BGC Partners, Inc. (NASDAQ:BGCP) Posts Quarterly Earnings Results, Meets Estimates
BGC Partners, Inc. (NASDAQ:BGCP) announced its earnings results on Wednesday. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24, MarketWatch Earnings reports. BGC Partners had a return on equity of 32.21% and a net margin of 4.14%. The firm had revenue of $737.80 million during the quarter, compared to analyst estimates of $716 million. During the same quarter in the prior year, the company earned $0.21 EPS. The business’s revenue was up 12.8% compared to the same quarter last year.
BGC Partners (BGCP) traded down 6.43% during mid-day trading on Wednesday, hitting $12.51. The company had a trading volume of 3,002,386 shares. BGC Partners has a 1-year low of $8.36 and a 1-year high of $13.42. The company has a 50 day moving average of $12.56 and a 200 day moving average of $11.60. The firm has a market capitalization of $3.56 billion, a PE ratio of 33.10 and a beta of 1.29.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 28th. Investors of record on Monday, August 14th will be paid a $0.18 dividend. The ex-dividend date is Thursday, August 10th. This represents a $0.72 annualized dividend and a dividend yield of 5.76%. BGC Partners’s payout ratio is currently 184.62%.
COPYRIGHT VIOLATION WARNING: This piece of content was first reported by American Banking News and is the sole property of of American Banking News. If you are reading this piece of content on another publication, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/07/26/bgc-partners-inc-nasdaqbgcp-posts-quarterly-earnings-results-meets-estimates.html.
Several research analysts have recently issued reports on the company. BidaskClub raised BGC Partners from a “hold” rating to a “buy” rating in a research report on Sunday, July 16th. Zacks Investment Research raised BGC Partners from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a research report on Friday, June 30th.
Institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of BGC Partners by 66,726.9% in the first quarter. BlackRock Inc. now owns 14,384,491 shares of the financial services provider’s stock worth $163,409,000 after buying an additional 14,362,966 shares during the period. Norges Bank acquired a new position in shares of BGC Partners during the fourth quarter worth approximately $18,279,000. Vanguard Group Inc. increased its position in shares of BGC Partners by 7.1% in the first quarter. Vanguard Group Inc. now owns 18,310,093 shares of the financial services provider’s stock worth $208,003,000 after buying an additional 1,214,964 shares during the period. Renaissance Technologies LLC increased its position in shares of BGC Partners by 160.1% in the first quarter. Renaissance Technologies LLC now owns 1,332,648 shares of the financial services provider’s stock worth $15,139,000 after buying an additional 820,200 shares during the period. Finally, Edge Asset Management Inc. increased its position in shares of BGC Partners by 19.5% in the first quarter. Edge Asset Management Inc. now owns 4,260,061 shares of the financial services provider’s stock worth $48,394,000 after buying an additional 694,519 shares during the period. 45.88% of the stock is owned by institutional investors.
About BGC Partners
BGC Partners, Inc (BGC) is a global brokerage company servicing the financial and real estate markets. The Company operates through two segments: Financial Services and Real Estate Services. It provides a range of services, including trade execution, broker-dealer services clearing, trade compression, post trade, information, and other back-office services to a range of financial and non-financial institutions.
Receive News & Ratings for BGC Partners Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BGC Partners Inc. and related companies with MarketBeat.com's FREE daily email newsletter.