Wells Fargo & Company MN Sells 10,397 Shares of Global Partners LP (NYSE:GLP)

Wells Fargo & Company MN reduced its stake in shares of Global Partners LP (NYSE:GLP - Free Report) by 11.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 76,767 shares of the energy company's stock after selling 10,397 shares during the quarter. Wells Fargo & Company MN owned about 0.23% of Global Partners worth $3,574,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. US Bancorp DE raised its position in Global Partners by 54.1% in the 4th quarter. US Bancorp DE now owns 1,425 shares of the energy company's stock worth $66,000 after purchasing an additional 500 shares during the period. Albert D Mason Inc. raised its holdings in shares of Global Partners by 11.8% in the fourth quarter. Albert D Mason Inc. now owns 5,440 shares of the energy company's stock worth $253,000 after buying an additional 575 shares during the period. Virtu Financial LLC purchased a new stake in shares of Global Partners in the fourth quarter worth approximately $288,000. SVB Wealth LLC bought a new stake in shares of Global Partners during the 4th quarter worth approximately $330,000. Finally, BBR Partners LLC purchased a new position in Global Partners during the 4th quarter valued at $337,000. 38.12% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Global Partners news, COO Mark Romaine sold 2,195 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $54.06, for a total transaction of $118,661.70. Following the transaction, the chief operating officer now directly owns 156,198 shares in the company, valued at $8,444,063.88. This represents a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 41.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

Global Partners Trading Down 2.0 %

Global Partners stock traded down $1.05 during trading hours on Friday, hitting $51.58. The company had a trading volume of 17,040 shares, compared to its average volume of 78,292. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.64 and a current ratio of 1.14. The firm has a market cap of $1.75 billion, a P/E ratio of 15.58 and a beta of 1.16. The company has a 50-day moving average price of $53.29 and a two-hundred day moving average price of $51.61. Global Partners LP has a 1 year low of $37.00 and a 1 year high of $60.00.

Global Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Friday, May 9th will be issued a $0.745 dividend. This is a positive change from Global Partners's previous quarterly dividend of $0.74. This represents a $2.98 dividend on an annualized basis and a dividend yield of 5.78%. Global Partners's payout ratio is presently 122.31%.

About Global Partners

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.