Bank of America Corp DE Purchases 1,738,351 Shares of Plains GP Holdings, L.P. $PAGP

Bank of America Corp DE grew its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 86.3% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 3,752,707 shares of the pipeline company’s stock after acquiring an additional 1,738,351 shares during the period. Bank of America Corp DE’s holdings in Plains GP were worth $91,116,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Larson Financial Group LLC bought a new position in Plains GP during the third quarter worth about $46,000. North Star Investment Management Corp. acquired a new position in Plains GP in the first quarter valued at about $56,000. Lazard Asset Management LLC increased its holdings in shares of 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 acquiring an additional 811 shares in the last quarter. O Domhnaill Enterprises Inc. bought a new stake in shares of Plains GP in the first quarter worth about $66,000. Finally, Virtus Advisers LLC raised its position in shares of Plains GP by 46.5% during the fourth 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 period. Institutional investors own 88.30% of the company’s stock.

Plains GP Stock Performance

Shares of Plains GP stock opened at $24.74 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a market cap of $4.90 billion, a price-to-earnings ratio of 46.68 and a beta of 0.46. The stock’s 50-day moving average is $24.85 and its 200-day moving average is $23.65. Plains GP Holdings, L.P. has a one year low of $16.68 and a one year high of $26.77.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $0.4175 dividend. The ex-dividend date is Friday, July 31st. This represents a $1.67 annualized dividend and a yield of 6.8%. Plains GP’s payout ratio is presently 172.16%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PAGP shares. Truist Financial lifted their price objective on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Barclays increased their target price on Plains GP from $21.00 to $23.00 and gave the stock an “underweight” rating in a research note on Thursday, July 16th. Mizuho raised their target price on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Wells Fargo & Company lifted their price target on shares of Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Finally, The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and upped their price target for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $23.36.

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.