BGC Partners (NASDAQ:BGCP) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of BGC Partners (NASDAQ:BGCP) from a buy rating to a sell rating in a research note published on Tuesday, Zacks.com reports.

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 raised shares of BGC Partners from a hold rating to a buy rating in a report on Saturday, July 6th. Two analysts have rated the stock with a sell rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $11.00.

BGCP stock opened at $5.23 on Tuesday. The stock has a market capitalization of $1.88 billion, a P/E ratio of 6.05 and a beta of 1.39. BGC Partners has a 52 week low of $4.46 and a 52 week high of $12.65. The business’s 50-day moving average is $5.36. The company has a current ratio of 1.11, a quick ratio of 1.09 and a debt-to-equity ratio of 1.15.

BGC Partners (NASDAQ:BGCP) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The company had revenue of $551.20 million for the quarter, compared to analysts’ expectations of $546.65 million. BGC Partners had a return on equity of 35.34% and a net margin of 6.98%. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 EPS. As a group, analysts predict that BGC Partners will post 0.63 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 28th. Shareholders of record on Wednesday, August 14th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 10.71%. The ex-dividend date is Tuesday, August 13th. BGC Partners’s payout ratio is currently 77.78%.

Institutional investors and hedge funds have recently made changes to their positions in the business. LPL Financial LLC raised its position in shares of BGC Partners by 17.8% in the 4th quarter. LPL Financial LLC now owns 46,515 shares of the financial services provider’s stock worth $240,000 after acquiring an additional 7,037 shares in the last quarter. BlackRock Inc. raised its position in shares of BGC Partners by 4.3% in the 4th quarter. BlackRock Inc. now owns 12,261,301 shares of the financial services provider’s stock worth $63,391,000 after acquiring an additional 506,828 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of BGC Partners by 71.2% in the 4th quarter. Bank of New York Mellon Corp now owns 2,355,612 shares of the financial services provider’s stock worth $12,179,000 after acquiring an additional 979,443 shares in the last quarter. Northern Trust Corp raised its position in shares of BGC Partners by 5.6% in the 4th quarter. Northern Trust Corp now owns 1,606,335 shares of the financial services provider’s stock worth $8,306,000 after acquiring an additional 85,439 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its position in shares of BGC Partners by 31.7% in the 4th quarter. Great West Life Assurance Co. Can now owns 33,234 shares of the financial services provider’s stock worth $164,000 after acquiring an additional 8,006 shares in the last quarter. Institutional investors own 52.31% of the company’s stock.

BGC Partners Company Profile

BGC Partners, Inc operates as a brokerage and financial technology company worldwide. It offers various brokerage products, such as fixed income, foreign exchange, equities, energy and commodities, insurance, and futures. The company also provides other services that include trade execution, broker dealer, clearing, trade compression, post-trade, information, and other back office services to financial and non-financial institutions.

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