Zions Bancorporation Sells 1,890 Shares of TC Pipelines, LP (TCP)

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Zions Bancorporation trimmed its position in shares of TC Pipelines, LP (NYSE:TCP) by 22.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 6,528 shares of the pipeline company’s stock after selling 1,890 shares during the quarter. Zions Bancorporation’s holdings in TC Pipelines were worth $198,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Wells Fargo & Company MN raised its holdings in shares of TC Pipelines by 45.4% during the third quarter. Wells Fargo & Company MN now owns 81,875 shares of the pipeline company’s stock worth $2,483,000 after acquiring an additional 25,578 shares in the last quarter. Kaizen Advisory LLC purchased a new stake in shares of TC Pipelines during the third quarter worth $955,000. Albert D Mason Inc. raised its holdings in shares of TC Pipelines by 9.8% during the third quarter. Albert D Mason Inc. now owns 57,701 shares of the pipeline company’s stock worth $1,750,000 after acquiring an additional 5,142 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of TC Pipelines during the third quarter worth $370,000. Finally, Alps Advisors Inc. raised its holdings in shares of TC Pipelines by 6.3% during the third quarter. Alps Advisors Inc. now owns 4,784,815 shares of the pipeline company’s stock worth $145,123,000 after acquiring an additional 284,533 shares in the last quarter. Institutional investors and hedge funds own 59.72% of the company’s stock.

TC Pipelines stock opened at $30.23 on Wednesday. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.23 and a current ratio of 1.33. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 9.57 and a beta of 1.09. TC Pipelines, LP has a one year low of $22.64 and a one year high of $57.08.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Friday, November 2nd will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 8.60%. The ex-dividend date of this dividend is Thursday, November 1st. TC Pipelines’s payout ratio is 82.28%.

Several equities analysts have commented on the stock. Zacks Investment Research raised shares of TC Pipelines from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Friday, September 28th. Citigroup increased their target price on shares of TC Pipelines from $27.50 to $33.00 and gave the stock a “hold” rating in a research report on Tuesday, July 31st. Goldman Sachs Group assumed coverage on shares of TC Pipelines in a research report on Monday, October 8th. They set a “sell” rating and a $23.00 target price on the stock. Morgan Stanley set a $35.00 target price on shares of TC Pipelines and gave the stock a “sell” rating in a research report on Friday, October 19th. Finally, Barclays set a $31.00 target price on shares of TC Pipelines and gave the stock a “sell” rating in a research report on Saturday, October 13th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $42.80.

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About TC Pipelines

TC PipeLines, LP acquires, owns, and participates in the management of energy infrastructure businesses in North America. The company has interests in eight natural gas interstate pipeline systems that transport approximately 10.4 billion cubic feet per day of natural gas from producing regions and import facilities to market hubs and consuming markets primarily in the Western, Midwestern, and Eastern United States.

See Also: No Load Funds

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Institutional Ownership by Quarter for TC Pipelines (NYSE:TCP)

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