BGC Group gains after stock repurchase as Lutnick divests stake

BGC Group's BGC.O shares up 7.5% at $9.90 on Mon after U.S. Commerce Secretary Howard Lutnick sheds ownership stakes in several affiliated firms to comply with government ethics agreement

Brokerage and fintech firm BGC early Mon says it agreed to repurchase more than 16.4 mln Class A shares from Lutnick, its former chairman and CEO, for $151.5 mln

Co said it bought the shares at about $9.21, which is equivalent to stock's last sale on Fri

Lutnick also reached deal with real estate adviser Newmark Group NMRK.O to buy back 11 mln of his shares for $127 mln, based on stock's $11.58 last close

Additionally, Lutnick agreed to transfer his ownership interest in financial services firm Cantor Fitzgerald to trusts benefiting his sons Brandon and Kyle Lutnick, and his other adult children

As part of the transfer, Cantor Fitzgerald said its current leadership team will remain in place while 26North will become minority investors

Cantor Fitzgerald, which agreed to buy ~9 mln BGC Class B shares from Lutnick, will continue to have controlling interests in both BGC and Newmark

With move on Mon, BGC shares up ~9% YTD

NMRK's stock on the session is up 0.6% at $11.66, but down 9% in 2025