Bank of America Corp DE Sells 5,895 Shares of Texas Pacific Land Co. (NYSE:TPL)

Bank of America Corp DE cut its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 16.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,598 shares of the financial services provider's stock after selling 5,895 shares during the quarter. Bank of America Corp DE owned 0.13% of Texas Pacific Land worth $32,735,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in Texas Pacific Land by 19.9% in the 4th quarter. JPMorgan Chase & Co. now owns 40,670 shares of the financial services provider's stock worth $44,979,000 after purchasing an additional 6,747 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Texas Pacific Land by 12.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 16,502 shares of the financial services provider's stock worth $18,251,000 after acquiring an additional 1,891 shares in the last quarter. Fisher Asset Management LLC acquired a new position in shares of Texas Pacific Land in the fourth quarter worth $380,000. Atria Wealth Solutions Inc. raised its holdings in shares of Texas Pacific Land by 64.7% during the fourth quarter. Atria Wealth Solutions Inc. now owns 1,069 shares of the financial services provider's stock worth $1,182,000 after acquiring an additional 420 shares in the last quarter. Finally, New York Life Investment Management LLC acquired a new stake in Texas Pacific Land during the fourth quarter valued at $2,796,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Trading Down 1.0%

NYSE TPL traded down $14.30 on Wednesday, reaching $1,356.41. The stock had a trading volume of 59,477 shares, compared to its average volume of 156,438. Texas Pacific Land Co. has a 1 year low of $578.56 and a 1 year high of $1,769.14. The business has a 50 day moving average price of $1,307.61 and a 200 day moving average price of $1,325.11. The company has a market capitalization of $31.18 billion, a price-to-earnings ratio of 68.71 and a beta of 1.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.27 by ($0.03). The firm had revenue of $195.98 million for the quarter, compared to analyst estimates of $211.00 million. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%.

Texas Pacific Land Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 0.47%. The ex-dividend date is Monday, June 2nd. Texas Pacific Land's dividend payout ratio is 32.02%.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 214 shares of the firm'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 transaction, the chief financial officer now directly owns 3,502 shares in the company, valued at $4,601,592.98. This trade represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Micheal W. Dobbs sold 1,150 shares of the business's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the completion of the sale, the vice president now directly owns 1,393 shares of the company's stock, valued at $1,771,227.36. This represents a 45.22% decrease in their position. The disclosure for this sale can be found here. Insiders have acquired a total of 132 shares of company stock worth $175,331 in the last 90 days. 6.50% of the stock is owned by insiders.

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.