U.S. insurance provider Brighthouse Financial Inc. (BHF) is reportedly exploring a sale to global investment firm Sixth Street.

According to a report by Reuters citing people familiar with the matter, Brighthouse started negotiations with Sixth Street and its insurance partner Talcott after weeks-long talks with Aquarian Holdings went cold in September. It states that Brighthouse's board turned down Aquarian's final bid for the insurer.

Sixth Street's offer for Brighthouse values the company at $3.14 billion, the report stated, which is nearly $55 per share and at a premium of almost 16% from the current level of $47.4, as of Thursday afternoon. However, this is lower than Aquarian's bid of $70 per share.

Brighthouse's shares were down nearly 2% on Thursday afternoon. Retail sentiment on Stocktwits around the company was in the 'bullish' territory.

Aquarian is an investment firm that is focused on the insurance and asset management sectors. It is backed by Abu Dhabi's state fund Mubadala and RedBird Capital Partners.

According to TheFly, analysts at Piper Sandler and Morgan Stanley have increased their price targets for Brighthouse stock, citing tailwinds from the higher equity markets. Piper Sandler also stated that favorable tailwinds from claims experience are a good indication that the actuarial review season will be good. Piper Sandler has a price target of $53 for the BHF stock, while Morgan Stanley has a price target of $46.

In contrast, analysts at Evercore ISI lowered their price target for the insurer to $55 from $65, while keeping an 'In Line' rating.

BHF stock is down 3% year-to-date as well as over the past 12 months.

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