First Manhattan CO. LLC. Acquires 675,682 Shares of Texas Pacific Land Corporation $TPL

First Manhattan CO. LLC. lifted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 200.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,013,363 shares of the financial services provider’s stock after buying an additional 675,682 shares during the quarter. Texas Pacific Land accounts for about 0.8% of First Manhattan CO. LLC.’s investment portfolio, making the stock its 28th largest holding. First Manhattan CO. LLC.’s holdings in Texas Pacific Land were worth $291,058,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Horizon Kinetics Asset Management LLC grew its holdings in Texas Pacific Land by 194.9% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after acquiring an additional 6,829,070 shares during the last quarter. Vanguard Group Inc. grew its holdings in Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after acquiring an additional 4,975,738 shares during the last quarter. State Street Corp grew its holdings in Texas Pacific Land by 206.8% in the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after acquiring an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC grew its holdings in Texas Pacific Land by 203.7% in the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after acquiring an additional 1,179,788 shares during the last quarter. Finally, SoftVest Advisors LLC grew its holdings in Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after acquiring an additional 787,200 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the sale, the chief financial officer directly owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company’s stock.

Texas Pacific Land Trading Down 0.4%

NYSE:TPL opened at $354.75 on Thursday. The company has a 50-day moving average price of $404.86 and a 200-day moving average price of $396.79. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The stock has a market cap of $24.47 billion, a price-to-earnings ratio of 48.60 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL) last posted 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 firm had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Equities analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is currently 32.88%.

Analysts Set New Price Targets

A number of brokerages have issued reports on TPL. Zacks Research lowered shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. KeyCorp raised their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Finally, Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. 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 company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $639.00.

Texas Pacific Land 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.