Comerica Bank Decreases Holdings in Texas Pacific Land Co. (NYSE:TPL)

Comerica Bank decreased its holdings in Texas Pacific Land Co. (NYSE:TPL) by 45.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,770 shares of the financial services provider’s stock after selling 3,092 shares during the period. Comerica Bank’s holdings in Texas Pacific Land were worth $4,170,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in TPL. JPMorgan Chase & Co. raised its holdings in Texas Pacific Land by 19.9% during the 4th quarter. JPMorgan Chase & Co. now owns 40,670 shares of the financial services provider’s stock valued at $44,979,000 after buying an additional 6,747 shares during the last quarter. Miracle Mile Advisors LLC bought a new position in shares of Texas Pacific Land during the fourth quarter valued at about $8,545,000. Brave Asset Management Inc. boosted its holdings in shares of Texas Pacific Land by 87.1% during the fourth quarter. Brave Asset Management Inc. now owns 537 shares of the financial services provider’s stock worth $594,000 after purchasing an additional 250 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Texas Pacific Land by 12.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 16,502 shares of the financial services provider’s stock worth $18,251,000 after purchasing an additional 1,891 shares during the last quarter. Finally, Fisher Asset Management LLC purchased a new position in Texas Pacific Land during the 4th quarter valued at about $380,000. Institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Performance

NYSE TPL opened at $1,341.30 on Wednesday. The stock has a market cap of $30.83 billion, a P/E ratio of 68.02 and a beta of 1.20. Texas Pacific Land Co. has a fifty-two week low of $562.04 and a fifty-two week high of $1,769.14. The stock has a 50 day simple moving average of $1,303.10 and a two-hundred day simple moving average of $1,307.34.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $5.14 EPS for the quarter. The company had revenue of $185.78 million during the quarter. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend was Monday, March 3rd. Texas Pacific Land’s payout ratio is 32.45%.

Insider Buying and Selling

In related news, VP Micheal W. Dobbs sold 1,150 shares of Texas Pacific Land stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the completion of the transaction, the vice president now directly owns 1,393 shares of the company’s stock, valued at $1,771,227.36. This trade represents a 45.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Chris Steddum sold 214 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the sale, the chief financial officer now directly owns 3,502 shares in the company, valued at $4,601,592.98. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders purchased a total of 98 shares of company stock valued at $128,084 over the last three months. Corporate insiders own 6.50% of the company’s stock.

About Texas Pacific Land

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.