Wealthsource Partners LLC reduced its position in BGC Partners, Inc. (NASDAQ:BGCP) by 23.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,019 shares of the financial services provider’s stock after selling 5,079 shares during the quarter. Wealthsource Partners LLC’s holdings in BGC Partners were worth $201,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in BGCP. Raymond James & Associates grew its stake in BGC Partners by 149.8% in the second quarter. Raymond James & Associates now owns 5,583,444 shares of the financial services provider’s stock valued at $63,205,000 after purchasing an additional 3,348,709 shares during the last quarter. EJF Capital LLC grew its stake in BGC Partners by 138.8% in the third quarter. EJF Capital LLC now owns 2,785,783 shares of the financial services provider’s stock valued at $32,928,000 after purchasing an additional 1,619,083 shares during the last quarter. Rubric Capital Management LP purchased a new position in BGC Partners in the third quarter valued at about $18,912,000. Federated Investors Inc. PA grew its stake in BGC Partners by 1,279.1% in the second quarter. Federated Investors Inc. PA now owns 1,031,330 shares of the financial services provider’s stock valued at $11,674,000 after purchasing an additional 956,547 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in BGC Partners by 15.0% in the second quarter. Renaissance Technologies LLC now owns 6,754,148 shares of the financial services provider’s stock valued at $76,457,000 after purchasing an additional 882,400 shares during the last quarter. Hedge funds and other institutional investors own 51.42% of the company’s stock.
In other BGC Partners news, insider Sean Galvin purchased 20,000 shares of the company’s stock in a transaction dated Monday, October 29th. The shares were acquired at an average price of $11.08 per share, for a total transaction of $221,600.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 32.80% of the stock is currently owned by insiders.
BGCP has been the topic of several analyst reports. BidaskClub upgraded BGC Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, August 14th. ValuEngine upgraded BGC Partners from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 4th. Zacks Investment Research lowered BGC Partners from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. Finally, Raymond James cut their target price on BGC Partners from $17.00 to $16.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 26th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. BGC Partners currently has an average rating of “Hold” and an average target price of $14.00.
Shares of BGCP stock opened at $6.15 on Friday. BGC Partners, Inc. has a fifty-two week low of $6.04 and a fifty-two week high of $16.97. The stock has a market cap of $2.12 billion, a PE ratio of 5.13 and a beta of 1.14. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.14 and a current ratio of 1.14.
BGC Partners (NASDAQ:BGCP) last issued its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.42 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.03). BGC Partners had a return on equity of 43.44% and a net margin of 2.49%. The business had revenue of $977.25 million for the quarter, compared to analysts’ expectations of $969.00 million. Sell-side analysts predict that BGC Partners, Inc. will post 1.41 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 28th. Stockholders of record on Wednesday, November 7th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, November 6th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 11.71%. BGC Partners’s payout ratio is 60.00%.
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BGC Partners Profile
BGC Partners, Inc operates as a global financial intermediary to the financial and real estate markets. The company operates through two segments: Financial Services and Real Estate Services. The Financial Services segment provides brokerage of a broad range of products, including fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures and structured products.
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