Mutual of America Reduces Stake in Brighthouse Financial Holdings

Mutual of America Capital Management LLC has reduced its holdings in shares of Brighthouse Financial, Inc. (NASDAQ:BHF) by 5.4% during the second quarter of 2023. According to the fund’s latest 13F filing with the Securities and Exchange Commission, Mutual of America now owns 28,551 shares of Brighthouse Financial after selling 1,625 shares during the quarter. The value of its holdings stands at approximately $1.54 million.

Several other institutional investors have also adjusted their positions in Brighthouse Financial. For instance, GAMMA Investing LLC increased its stake by 11.0% during the first quarter, bringing its total to 2,035 shares valued at $118,000. Additionally, Highland Capital Management LLC acquired a new position worth around $285,000, while the Teacher Retirement System of Texas invested approximately $780,000. Other notable investments include Crossmark Global Holdings Inc. and M&T Bank Corp, which increased their stakes by acquiring shares valued at $235,000 and $353,000, respectively.

As a result of these movements, institutional investors and hedge funds now own 81.24% of Brighthouse Financial’s stock.

Analysts Assess Brighthouse Financial’s Performance

Research analysts have recently provided insights on Brighthouse Financial’s stock performance. Evercore ISI adjusted its target price from $65.00 to $55.00 and assigned an “in-line” rating on October 9, 2023. Similarly, Piper Sandler reaffirmed a “neutral” rating with a target price of $53.00 on October 7.

On the other hand, JPMorgan Chase & Co. raised its target price from $56.00 to $63.00, although it gave the stock an “underweight” rating. Wells Fargo & Company also increased its target price from $52.00 to $53.00, maintaining an “equal weight” rating. Weiss Ratings restated a “hold (c-)” rating on the stock on October 14, indicating a mix of perspectives from analysts. Currently, one research analyst has rated the stock as a Strong Buy, one has issued a Buy rating, six have given it a Hold rating, and two have assigned Sell ratings. The consensus rating now stands at “Hold” with an average target price of $59.30, according to MarketBeat.com.

Brighthouse Financial’s Recent Earnings and Market Performance

Brighthouse Financial’s stock opened at $46.64 on Monday. The company has a market capitalization of $2.67 billion, a price-to-earnings (PE) ratio of 5.05, and a beta of 0.86. Over the past year, the stock has fluctuated significantly, with a low of $42.07 and a high of $64.12.

The company last reported its earnings on August 7, 2023, revealing earnings per share of $3.43, which fell short of analysts’ consensus estimates of $4.70 by $1.27. Revenue for the quarter reached $2.15 billion, slightly below the expected $2.21 billion. The company experienced a 10.24% net margin and a return on equity of 21.06%, but its revenue decreased by 2.8% compared to the same quarter the previous year, when earnings per share were $5.57. Analysts expect Brighthouse Financial to post an EPS of 20.32 for the current year.

Brighthouse Financial, Inc. specializes in providing annuity and life insurance products in the United States, operating through three segments: Annuities, Life, and Run-off. The Annuities segment features variable, fixed, index-linked, and income annuities aimed at meeting contract holders’ needs for wealth accumulation and income security.