SVB Wealth LLC Sells 6,546 Shares of Global Partners LP $GLP

Key Points

• SVB Wealth LLC has significantly reduced its stake in Global Partners LP by 92.5%, now holding only 534 shares valued at $29,000 after selling 6,546 shares in the first quarter.
• Global Partners recently announced an increased quarterly dividend of $0.75 per share, yielding 5.7%, with a payout ratio of 115.38%.
• Shares of Global Partners were upgraded to a "strong-buy" rating by Zacks Research, with a consensus target price of $56.00.

SVB Wealth LLC decreased its stake in Global Partners LP (NYSE:GLP - Free Report) by 92.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 534 shares of the energy company's stock after selling 6,546 shares during the quarter. SVB Wealth LLC's holdings in Global Partners were worth $29,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. US Bancorp DE raised its holdings in shares of Global Partners by 42.9% during the first quarter. US Bancorp DE now owns 2,037 shares of the energy company's stock valued at $109,000 after acquiring an additional 612 shares during the period. Inspire Advisors LLC acquired a new stake in Global Partners in the first quarter valued at approximately $216,000. Silverberg Bernstein Capital Management LLC bought a new stake in Global Partners in the first quarter worth approximately $222,000. Marcum Wealth LLC bought a new position in shares of Global Partners during the 1st quarter valued at $356,000. Finally, HighTower Advisors LLC raised its stake in shares of Global Partners by 22.3% in the 1st quarter. HighTower Advisors LLC now owns 15,144 shares of the energy company's stock valued at $808,000 after acquiring an additional 2,760 shares in the last quarter. 38.12% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Global Partners news, COO Mark Romaine sold 9,000 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $50.38, for a total value of $453,420.00. Following the completion of the transaction, the chief operating officer directly owned 139,531 shares of the company's stock, valued at approximately $7,029,571.78. The trade was a 6.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 27,000 shares of company stock valued at $1,397,641 in the last three months. Insiders own 41.50% of the company's stock.

Global Partners Stock Performance

Shares of GLP traded down $0.56 on Wednesday, reaching $52.16. 10,446 shares of the stock traded hands, compared to its average volume of 64,913. The stock's 50-day moving average price is $51.61 and its 200-day moving average price is $52.33. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.18 and a quick ratio of 0.70. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of 20.06 and a beta of 0.96. Global Partners LP has a 12 month low of $40.66 and a 12 month high of $60.00.

Global Partners (NYSE:GLP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The energy company reported $0.55 earnings per share for the quarter, missing analysts' consensus estimates of $0.60 by ($0.05). Global Partners had a return on equity of 17.95% and a net margin of 0.64%.The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $5.98 billion. Equities analysts forecast that Global Partners LP will post 2.13 EPS for the current fiscal year.

Global Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 8th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Global Partners's previous quarterly dividend of $0.75. Global Partners's payout ratio is currently 115.38%.

Analyst Ratings Changes

Separately, Zacks Research raised shares of Global Partners to a "strong-buy" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $56.00.

Global Partners 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.