BGC Partners (NASDAQ:BGCP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday. The brokerage presently has a $12.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.57% from the stock’s current price.
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. “
Several other brokerages have also issued reports on BGCP. 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 “buy” rating to a “hold” rating in a research note on Tuesday, September 11th. Finally, Raymond James decreased their price target on shares of BGC Partners from $17.00 to $16.00 and set a “strong-buy” rating for the company in a research note on Friday, October 26th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $14.00.
BGC Partners (NASDAQ:BGCP) last issued its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.03). The business had revenue of $977.25 million during the quarter, compared to the consensus estimate of $969.00 million. BGC Partners had a return on equity of 47.08% and a net margin of 2.49%. Equities research analysts expect that BGC Partners will post 1.41 earnings per share for the current fiscal year.
In other BGC Partners news, Director William J. Moran purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The stock was bought at an average cost of $11.09 per share, for a total transaction of $110,900.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. 32.80% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Nomura Holdings Inc. grew its position in BGC Partners by 607.6% during the 2nd quarter. Nomura Holdings Inc. now owns 200,848 shares of the financial services provider’s stock valued at $2,274,000 after purchasing an additional 172,462 shares during the last quarter. EJF Capital LLC grew its position in BGC Partners by 25.5% during the 2nd quarter. EJF Capital LLC now owns 1,166,700 shares of the financial services provider’s stock valued at $13,207,000 after purchasing an additional 236,700 shares during the last quarter. Vident Investment Advisory LLC grew its position in BGC Partners by 148.6% during the 2nd quarter. Vident Investment Advisory LLC now owns 38,495 shares of the financial services provider’s stock valued at $436,000 after purchasing an additional 23,012 shares during the last quarter. Brookstone Capital Management grew its position in BGC Partners by 46.0% during the 2nd quarter. Brookstone Capital Management now owns 43,846 shares of the financial services provider’s stock valued at $496,000 after purchasing an additional 13,815 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in BGC Partners by 14.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,297,018 shares of the financial services provider’s stock valued at $14,683,000 after purchasing an additional 165,665 shares during the last quarter. 51.46% of the stock is currently owned by institutional investors.
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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