Principal Financial Group Inc. Cuts Stake in Brighthouse Financial, Inc. (NASDAQ:BHF)

Principal Financial Group Inc. cut its holdings in Brighthouse Financial, Inc. (NASDAQ:BHF) by 31.9% during the third quarter, Holdings Channel reports. The firm owned 140,868 shares of the company’s stock after selling 65,856 shares during the quarter. Principal Financial Group Inc.’s holdings in Brighthouse Financial were worth $6,343,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BHF. UMB Bank n.a. boosted its holdings in shares of Brighthouse Financial by 974.1% during the 3rd quarter. UMB Bank n.a. now owns 623 shares of the company’s stock valued at $28,000 after purchasing an additional 565 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in Brighthouse Financial by 989.5% during the third quarter. Venturi Wealth Management LLC now owns 621 shares of the company’s stock valued at $28,000 after buying an additional 564 shares during the last quarter. CWM LLC grew its holdings in Brighthouse Financial by 29.4% during the 3rd quarter. CWM LLC now owns 1,491 shares of the company’s stock valued at $67,000 after buying an additional 339 shares in the last quarter. GAMMA Investing LLC increased its stake in Brighthouse Financial by 97.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,729 shares of the company’s stock worth $78,000 after acquiring an additional 855 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of Brighthouse Financial during the 2nd quarter worth approximately $89,000. 81.24% of the stock is currently owned by institutional investors.

Brighthouse Financial Price Performance

BHF stock opened at $48.04 on Thursday. The stock has a market cap of $2.85 billion, a PE ratio of -2.36 and a beta of 1.06. Brighthouse Financial, Inc. has a 12 month low of $40.00 and a 12 month high of $54.73. The company has a 50-day moving average price of $49.74 and a 200 day moving average price of $46.65. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.56.

Brighthouse Financial (NASDAQ:BHF) last announced its earnings results on Thursday, November 7th. The company reported $3.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.50 by ($0.51). The business had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Brighthouse Financial had a negative net margin of 24.40% and a positive return on equity of 23.54%. During the same quarter last year, the firm earned $4.18 EPS. Equities research analysts anticipate that Brighthouse Financial, Inc. will post 18.47 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BHF. Wells Fargo & Company raised their target price on shares of Brighthouse Financial from $40.00 to $41.00 and gave the company an “underweight” rating in a report on Thursday, October 10th. Barclays lifted their price objective on shares of Brighthouse Financial from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Monday, December 16th. Finally, Piper Sandler lowered their price target on shares of Brighthouse Financial from $55.00 to $52.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $51.75.

Insider Activity at Brighthouse Financial

In related news, EVP Myles Lambert sold 8,400 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $51.70, for a total value of $434,280.00. Following the completion of the sale, the executive vice president now owns 33,407 shares in the company, valued at approximately $1,727,141.90. The trade was a 20.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Rosenthal sold 4,265 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $46.04, for a total transaction of $196,360.60. Following the transaction, the executive vice president now directly owns 86,262 shares in the company, valued at $3,971,502.48. This trade represents a 4.71 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.

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.