SVB Wealth LLC Acquires New Holdings in Global Partners LP (NYSE:GLP)

SVB Wealth LLC bought a new position in Global Partners LP (NYSE:GLP) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 7,080 shares of the energy company’s stock, valued at approximately $330,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLP. Capital Performance Advisors LLP bought a new stake in shares of Global Partners in the 3rd quarter valued at $93,000. Albert D Mason Inc. increased its holdings in shares of Global Partners by 11.8% in the fourth quarter. Albert D Mason Inc. now owns 5,440 shares of the energy company’s stock worth $253,000 after acquiring an additional 575 shares in the last quarter. Stifel Financial Corp increased its holdings in shares of Global Partners by 7.3% in the third quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock worth $1,478,000 after acquiring an additional 2,166 shares in the last quarter. ING Groep NV acquired a new stake in shares of Global Partners during the fourth quarter worth about $1,536,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Global Partners by 9,171.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 70,464 shares of the energy company’s stock valued at $3,281,000 after purchasing an additional 69,704 shares in the last quarter. 38.12% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus downgraded shares of Global Partners from a “buy” rating to a “hold” rating and raised their target price for the stock from $54.00 to $56.00 in a report on Tuesday.

Global Partners Trading Down 1.2 %

GLP opened at $54.72 on Thursday. The stock has a market capitalization of $1.86 billion, a P/E ratio of 16.53 and a beta of 1.47. 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 firm’s fifty day simple moving average is $53.26 and its 200 day simple moving average is $49.65.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 10th were given a dividend of $0.74 per share. This is a boost from Global Partners’s previous quarterly dividend of $0.73. This represents a $2.96 annualized dividend and a dividend yield of 5.41%. The ex-dividend date was Monday, February 10th. Global Partners’s dividend payout ratio is currently 122.31%.

About Global Partners

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.