Bank of America Corp DE Has $91.12 Million Stock Holdings in Plains GP Holdings, L.P. $PAGP

Key Points

• Bank of America significantly increased its Plains GP Holdings position by 86.3% in the first quarter, bringing its holdings to 3.75 million shares valued at approximately $91.1 million, or 1.9% of the company.
• Institutional investors own 88.3% of Plains GP, while analysts maintain a consensus rating of “Hold” with an average price target of $23.36; individual targets range from $23 to $27.
• Plains GP shares opened at $24.74 and recently traded down 2.5%. The company declared a quarterly dividend of $0.4175, equivalent to an annualized $1.67 payout and a 6.8% yield.

Bank of America Corp DE raised its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 86.3% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 3,752,707 shares of the pipeline company's stock after buying an additional 1,738,351 shares during the period. Bank of America Corp DE owned about 1.90% of Plains GP worth $91,116,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. North Star Investment Management Corp. bought a new stake in shares of Plains GP during the first quarter worth $56,000. Larson Financial Group LLC bought a new position in Plains GP in the third quarter valued at about $46,000. O Domhnaill Enterprises Inc. acquired a new stake in Plains GP in the first quarter worth about $66,000. Lazard Asset Management LLC increased its position in Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company's stock worth $58,000 after purchasing an additional 811 shares during the period. Finally, Virtus Advisers LLC raised its holdings in Plains GP by 46.5% during the 4th quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company's stock worth $112,000 after purchasing an additional 1,859 shares during the last quarter. 88.30% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Truist Financial upped their target price on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. US Capital Advisors downgraded shares of Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 29th. The Goldman Sachs Group raised shares of Plains GP from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Mizuho increased their price objective on shares of Plains GP from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Monday, June 8th. Finally, Citigroup raised their price objective on shares of Plains GP from $20.00 to $23.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $23.36.

Plains GP Trading Down 2.5%

NYSE PAGP opened at $24.74 on Friday. Plains GP Holdings, L.P. has a 12 month low of $16.68 and a 12 month high of $26.77. The stock has a 50-day simple moving average of $24.85 and a 200 day simple moving average of $23.65. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $4.90 billion, a PE ratio of 46.68 and a beta of 0.46.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a $0.4175 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.8%. Plains GP's dividend payout ratio is 172.16%.

Plains GP Company Profile

Plains GP Holdings, L.P. NYSE: PAGP serves as the general partner of Plains All American Pipeline, L.P., one of North America's leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company's primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.

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