Raymond James Financial Inc. Purchases Shares of 658,475 Plains All American Pipeline, L.P. (NYSE:PAA)

Raymond James Financial Inc. acquired a new position in shares of Plains All American Pipeline, L.P. (NYSE:PAA) during the 4th quarter, Holdings Channel reports. The fund acquired 658,475 shares of the pipeline company’s stock, valued at approximately $11,247,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in shares of Plains All American Pipeline by 58.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,221,571 shares of the pipeline company’s stock valued at $125,439,000 after purchasing an additional 2,677,951 shares during the last quarter. ING Groep NV raised its holdings in Plains All American Pipeline by 194.5% during the 4th quarter. ING Groep NV now owns 3,892,637 shares of the pipeline company’s stock valued at $66,486,000 after buying an additional 2,570,700 shares during the period. Citigroup Inc. lifted its position in Plains All American Pipeline by 48.9% in the third quarter. Citigroup Inc. now owns 3,428,897 shares of the pipeline company’s stock worth $59,560,000 after buying an additional 1,125,386 shares during the last quarter. Kovitz Investment Group Partners LLC purchased a new position in Plains All American Pipeline during the third quarter worth $11,634,000. Finally, FMR LLC increased its position in Plains All American Pipeline by 91.1% during the third quarter. FMR LLC now owns 600,282 shares of the pipeline company’s stock valued at $10,427,000 after acquiring an additional 286,222 shares during the last quarter. 41.78% of the stock is currently owned by institutional investors.

Plains All American Pipeline Stock Performance

Shares of Plains All American Pipeline stock opened at $20.24 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64. The stock’s fifty day moving average price is $19.91 and its 200-day moving average price is $18.33. The firm has a market cap of $14.24 billion, a P/E ratio of 27.73 and a beta of 1.62. Plains All American Pipeline, L.P. has a 12 month low of $16.21 and a 12 month high of $21.00.

Plains All American Pipeline Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.38 dividend. The ex-dividend date was Friday, January 31st. This represents a $1.52 annualized dividend and a dividend yield of 7.51%. This is a positive change from Plains All American Pipeline’s previous quarterly dividend of $0.32. Plains All American Pipeline’s payout ratio is currently 208.22%.

Wall Street Analyst Weigh In

PAA has been the topic of several analyst reports. Scotiabank cut their price target on shares of Plains All American Pipeline from $23.00 to $22.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Wolfe Research raised Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research note on Friday, January 10th. Wells Fargo & Company downgraded Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $22.00 to $20.00 in a report on Wednesday, December 18th. Raymond James raised their price target on Plains All American Pipeline from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 28th. Finally, Barclays upped their price objective on Plains All American Pipeline from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Thursday, January 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Plains All American Pipeline currently has an average rating of “Hold” and an average price target of $19.92.

About Plains All American Pipeline

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and on barges or railcars.