PNC Financial Services Group Inc. Trims Position in Global Partners LP (NYSE:GLP)

PNC Financial Services Group Inc. decreased its position in shares of Global Partners LP (NYSE:GLP) by 38.6% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 12,218 shares of the energy company’s stock after selling 7,682 shares during the period. PNC Financial Services Group Inc.’s holdings in Global Partners were worth $517,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Signaturefd LLC purchased a new position in Global Partners during the fourth quarter worth approximately $85,000. Tower Research Capital LLC TRC raised its stake in Global Partners by 592.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,090 shares of the energy company’s stock worth $88,000 after purchasing an additional 1,788 shares during the period. Acadian Asset Management LLC purchased a new position in Global Partners during the third quarter worth approximately $138,000. Virtu Financial LLC purchased a new position in Global Partners during the fourth quarter worth approximately $206,000. Finally, Leo Wealth LLC purchased a new position in Global Partners during the fourth quarter worth approximately $423,000. Hedge funds and other institutional investors own 38.12% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Global Partners from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd.

Insider Transactions at Global Partners

In other news, insider Global Gp Llc purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was acquired at an average cost of $43.29 per share, with a total value of $432,900.00. Following the acquisition, the insider now owns 47,981 shares in the company, valued at $2,077,097.49. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders acquired 110,000 shares of company stock valued at $4,979,700 over the last 90 days. Corporate insiders own 41.50% of the company’s stock.

Global Partners Price Performance

Global Partners stock opened at $45.95 on Friday. Global Partners LP has a 52-week low of $27.07 and a 52-week high of $50.85. The firm has a fifty day moving average of $46.28 and a 200-day moving average of $45.28. The firm has a market capitalization of $1.56 billion, a P/E ratio of 17.08 and a beta of 1.36. The company has a quick ratio of 0.76, a current ratio of 1.17 and a debt-to-equity ratio of 2.23.

Global Partners (NYSE:GLP) last released its quarterly earnings data on Wednesday, May 8th. The energy company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.47). Global Partners had a return on equity of 18.45% and a net margin of 0.71%. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $5.22 billion. As a group, analysts predict that Global Partners LP will post 3.11 EPS for the current year.

Global Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Thursday, May 9th were given a $0.71 dividend. The ex-dividend date was Wednesday, May 8th. This represents a $2.84 annualized dividend and a dividend yield of 6.18%. This is a positive change from Global Partners’s previous quarterly dividend of $0.70. Global Partners’s dividend payout ratio is presently 105.58%.

Global Partners Profile

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.