Spirit of America Management Corp NY Sells 63,000 Shares of Plains All American Pipeline, L.P. $PAA

Key Points

• Spirit of America Management Corp NY reduced its holdings in Plains All American Pipeline by 19.0%, selling 63,000 shares during the second quarter, now holding 269,300 shares worth approximately $4.93 million.
• Plains All American Pipeline announced a quarterly dividend of $0.38 per share, with a yearly yield of 9.5% and a dividend payout ratio of 172.73%.
• Analysts have given Plains All American Pipeline an average rating of "Hold" with a target price of $20.73, reflecting varied expectations with some firms providing ratings ranging from Strong Buy to Sell.

Spirit of America Management Corp NY reduced its position in Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 19.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 269,300 shares of the pipeline company's stock after selling 63,000 shares during the period. Plains All American Pipeline accounts for about 1.0% of Spirit of America Management Corp NY's portfolio, making the stock its 28th largest position. Spirit of America Management Corp NY's holdings in Plains All American Pipeline were worth $4,934,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PAA. BROOKFIELD Corp ON boosted its holdings in shares of Plains All American Pipeline by 50.2% in the 1st quarter. BROOKFIELD Corp ON now owns 5,698,359 shares of the pipeline company's stock valued at $113,967,000 after buying an additional 1,904,261 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Plains All American Pipeline by 6.4% in the 1st quarter. Invesco Ltd. now owns 29,599,382 shares of the pipeline company's stock valued at $591,988,000 after buying an additional 1,771,452 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Plains All American Pipeline by 7.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 21,144,687 shares of the pipeline company's stock valued at $422,894,000 after buying an additional 1,524,185 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Plains All American Pipeline by 7.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,463,963 shares of the pipeline company's stock valued at $329,279,000 after buying an additional 1,166,369 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Plains All American Pipeline by 32.0% in the 1st quarter. BNP Paribas Financial Markets now owns 2,659,047 shares of the pipeline company's stock valued at $53,181,000 after buying an additional 645,001 shares in the last quarter. 41.78% of the stock is currently owned by institutional investors.

Plains All American Pipeline Stock Performance

Shares of Plains All American Pipeline stock opened at $15.92 on Friday. The firm has a market capitalization of $11.20 billion, a P/E ratio of 21.81 and a beta of 0.72. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. The company has a 50 day moving average price of $17.19 and a 200 day moving average price of $17.53. Plains All American Pipeline, L.P. has a 52 week low of $15.57 and a 52 week high of $21.00.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last announced its quarterly earnings data on Friday, August 8th. The pipeline company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. The firm's revenue was down 16.6% on a year-over-year basis. During the same period last year, the company posted $0.31 earnings per share. Sell-side analysts expect that Plains All American Pipeline, L.P. will post 1.52 EPS for the current year.

Plains All American Pipeline Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 9.5%. Plains All American Pipeline's dividend payout ratio (DPR) is currently 172.73%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Scotiabank restated an "outperform" rating on shares of Plains All American Pipeline in a report on Monday, September 8th. UBS Group set a $25.00 price target on shares of Plains All American Pipeline and gave the company a "buy" rating in a report on Tuesday, July 15th. Zacks Research upgraded shares of Plains All American Pipeline to a "hold" rating in a report on Monday, August 11th. Citigroup set a $18.00 price target on shares of Plains All American Pipeline and gave the company a "neutral" rating in a report on Friday, August 8th. Finally, Morgan Stanley decreased their price objective on shares of Plains All American Pipeline from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $20.73.

Plains All American Pipeline Profile

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and on barges or railcars.

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