Raymond James Financial Inc. Makes New Investment in Global Partners LP (NYSE:GLP)

Raymond James Financial Inc. bought a new stake in shares of Global Partners LP (NYSE:GLP - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 139,850 shares of the energy company's stock, valued at approximately $6,510,000. Raymond James Financial Inc. owned about 0.41% of Global Partners at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. US Bancorp DE raised its holdings in Global Partners by 54.1% in the fourth quarter. US Bancorp DE now owns 1,425 shares of the energy company's stock valued at $66,000 after acquiring an additional 500 shares in the last quarter. Albert D Mason Inc. raised its stake in shares of Global Partners by 11.8% in the 4th quarter. Albert D Mason Inc. now owns 5,440 shares of the energy company's stock valued at $253,000 after purchasing an additional 575 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Global Partners by 7.3% during the third quarter. Stifel Financial Corp now owns 31,750 shares of the energy company's stock worth $1,478,000 after purchasing an additional 2,166 shares during the last quarter. SVB Wealth LLC acquired a new position in Global Partners in the fourth quarter worth about $330,000. Finally, ING Groep NV bought a new stake in Global Partners in the fourth quarter valued at about $1,536,000. Institutional investors and hedge funds own 38.12% of the company's stock.

Insider Buying and Selling at Global Partners

In related news, COO Mark Romaine sold 2,195 shares of the firm's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $54.06, for a total value of $118,661.70. Following the sale, the chief operating officer now directly owns 156,198 shares in the company, valued at $8,444,063.88. This trade represents a 1.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 41.50% of the stock is currently owned by company insiders.

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Wall Street Analyst Weigh In

Separately, Stifel Nicolaus downgraded Global Partners from a "buy" rating to a "hold" rating and increased their target price for the stock from $54.00 to $56.00 in a report on Tuesday, March 4th.

Global Partners Stock Performance

GLP stock traded up $0.68 during trading on Thursday, hitting $54.13. 32,053 shares of the company's stock traded hands, compared to its average volume of 93,366. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 16.35 and a beta of 1.53. Global Partners LP has a 52 week low of $37.00 and a 52 week high of $60.00. The stock has a fifty day moving average price of $55.32 and a two-hundred day moving average price of $50.83. The company has a quick ratio of 0.64, a current ratio of 1.14 and a debt-to-equity ratio of 2.41.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Monday, February 10th were given a $0.74 dividend. The ex-dividend date was Monday, February 10th. This is an increase from Global Partners's previous quarterly dividend of $0.73. This represents a $2.96 annualized dividend and a yield of 5.47%. Global Partners's dividend payout ratio (DPR) is currently 122.31%.

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.