Sumitomo Mitsui Trust Group Inc. Has $59.04 Million Stock Holdings in Texas Pacific Land Corporation $TPL

Sumitomo Mitsui Trust Group Inc. decreased its stake in Texas Pacific Land Corporation (NYSE:TPL) by 7.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,402 shares of the financial services provider’s stock after selling 9,329 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Texas Pacific Land were worth $59,036,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB boosted its position in Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 69 shares during the last quarter. Summit Securities Group LLC increased its position in shares of Texas Pacific Land by 171.9% during the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 55 shares during the last quarter. IFP Advisors Inc increased its position in shares of Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 63 shares during the last quarter. Quarry LP bought a new stake in shares of Texas Pacific Land during the 3rd quarter worth approximately $29,000. Finally, Eagle Bay Advisors LLC bought a new stake in shares of Texas Pacific Land during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TPL shares. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Finally, Zacks Research lowered shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $639.00.

Insider Activity

In other news, CFO Chris Steddum sold 830 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the completion of the sale, the chief financial officer owned 12,040 shares in the company, valued at $4,819,973.20. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Texas Pacific Land Stock Up 1.8%

Shares of TPL traded up $6.92 during trading hours on Friday, hitting $397.69. The company had a trading volume of 229,152 shares, compared to its average volume of 418,561. The business has a fifty day moving average of $392.89 and a 200-day moving average of $407.90. The firm has a market cap of $27.43 billion, a price-to-earnings ratio of 54.48 and a beta of 0.58. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. On average, equities analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.60 per share. The ex-dividend date was Monday, June 1st. This represents a $2.40 annualized dividend and a yield of 0.6%. Texas Pacific Land’s dividend payout ratio (DPR) is 32.88%.

About Texas Pacific Land

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.