Roberts Glore & Co. Inc. IL bought a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,867 shares of the financial services provider’s stock, valued at approximately $817,000.
Several other hedge funds also recently modified their holdings of TPL. Bank of America Corp DE boosted its position in shares of Texas Pacific Land by 143.0% in the 1st quarter. Bank of America Corp DE now owns 264,740 shares of the financial services provider’s stock worth $125,635,000 after purchasing an additional 155,781 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in Texas Pacific Land by 200.7% in the fourth quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock valued at $2,714,000 after purchasing an additional 6,307 shares during the last quarter. New York State Teachers Retirement System lifted its stake in Texas Pacific Land by 184.1% in the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock valued at $11,156,000 after buying an additional 25,170 shares during the period. Schwartz Investment Counsel Inc. lifted its stake in Texas Pacific Land by 209.7% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after buying an additional 321,683 shares during the period. Finally, Comerica Bank boosted its holdings in Texas Pacific Land by 152.6% during the fourth quarter. Comerica Bank now owns 8,087 shares of the financial services provider’s stock worth $2,323,000 after buying an additional 4,886 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.
Insider Activity
In related news, CFO Chris Steddum sold 830 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the sale, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. This trade represents 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 owned by corporate insiders.
Wall Street Analysts Forecast Growth
Get Our Latest Report on Texas Pacific Land
Texas Pacific Land Trading Down 0.1%
NYSE:TPL opened at $373.09 on Wednesday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The stock has a market cap of $25.73 billion, a price-to-earnings ratio of 47.55 and a beta of 0.60. The stock has a 50-day moving average price of $388.56 and a two-hundred day moving average price of $423.95.
Texas Pacific Land (NYSE:TPL – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping analysts’ consensus estimates of $2.18 by $0.05. The company had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. Sell-side analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.
Texas Pacific Land Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio is currently 30.57%.
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.
Featured Articles
- Five stocks we like better than Texas Pacific Land
- Pathward’s Credit Scare Tests Its Comeback Story
- Wiring the AI Boom: Rumble’s $13.7B Pivot
- StoneX: Too Far Too Fast?
- DICK’s Sporting Goods Faces Pain Now for a Bigger Prize
Receive News & Ratings for Texas Pacific Land Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Texas Pacific Land and related companies with MarketBeat.com's FREE daily email newsletter.
