M&T Bank Corp Raises Stock Position in Texas Pacific Land Corporation $TPL

M&T Bank Corp grew its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 20,072.4% during the fourth quarter, Holdings Channel reports. The firm owned 155,529 shares of the financial services provider’s stock after purchasing an additional 154,758 shares during the quarter. M&T Bank Corp’s holdings in Texas Pacific Land were worth $44,671,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Quarry LP purchased a new stake in Texas Pacific Land during the third quarter worth about $29,000. CX Institutional purchased a new stake in Texas Pacific Land during the third quarter worth about $30,000. Silicon Valley Capital Partners purchased a new stake in Texas Pacific Land during the third quarter worth about $33,000. Triumph Capital Management purchased a new stake in Texas Pacific Land during the third quarter worth about $36,000. Finally, Versant Capital Management Inc increased its stake in Texas Pacific Land by 75.0% during the third quarter. Versant Capital Management Inc now owns 42 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 18 shares during the period. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

Shares of Texas Pacific Land stock opened at $439.99 on Thursday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company has a market cap of $30.33 billion, a PE ratio of 63.07 and a beta of 0.76. The business has a 50-day simple moving average of $481.52 and a 200-day simple moving average of $372.90.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data 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. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The business had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. On average, sell-side analysts predict that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Increases Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a research note on Friday, March 27th. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. KeyCorp boosted their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Finally, Zacks Research raised Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $639.00.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, Director Donna E. Epps purchased 895 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was purchased at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director directly owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This trade represents a 44.18% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares of the company’s stock, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.90% of the company’s stock.

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.