Brighthouse Financial Inc (BHF) stock plummeted 5.95% in pre-market trading on Friday following the release of disappointing second-quarter earnings results. The multiline insurance company's performance fell short of Wall Street expectations, triggering a significant sell-off.

The company reported adjusted earnings of $3.43 per share for the quarter ended June 30, a substantial decline from $5.57 per share in the same quarter last year. This figure also missed the analyst consensus estimate of $4.38 per share. Brighthouse Financial's revenue also saw a sharp decrease, falling to $871 million from $1.43 billion in the previous year, significantly below the $2.28 billion expected by analysts.

In response to the earnings miss, several analysts adjusted their outlook on Brighthouse Financial. Barclays lowered its price target on BHF to $65 from $70, while maintaining an Overweight rating. Piper Sandler reiterated a Hold rating with a price target of $55.00. The current average analyst rating on the shares remains "hold," with Wall Street's median 12-month price target at $56.00, approximately 17.7% above its last closing price. The company's weak quarterly performance and subsequent analyst actions have clearly shaken investor confidence, leading to the sharp pre-market decline.