Chevy Chase Trust Holdings LLC Raises Stock Position in Texas Pacific Land Corporation $TPL

Chevy Chase Trust Holdings LLC increased its stake in Texas Pacific Land Corporation (NYSE:TPL) by 0.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,955 shares of the financial services provider’s stock after acquiring an additional 74 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Texas Pacific Land were worth $10,516,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Texas Pacific Land by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 2,466,123 shares of the financial services provider’s stock worth $3,267,588,000 after acquiring an additional 115,743 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Texas Pacific Land by 2.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 183,485 shares of the financial services provider’s stock worth $243,116,000 after purchasing an additional 3,850 shares during the last quarter. Schwartz Investment Counsel Inc. boosted its stake in Texas Pacific Land by 0.4% during the 1st quarter. Schwartz Investment Counsel Inc. now owns 150,823 shares of the financial services provider’s stock worth $199,839,000 after purchasing an additional 642 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Texas Pacific Land by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 126,347 shares of the financial services provider’s stock worth $167,386,000 after purchasing an additional 2,623 shares during the last quarter. Finally, TD Asset Management Inc boosted its stake in Texas Pacific Land by 1,104.4% during the 2nd quarter. TD Asset Management Inc now owns 96,123 shares of the financial services provider’s stock worth $101,543,000 after purchasing an additional 88,142 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Insider Buying and Selling at Texas Pacific Land

In other news, Director Eric L. Oliver purchased 100 shares of the stock in a transaction dated Thursday, August 21st. The shares were purchased at an average price of $881.27 per share, with a total value of $88,127.00. Following the transaction, the director owned 393,600 shares in the company, valued at $346,867,872. The trade was a 0.03% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.90% of the company’s stock.

Texas Pacific Land Trading Down 0.0%

Shares of TPL stock opened at $937.81 on Monday. The company’s 50-day moving average price is $917.75 and its 200-day moving average price is $1,068.39. The stock has a market cap of $21.55 billion, a price-to-earnings ratio of 46.75 and a beta of 1.12. Texas Pacific Land Corporation has a twelve month low of $845.56 and a twelve month high of $1,769.14.

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

Texas Pacific Land Announces Dividend

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of “Hold”.

Texas Pacific Land Company 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.