BGC Partners, Inc. (NASDAQ:BGCP) Holdings Lowered by Putnam Investments LLC

Posted by Defense World Staff on Mar 14th, 2023

Putnam Investments LLC trimmed its stake in shares of BGC Partners, Inc. (NASDAQ:BGCP – Get Rating) by 1.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 290,175 shares of the financial services provider’s stock after selling 5,285 shares during the quarter. Putnam Investments LLC owned about 0.08% of BGC Partners worth $911,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Legal & General Group Plc raised its position in shares of BGC Partners by 1.1% during the 2nd quarter. Legal & General Group Plc now owns 264,338 shares of the financial services provider’s stock worth $891,000 after buying an additional 2,925 shares in the last quarter. Metropolitan Life Insurance Co NY raised its position in shares of BGC Partners by 20.3% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 19,314 shares of the financial services provider’s stock worth $61,000 after buying an additional 3,264 shares in the last quarter. Arizona State Retirement System raised its position in shares of BGC Partners by 4.1% during the 3rd quarter. Arizona State Retirement System now owns 84,931 shares of the financial services provider’s stock worth $267,000 after buying an additional 3,313 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of BGC Partners by 17.8% during the 2nd quarter. Mackenzie Financial Corp now owns 26,824 shares of the financial services provider’s stock worth $90,000 after buying an additional 4,057 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of BGC Partners by 11.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 59,544 shares of the financial services provider’s stock worth $262,000 after purchasing an additional 6,231 shares in the last quarter. 55.49% of the stock is currently owned by institutional investors.

BGC Partners Stock Down 0.2 %

NASDAQ BGCP opened at $4.93 on Tuesday. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.34 and a quick ratio of 1.31. The company’s 50 day simple moving average is $4.41 and its 200 day simple moving average is $4.10. BGC Partners, Inc. has a 12 month low of $3.00 and a 12 month high of $5.28. The company has a market capitalization of $1.84 billion, a P/E ratio of 37.93 and a beta of 1.61.

BGC Partners (NASDAQ:BGCP – Get Rating) last released its earnings results on Monday, February 27th. The financial services provider reported $0.16 EPS for the quarter, hitting analysts’ consensus estimates of $0.16. BGC Partners had a net margin of 2.71% and a return on equity of 47.25%. The business had revenue of $436.52 million for the quarter, compared to the consensus estimate of $427.70 million. During the same period in the previous year, the firm earned $0.17 EPS. Equities research analysts expect that BGC Partners, Inc. will post 0.87 earnings per share for the current fiscal year.

BGC Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 17th will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, March 16th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.81%. BGC Partners’s dividend payout ratio is currently 30.77%.

Wall Street Analyst Weigh In

Separately, Credit Suisse Group boosted their target price on shares of BGC Partners from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Tuesday, February 28th.

BGC Partners Profile

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BGC Partners, Inc engages in the provision of brokerage services to the financial markets. The firm offers integrated voice, hybrid and fully electronic brokerage in a broad range of products, including fixed income, foreign exchange, equities, insurance, energy and commodities and futures. It also provides trade execution, brokerage, clearing, trade compression, post-trade, information and other back-office services.