SVB Wealth LLC Makes New Investment in Global Partners LP (NYSE:GLP)

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

Several other hedge funds have also modified their holdings of GLP. Proficio Capital Partners LLC lifted its holdings in Global Partners by 4,555.0% during the 4th quarter. Proficio Capital Partners LLC now owns 5,818,750 shares of the energy company’s stock worth $270,863,000 after buying an additional 5,693,750 shares in the last quarter. Infrastructure Capital Advisors LLC raised its position in shares of Global Partners by 57.7% during the third quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock worth $6,572,000 after acquiring an additional 51,630 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Global Partners by 9,171.6% during the third quarter. JPMorgan Chase & Co. now owns 70,464 shares of the energy company’s stock valued at $3,281,000 after acquiring an additional 69,704 shares during the period. ING Groep NV bought a new position in Global Partners in the fourth quarter valued at about $1,536,000. Finally, Stifel Financial Corp boosted its holdings in Global Partners by 7.3% in the third quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock valued at $1,478,000 after acquiring an additional 2,166 shares during the last quarter. 38.12% of the stock is owned by institutional investors.

Global Partners Price Performance

GLP opened at $54.72 on Thursday. The company has a fifty day moving average price of $53.26 and a two-hundred day moving average price of $49.65. The firm has a market capitalization of $1.86 billion, a PE ratio of 16.53 and a beta of 1.47. Global Partners LP has a 52 week low of $37.00 and a 52 week high of $60.00. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.64 and a current ratio of 1.14.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Monday, February 10th were issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date was Monday, February 10th. This is an increase from Global Partners’s previous quarterly dividend of $0.73. Global Partners’s dividend payout ratio is currently 122.31%.

Wall Street Analyst Weigh In

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

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.