Rockland Trust Co. Buys 1,704 Shares of Texas Pacific Land Corporation $TPL

Rockland Trust Co. lifted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 231.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,439 shares of the financial services provider’s stock after purchasing an additional 1,704 shares during the period. Rockland Trust Co.’s holdings in Texas Pacific Land were worth $701,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Texas Pacific Land by 39.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock valued at $2,570,000 after purchasing an additional 545 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Texas Pacific Land by 74.1% during the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock valued at $1,211,000 after purchasing an additional 389 shares during the period. Woodline Partners LP increased its position in Texas Pacific Land by 40.8% in the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock worth $2,109,000 after buying an additional 461 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Texas Pacific Land by 4.5% in the second quarter. Russell Investments Group Ltd. now owns 10,312 shares of the financial services provider’s stock valued at $10,894,000 after buying an additional 447 shares during the period. Finally, Choreo LLC raised its stake in shares of Texas Pacific Land by 7.3% in the second quarter. Choreo LLC now owns 440 shares of the financial services provider’s stock valued at $465,000 after buying an additional 30 shares during the period. Institutional investors own 59.94% of the company’s stock.

Insider Transactions at Texas Pacific Land

In related news, Director Donna E. Epps purchased 895 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The shares were purchased at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the transaction, the director directly owned 2,921 shares in the company, valued at approximately $1,491,024.45. This represents a 44.18% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.90% of the stock is owned by insiders.

Texas Pacific Land Price Performance

Shares of TPL stock opened at $438.96 on Thursday. The stock has a market capitalization of $30.26 billion, a price-to-earnings ratio of 62.92 and a beta of 0.76. The company’s fifty day simple moving average is $460.12 and its two-hundred day simple moving average is $360.38. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.06. The firm had revenue of $211.60 million during the quarter, compared to analyst estimates of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.

Texas Pacific Land Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a $0.60 dividend. The ex-dividend date was Monday, March 2nd. This represents a $2.40 annualized dividend and a yield of 0.5%. This is an increase from Texas Pacific Land’s previous quarterly dividend of $0.53. Texas Pacific Land’s dividend payout ratio is 34.38%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a research note on Friday, March 27th. KeyCorp boosted their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Finally, Zacks Research upgraded shares of Texas Pacific Land to a “hold” rating in a research report on Wednesday, December 3rd. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.