TIAA Trust National Association Sells 308 Shares of Texas Pacific Land Corporation $TPL

TIAA Trust National Association lowered its position in Texas Pacific Land Corporation (NYSE:TPL) by 2.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,103 shares of the financial services provider’s stock after selling 308 shares during the period. TIAA Trust National Association’s holdings in Texas Pacific Land were worth $11,729,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hemington Wealth Management grew its stake in Texas Pacific Land by 66.7% in the first quarter. Hemington Wealth Management now owns 20 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 8 shares during the period. Zions Bancorporation National Association UT bought a new stake in shares of Texas Pacific Land during the 1st quarter valued at $28,000. Allworth Financial LP grew its position in shares of Texas Pacific Land by 42.1% in the 1st quarter. Allworth Financial LP now owns 27 shares of the financial services provider’s stock worth $36,000 after buying an additional 8 shares during the period. GW&K Investment Management LLC increased its stake in shares of Texas Pacific Land by 237.5% in the 1st quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 19 shares in the last quarter. Finally, IMA Advisory Services Inc. bought a new position in shares of Texas Pacific Land in the 1st quarter worth about $36,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $946.05 on Monday. Texas Pacific Land Corporation has a 1 year low of $845.56 and a 1 year high of $1,769.14. The firm’s 50-day moving average is $926.55 and its 200 day moving average is $1,048.48. The stock has a market cap of $21.74 billion, a price-to-earnings ratio of 47.16 and a beta of 1.12.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.48 by ($0.43). The firm had revenue of $187.54 million during the quarter, compared to analysts’ expectations of $198.00 million. Texas Pacific Land had a return on equity of 39.47% and a net margin of 62.16%.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd were given a $1.60 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $6.40 annualized dividend and a yield of 0.7%. Texas Pacific Land’s dividend payout ratio is 31.90%.

Insider Buying and Selling

In other Texas Pacific Land news, Director Eric L. Oliver bought 100 shares of Texas Pacific Land stock in a transaction on Thursday, August 21st. The stock was acquired at an average price of $881.27 per share, with a total value of $88,127.00. Following the acquisition, the director owned 393,600 shares in the company, valued at approximately $346,867,872. This trade represents a 0.03% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 6.90% of the company’s stock.

Wall Street Analyst Weigh In

TPL has been the subject of a number of recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a research report on Tuesday, October 14th. Tudor Pickering upgraded shares of Texas Pacific Land to a “strong sell” rating in a report on Tuesday, October 21st. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

Texas Pacific Land Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.