Sterling Capital Management LLC purchased a new stake in BGC Partners, Inc. (NASDAQ:BGCP) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 231,304 shares of the financial services provider’s stock, valued at approximately $2,734,000. Sterling Capital Management LLC owned approximately 0.07% of BGC Partners at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of BGC Partners by 6.4% in the second quarter. BlackRock Inc. now owns 12,366,022 shares of the financial services provider’s stock valued at $139,983,000 after purchasing an additional 740,051 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of BGC Partners by 19.4% in 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 purchasing an additional 1,755,694 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of 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 in the last quarter. Raymond James & Associates lifted its holdings in shares of 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 in the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in shares of BGC Partners by 55.7% in the first quarter. Allianz Asset Management GmbH now owns 1,798,156 shares of the financial services provider’s stock valued at $24,185,000 after purchasing an additional 643,478 shares in the last quarter. Institutional investors own 51.40% of the company’s stock.
A number of analysts have recently commented on the company. BidaskClub upgraded BGC Partners from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. Raymond James cut their price target on BGC Partners from $17.00 to $16.00 and set a “strong-buy” rating on the stock in a report on Friday, October 26th. Zacks Investment Research upgraded BGC Partners from a “sell” rating to a “hold” rating and set a $12.00 target price on the stock in a report on Monday, October 29th. Finally, ValuEngine lowered BGC Partners from a “sell” rating to a “strong sell” rating in a report on Saturday, September 22nd. 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 issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $14.00.
BGCP opened at $11.02 on Wednesday. BGC Partners, Inc. has a 52-week low of $10.08 and a 52-week high of $16.97. The stock has a market cap of $3.53 billion, a P/E ratio of 9.18 and a beta of 1.19. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.14 and a current ratio of 1.16.
BGC Partners (NASDAQ:BGCP) last released its earnings results on Thursday, October 25th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.03). BGC Partners had a return on equity of 47.08% and a net margin of 2.49%. The company had revenue of $977.25 million for the quarter, compared to the consensus estimate of $969.00 million. Equities research analysts predict that BGC Partners, Inc. will post 1.41 EPS for the current year.
The business 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. The ex-dividend date is Tuesday, November 6th. This represents a $0.72 annualized dividend and a yield of 6.53%. BGC Partners’s payout ratio is presently 60.00%.
In related news, insider Sean Galvin bought 20,000 shares of the company’s stock in a transaction that occurred on 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 32.80% of the company’s stock.
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About BGC Partners
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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