July 5, 2023 – In a surprising move, Allspring Global Investments Holdings LLC has increased its stake in Brighthouse Financial, Inc. (NASDAQ:BHF) by 6.7% during the first quarter of this year. This information was revealed in the company’s recent disclosure with the Securities and Exchange Commission (SEC). The fund now owns a total of 120,566 shares of Brighthouse Financial’s stock after purchasing an additional 7,574 shares within the given period. At the end of the first quarter, Allspring Global Investments Holdings LLC owned approximately 0.18% of Brighthouse Financial, which is estimated to be worth $5,318,000.
The latest financial report from Brighthouse Financial shows that it fell short of analysts’ expectations for its first-quarter earnings data on May 9th. The company reported earnings per share (EPS) of $2.86 for the quarter, which was lower than the consensus estimate set at $3.15 EPS. Furthermore, Brighthouse Financial’s revenue for this period amounted to $1.96 billion as opposed to the projected $2.01 billion.
It is worth noting that Brighthouse Financial experienced a decline in its net margin by 16.16%, indicating some challenges faced by the company during this quarter. However, it did manage to maintain a positive return on equity of 11.25%. Comparing to the same quarter last year, Brighthouse Financial observed an 8.4% decrease in quarterly revenue.
Analysts who are closely monitoring Brighthouse Financial anticipate that it will post an estimated EPS of $14.03 for the current fiscal year based on their average research predictions.
To gain further insights into other hedge funds currently holding BHF shares or any insider trades related to Brighthouse Financial, individuals can visit HoldingsChannel.com for the latest updates on their filings and transactions.
This recent development regarding Allspring Global Investments Holdings LLC increasing its stake in Brighthouse Financial showcases the growing interest and confidence that some investors continue to have in the company. It also demonstrates the strategic moves undertaken by Allspring Global Investments Holdings LLC to align with their investment objectives. Brighthouse Financial, on the other hand, will need to address the factors that contributed to its subpar earnings performance and actively work towards improving its revenue figures.
As market trends and economic conditions continue to evolve, it remains crucial for companies like Brighthouse Financial to stay resilient and adaptive. By closely monitoring investor sentiment and taking necessary actions to enhance financial performance, organizations can position themselves favorably amidst a dynamic business landscape.
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Institutional Investors and Hedge Funds Adjust Holdings in Brighthouse Financial, Inc. as Stock Performance Remains Volatile
Brighthouse Financial, Inc. has been garnering attention from institutional investors and hedge funds as they continue to modify their holdings in the company. Whittier Trust Co. of Nevada Inc., for instance, has increased its holdings in Brighthouse Financial by a staggering 98.1% during the fourth quarter of last year. This brings their total ownership to 717 shares, valued at $37,000 after acquiring an additional 355 shares.
Lazard Asset Management LLC also saw significant growth in its stake in Brighthouse Financial, with a 51.4% increase during the third quarter. This translates to owning 963 shares valued at $41,000 after acquiring an additional 327 shares.
Additionally, EMC Capital Management made a notable move by acquiring a new position in Brighthouse Financial during the fourth quarter. This position is valued at approximately $61,000.
Coastal Investment Advisors Inc. also entered into the mix by acquiring a new position in Brighthouse Financial during the same period. It is estimated that this new position is valued at about $67,000.
Lastly, BI Asset Management Fondsmaeglerselskab A S joined the list of institutional investors acquiring a new position in Brighthouse Financial during the fourth quarter valued at about $85,000.
It is reported that currently, institutional investors and hedge funds own approximately 79.57% of the stock.
On another note, shares of Brighthouse Financial on NASDAQ opened at $47.74 on July 5th, 2023 (reference date). The company’s stock has had its ups and downs over the past year with a low of $38.38 and a high of $60.54.
Some key indicators for potential investors include a market cap of $3.19 billion, a PE ratio of -2.55, and a beta rating of 1.30 indicating higher volatility compared to the market average. The company also has a debt-to-equity ratio of 0.54 and a current ratio and quick ratio of both 0.78, suggesting moderate liquidity.
For investors interested in more detailed information about Brighthouse Financial and its performance, they may visit HoldingsChannel.com to access the latest 13F filings and insider trades related to the company.
Various equities analysts have recently shared their insights on Brighthouse Financial. For example, The Goldman Sachs Group lowered their price target on the stock from $61.00 to $50.00, rating it as “neutral.” Similarly, Piper Sandler reduced their price objective from $46.00 to $44.00 while Barclays slashed theirs from $46.00 to $42.00, both maintaining a neutral stance in their research notes.
Morgan Stanley also weighed in by lowering their price objective from $64.00 to $53.00 and giving it an “equal weight” rating.
In conclusion, Brighthouse Financial is a company that provides annuity and life insurance products within the United States market. With its three primary segments – Annuities, Life, and Run-off – it caters to the varying needs of contract holders for protected wealth accumulation on a tax-deferred basis, wealth transfer, and income security.
As institutional investors continue to modify their holdings in Brighthouse Financial, it will be interesting to observe how this impacts the company’s future performance and whether these moves align with analysts’ predictions outlined by Bloomberg’s average rating of “Hold” and a consensus price target of $51.38 for the stock.