,080 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in shares of Brighthouse Financial by 3.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 732,689 shares of the company’s stock valued at $35,198,000 after purchasing an additional 24,662 shares during the period. Finally, Northern Trust Corp lifted its stake in Brighthouse Financial by 6.1% in the first quarter. Northern Trust Corp now owns 720,243 shares of the company’s stock worth $41,767,000 after acquiring an additional 41,323 shares during the period. Hedge funds and other institutional investors own 81.24% of the company’s stock.

Brighthouse Financial Stock Down 3.2%

Brighthouse Financial stock opened at $44.69 on Thursday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.93 and a quick ratio of 0.93. Brighthouse Financial, Inc. has a 1-year low of $40.00 and a 1-year high of $64.12. The company has a market cap of $2.55 billion, a PE ratio of 4.84 and a beta of 0.87. The stock’s 50 day moving average price is $48.70 and its 200 day moving average price is $53.90.

Brighthouse Financial (NASDAQ:BHF) last posted its earnings results on Thursday, August 7th. The company reported $3.43 EPS for the quarter, missing analysts’ consensus estimates of $4.70 by ($1.27). The firm had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Brighthouse Financial had a return on equity of 21.06% and a net margin of 10.24%.The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.57 earnings per share. On average, sell-side analysts predict that Brighthouse Financial, Inc. will post 20.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Piper Sandler reduced their target price on shares of Brighthouse Financial from $63.00 to $55.00 and set a “neutral” rating for the company in a report on Thursday, July 3rd. Wall Street Zen lowered Brighthouse Financial from a “buy” rating to a “hold” rating in a research report on Saturday, June 21st. JPMorgan Chase & Co. raised their target price on Brighthouse Financial from $56.00 to $63.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods cut their price objective on Brighthouse Financial from $57.00 to $50.00 and set a “market perform” rating for the company in a research report on Monday, August 11th. Finally, Wells Fargo & Company raised their target price on Brighthouse Financial from $53.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Brighthouse Financial has an average rating of “Hold” and an average price target of $59.67.

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.