Zacks Investment Research lowered shares of BGC Partners, Inc. (NASDAQ:BGCP) from a buy rating to a hold rating in a research report released on Friday morning.
According to Zacks, “BGC PARTNERS, INC. is a leading global full-service inter-dealer broker, specializing in the trading of financial instruments and related derivatives products. BGC Partners provides integrated voice, hybrid, and fully electronic execution and other brokerage services to some of the world’s largest and most credit worthy banks, broker-dealers, investment banks and investment firms for a broad range of global financial products, including fixed income securities, foreign exchange, equity derivatives, credit derivatives, futures, structured products and other instruments. Through its eSpeed and BGCantor Market Data brands, BGC also offers financial technology solutions and market data and analytics related to selected financial instruments and markets. Named after fixed income trading innovator B. Gerald Cantor, BGC Partners has offices in New York and London, as well as in Beijing, Chicago, Copenhagen, Hong Kong, Istanbul, Mexico City, Nyon, Paris, Seoul, Singapore, Sydney, Tokyo and Toronto. “
Separately, BidaskClub upgraded shares of BGC Partners from a hold rating to a buy rating in a research note on Sunday, July 16th.
BGC Partners (BGCP) traded up 0.16% during mid-day trading on Friday, hitting $12.71. 1,360,317 shares of the company were exchanged. The stock’s 50 day moving average is $12.63 and its 200-day moving average is $11.65. BGC Partners has a 12-month low of $8.36 and a 12-month high of $13.44. The company has a market cap of $3.63 billion, a price-to-earnings ratio of 32.02 and a beta of 1.29.
BGC Partners (NASDAQ:BGCP) last posted its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.24 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.24. BGC Partners had a net margin of 4.23% and a return on equity of 35.29%. The firm had revenue of $737.80 million for the quarter, compared to the consensus estimate of $716 million. During the same quarter in the previous year, the company earned $0.21 earnings per share. The business’s revenue was up 12.8% compared to the same quarter last year. Equities research analysts predict that BGC Partners will post $0.99 EPS for the current year.
COPYRIGHT VIOLATION NOTICE: This piece was published by StockNewsTimes and is the sole property of of StockNewsTimes. If you are viewing this piece on another domain, it was illegally copied and reposted in violation of United States & international copyright law. The legal version of this piece can be accessed at https://stocknewstimes.com/2017/07/29/bgc-partners-inc-bgcp-downgraded-by-zacks-investment-research-to-hold.html.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 28th. Stockholders of record on Monday, August 14th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, August 10th. This represents a $0.72 annualized dividend and a dividend yield of 5.66%. BGC Partners’s dividend payout ratio is presently 180.00%.
Several large investors have recently modified their holdings of the stock. Commonwealth Financial Services LLC bought a new stake in BGC Partners during the first quarter worth $118,000. Meeder Asset Management Inc. raised its stake in BGC Partners by 31,085.0% in the second quarter. Meeder Asset Management Inc. now owns 12,474 shares of the financial services provider’s stock worth $158,000 after buying an additional 12,434 shares in the last quarter. Regent Investment Management LLC raised its stake in BGC Partners by 8.3% in the first quarter. Regent Investment Management LLC now owns 13,000 shares of the financial services provider’s stock worth $148,000 after buying an additional 1,000 shares in the last quarter. Jane Street Group LLC bought a new stake in BGC Partners during the first quarter worth $164,000. Finally, First Financial Equity Corporation bought a new stake in BGC Partners during the first quarter worth $164,000. Institutional investors own 45.88% of the company’s stock.
About BGC Partners
BGC Partners, Inc (BGC) is a global brokerage company servicing the financial and real estate markets. The Company operates through two segments: Financial Services and Real Estate Services. It provides a range of services, including trade execution, broker-dealer services clearing, trade compression, post trade, information, and other back-office services to a range of financial and non-financial institutions.
Get a free copy of the Zacks research report on BGC Partners (BGCP)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for BGC Partners Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BGC Partners Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
