K2 Principal Fund L.P. boosted its position in BGC Partners, Inc. (NASDAQ:BGCP) by 36.7% in the second quarter, HoldingsChannel reports. The firm owned 268,067 shares of the financial services provider’s stock after buying an additional 72,000 shares during the quarter. K2 Principal Fund L.P.’s holdings in BGC Partners were worth $3,035,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. Keybank National Association OH purchased a new position in BGC Partners in the second quarter valued at about $113,000. Signition LP purchased a new position in BGC Partners in the first quarter valued at about $135,000. Comerica Bank purchased a new position in BGC Partners in the second quarter valued at about $115,000. Ancora Advisors LLC purchased a new position in BGC Partners in the first quarter valued at about $148,000. Finally, CIBC Asset Management Inc purchased a new position in BGC Partners in the second quarter valued at about $127,000. 51.57% of the stock is owned by institutional investors and hedge funds.
BGCP has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of BGC Partners from a “sell” rating to a “hold” rating in a research note on Monday, June 25th. ValuEngine upgraded shares of BGC Partners from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Finally, BidaskClub cut shares of BGC Partners from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 10th. One research analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. BGC Partners has a consensus rating of “Buy” and a consensus price target of $13.00.
Shares of BGCP stock opened at $12.22 on Friday. The company has a market cap of $4.07 billion, a P/E ratio of 10.18 and a beta of 1.02. 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, Inc. has a 12 month low of $10.39 and a 12 month high of $16.97.
BGC Partners (NASDAQ:BGCP) last announced its quarterly earnings results on Thursday, August 2nd. The financial services provider reported $0.30 EPS for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.02. The company had revenue of $960.08 million for the quarter, compared to analysts’ expectations of $938.00 million. BGC Partners had a net margin of 1.53% and a return on equity of 46.19%. During the same period in the prior year, the company posted $0.24 EPS. research analysts forecast that BGC Partners, Inc. will post 1.38 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 5th. Investors of record on Monday, August 20th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.89%. The ex-dividend date was Friday, August 17th. BGC Partners’s payout ratio is currently 60.00%.
In other BGC Partners news, Director William J. Moran purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 2nd. The shares were bought at an average cost of $11.09 per share, for a total transaction of $110,900.00. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 32.80% of the company’s stock.
BGC Partners Company 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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