CIBC Bancorp USA Inc. Makes New Investment in Plains GP Holdings, L.P. $PAGP

CIBC Bancorp USA Inc. purchased a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 527,904 shares of the pipeline company’s stock, valued at approximately $9,629,000. CIBC Bancorp USA Inc. owned 0.27% of Plains GP as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PAGP. Royal Bank of Canada grew its position in shares of Plains GP by 6.1% during the first quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company’s stock worth $10,003,000 after buying an additional 26,952 shares in the last quarter. ProShare Advisors LLC raised its stake in Plains GP by 13.9% during the second quarter. ProShare Advisors LLC now owns 15,037 shares of the pipeline company’s stock valued at $292,000 after buying an additional 1,834 shares in the last quarter. Allworth Financial LP lifted its holdings in Plains GP by 43.2% during the 2nd quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company’s stock worth $68,000 after buying an additional 1,051 shares during the last quarter. Legal & General Group Plc grew its position in shares of Plains GP by 1.5% in the 2nd quarter. Legal & General Group Plc now owns 207,126 shares of the pipeline company’s stock worth $4,024,000 after acquiring an additional 3,106 shares in the last quarter. Finally, Bahl & Gaynor Inc. increased its holdings in shares of Plains GP by 9.6% in the 2nd quarter. Bahl & Gaynor Inc. now owns 1,046,498 shares of the pipeline company’s stock valued at $20,333,000 after acquiring an additional 92,087 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Plains GP Trading Down 0.2%

Shares of PAGP stock opened at $23.67 on Friday. Plains GP Holdings, L.P. has a 12-month low of $16.60 and a 12-month high of $24.04. The firm has a 50 day moving average price of $21.75 and a two-hundred day moving average price of $19.48. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $4.68 billion, a PE ratio of 44.66 and a beta of 0.56.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a dividend of $0.4175 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.67 annualized dividend and a yield of 7.1%. Plains GP’s dividend payout ratio is currently 129.46%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PAGP. Wells Fargo & Company raised their target price on shares of Plains GP from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, March 13th. Citigroup lifted their price target on Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, February 10th. Stifel Nicolaus raised their target price on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Barclays increased their target price on shares of Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a research report on Monday, February 9th. Finally, Mizuho set a $23.00 price target on Plains GP in a research note on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $21.44.

About Plains GP

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.