BidaskClub upgraded shares of BGC Partners, Inc. (NASDAQ:BGCP) from a hold rating to a buy rating in a research note released on Thursday morning.
Separately, Zacks Investment Research upgraded shares of BGC Partners from a hold rating to a buy rating and set a $14.00 price objective for the company in a report on Friday, June 30th.
BGC Partners (NASDAQ:BGCP) traded down 1.03% during midday trading on Thursday, reaching $12.51. 1,724,805 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $12.80 and a 200 day moving average price of $11.83. 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 $3.58 billion, a price-to-earnings ratio of 31.51 and a beta of 1.29.
BGC Partners (NASDAQ:BGCP) last issued its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.24 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.24. BGC Partners had a net margin of 4.23% and a return on equity of 35.60%. The business had revenue of $737.80 million during the quarter, compared to analyst estimates of $716 million. During the same period in the prior year, the business earned $0.21 EPS. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, analysts expect that BGC Partners will post $0.99 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 28th. Shareholders of record on Monday, August 14th will be issued a $0.18 dividend. The ex-dividend date is Thursday, August 10th. This represents a $0.72 annualized dividend and a yield of 5.76%. BGC Partners’s dividend payout ratio (DPR) is presently 180.00%.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of BGC Partners by 66,726.9% in the first quarter. BlackRock Inc. now owns 14,384,491 shares of the financial services provider’s stock valued at $163,409,000 after buying an additional 14,362,966 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of BGC Partners by 247.8% in the second quarter. Principal Financial Group Inc. now owns 7,921,620 shares of the financial services provider’s stock valued at $100,129,000 after buying an additional 5,643,875 shares during the last quarter. Prudential Financial Inc. raised its position in shares of BGC Partners by 2,838.5% in the second quarter. Prudential Financial Inc. now owns 1,743,966 shares of the financial services provider’s stock valued at $22,043,000 after buying an additional 1,684,617 shares during the last quarter. Vanguard Group Inc. raised its position in shares of BGC Partners by 7.1% in the first quarter. Vanguard Group Inc. now owns 18,310,093 shares of the financial services provider’s stock valued at $208,003,000 after buying an additional 1,214,964 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of BGC Partners by 136.8% in the second quarter. Goldman Sachs Group Inc. now owns 1,560,790 shares of the financial services provider’s stock valued at $19,728,000 after buying an additional 901,592 shares during the last quarter. Institutional investors and hedge funds own 48.41% 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.
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