PNC Financial Services Group Inc. Lowers Position in Suburban Propane Partners, L.P. (NYSE:SPH)

PNC Financial Services Group Inc. lessened its holdings in shares of Suburban Propane Partners, L.P. (NYSE:SPH) by 66.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,535 shares of the energy company’s stock after selling 36,523 shares during the period. PNC Financial Services Group Inc.’s holdings in Suburban Propane Partners were worth $329,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SPH. AdvisorNet Financial Inc grew its position in shares of Suburban Propane Partners by 16.5% in the fourth quarter. AdvisorNet Financial Inc now owns 4,162 shares of the energy company’s stock valued at $74,000 after purchasing an additional 591 shares during the last quarter. Spirit of America Management Corp NY acquired a new stake in Suburban Propane Partners in the fourth quarter valued at approximately $178,000. Avantax Advisory Services Inc. acquired a new stake in Suburban Propane Partners during the 4th quarter valued at $318,000. Koshinski Asset Management Inc. increased its position in shares of Suburban Propane Partners by 100.0% during the fourth quarter. Koshinski Asset Management Inc. now owns 22,000 shares of the energy company’s stock worth $391,000 after acquiring an additional 11,000 shares during the last quarter. Finally, Citigroup Inc. increased its holdings in Suburban Propane Partners by 12,343.1% during the 3rd quarter. Citigroup Inc. now owns 31,481 shares of the energy company’s stock worth $505,000 after purchasing an additional 31,228 shares during the last quarter. 30.94% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Harold R. Logan, Jr. sold 3,000 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $19.18, for a total value of $57,540.00. Following the completion of the sale, the director now owns 39,515 shares in the company, valued at $757,897.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Suburban Propane Partners Stock Up 1.5 %

Suburban Propane Partners stock opened at $18.99 on Friday. Suburban Propane Partners, L.P. has a 52 week low of $14.42 and a 52 week high of $22.33. The company has a current ratio of 0.88, a quick ratio of 0.65 and a debt-to-equity ratio of 1.89. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 11.24 and a beta of 0.46. The company’s 50-day moving average price is $19.57 and its two-hundred day moving average price is $19.45.

Suburban Propane Partners (NYSE:SPH) last released its earnings results on Thursday, May 9th. The energy company reported $1.72 earnings per share (EPS) for the quarter. Suburban Propane Partners had a return on equity of 18.91% and a net margin of 8.02%. The firm had revenue of $498.09 million for the quarter.

Suburban Propane Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 14th. Stockholders of record on Tuesday, May 7th were given a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 6.85%. The ex-dividend date was Monday, May 6th. Suburban Propane Partners’s dividend payout ratio (DPR) is presently 76.92%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SPH. Argus upped their target price on shares of Suburban Propane Partners from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, June 10th. StockNews.com raised shares of Suburban Propane Partners from a “hold” rating to a “buy” rating in a report on Friday, June 21st.

Suburban Propane Partners Profile

Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, renewable propane, fuel oil, and refined fuels in the United States. The company operates through four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other.