Is Brighthouse Financial (BHF) A Great Long-Term Buy?
Added 10-25-21 02:04:02pm EST - “Greenlight Capital, an investment management firm, published its third-quarter 2021 investor letter ?" a copy of which can be downloaded here. A quarterly return of -2.6% was recorded by the fund for the third quarter of 2021, compared…” - News.yahoo.com
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Greenlight Capital, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly return of -2.6% was recorded by the fund for the third quarter of 2021, compared to the 0.6% for the S&P 500 index. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.
Greenlight Capital, in its Q3 2021 investor letter, mentioned Brighthouse Financial, Inc. (NASDAQ: BHF) and discussed its stance on the firm. Brighthouse Financial, Inc. is a Charlotte, North Carolina-based life insurance company with a $4.3 billion market capitalization. BHF delivered a 44.84% return since the beginning of the year, while its 12-month returns are up by 59.05%. The stock closed at $52.44 per share on October 22, 2021.
Here is what Greenlight Capital has to say about Brighthouse Financial, Inc. in its Q3 2021 investor letter:
"BHF reported what can only be called a stupendous result. BHF had adjusted operating earnings of $5.05 per share during the quarter compared to estimates of $3.28 per share. Full-year consensus moved from $13.75 to $16.18. The stock fell about 1% during the quarter to close at $45.23.
There is more to the story. BHF’s core business is variable annuities and to a lesser extent life insurance. But it also has something called a “closed block,” which is a bunch of legacy businesses that MetLife burdened BHF with at the time of the spin-off. These are business lines which are no longer being originated. BHF has them contained in a Delaware subsidiary for which there is minimal financial disclosure.
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