Global Partners LP (NYSE:GLP) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its stake in Global Partners LP (NYSE:GLP) by 47.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,478 shares of the energy company’s stock after selling 5,740 shares during the period. PNC Financial Services Group Inc.’s holdings in Global Partners were worth $302,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. BBR Partners LLC acquired a new stake in Global Partners in the 4th quarter worth approximately $337,000. Raymond James Financial Inc. acquired a new stake in Global Partners in the 4th quarter worth approximately $6,510,000. NBW Capital LLC acquired a new stake in Global Partners in the 4th quarter worth approximately $2,431,000. US Bancorp DE boosted its stake in Global Partners by 54.1% in the 4th quarter. US Bancorp DE now owns 1,425 shares of the energy company’s stock worth $66,000 after purchasing an additional 500 shares in the last quarter. Finally, SVB Wealth LLC acquired a new stake in Global Partners during the 4th quarter valued at approximately $330,000. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Global Partners Stock Performance

Shares of NYSE GLP opened at $53.24 on Friday. The company has a current ratio of 1.14, a quick ratio of 0.64 and a debt-to-equity ratio of 2.41. Global Partners LP has a 12 month low of $37.00 and a 12 month high of $60.00. The company has a 50 day simple moving average of $55.04 and a two-hundred day simple moving average of $50.52. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 16.08 and a beta of 1.53.

Global Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 10th were paid a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 5.56%. This is a boost from Global Partners’s previous quarterly dividend of $0.73. The ex-dividend date was Monday, February 10th. Global Partners’s payout ratio is presently 122.31%.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus cut shares of Global Partners from a “buy” rating to a “hold” rating and lifted their price objective for the company from $54.00 to $56.00 in a research note on Tuesday, March 4th.

Global Partners Company 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.