BGC Partners, Inc. (BGCP) Shares Bought by Bank of Montreal Can
Bank of Montreal Can lifted its stake in shares of BGC Partners, Inc. (NASDAQ:BGCP) by 48.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,121 shares of the financial services provider’s stock after acquiring an additional 27,995 shares during the quarter. Bank of Montreal Can’s holdings in BGC Partners were worth $1,018,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. increased its stake in shares of BGC Partners by 6.4% during the second quarter. BlackRock Inc. now owns 12,366,022 shares of the financial services provider’s stock valued at $139,983,000 after acquiring an additional 740,051 shares during the period. Principal Financial Group Inc. increased its stake in shares of BGC Partners by 19.4% during the first quarter. Principal Financial Group Inc. now owns 10,797,309 shares of the financial services provider’s stock valued at $145,224,000 after acquiring an additional 1,755,694 shares during the period. Renaissance Technologies LLC increased its stake in shares of BGC Partners by 15.0% during 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 acquiring an additional 882,400 shares during the period. Raymond James & Associates increased its stake in shares of BGC Partners by 149.8% during 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 acquiring an additional 3,348,709 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its stake in shares of BGC Partners by 23.3% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 1,308,580 shares of the financial services provider’s stock valued at $14,813,000 after acquiring an additional 247,607 shares during the period. Institutional investors and hedge funds own 51.36% of the company’s stock.
In other BGC Partners news, insider Sean Galvin bought 20,000 shares of BGC Partners stock in a transaction that occurred on Monday, October 29th. The stock was purchased at an average cost of $11.08 per share, for a total transaction of $221,600.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 32.80% of the company’s stock.
BGC Partners (NASDAQ:BGCP) last issued its 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). The business had revenue of $977.25 million for the quarter, compared to the consensus estimate of $969.00 million. BGC Partners had a return on equity of 43.44% and a net margin of 2.49%. As a group, sell-side analysts anticipate that BGC Partners, Inc. will post 1.41 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 28th. Investors of record on Wednesday, November 7th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 6.87%. The ex-dividend date of this dividend is Tuesday, November 6th. BGC Partners’s payout ratio is 60.00%.
A number of research analysts recently commented on BGCP shares. Zacks Investment Research lowered shares of BGC Partners from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. ValuEngine upgraded shares of BGC Partners from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 4th. BidaskClub lowered shares of BGC Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. Finally, Raymond James lowered their price objective on shares of 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 investment analysts have rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. BGC Partners presently has a consensus rating of “Hold” and an average target price of $14.00.
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BGC Partners Profile
BGC Partners, Inc operates as a brokerage company servicing the financial and real estate markets worldwide. It operates in two segments, Financial Services and Real Estate Services. The Financial Services segment provides brokerage services for fixed income, interest rate derivatives, spot foreign exchange, foreign exchange derivatives, government bonds, corporate bonds, credit derivatives, insurance and money market products, energy, metals, equity derivatives, and structured market data products and services.
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