Texas Pacific Land Co. (NYSE:TPL) Position Lessened by Comerica Bank

Comerica Bank lowered its position in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 45.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund 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 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Bessemer Group Inc. raised its stake in shares of Texas Pacific Land by 108.3% during the fourth quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 13 shares in the last quarter. Assetmark Inc. bought a new stake in shares of Texas Pacific Land during the 4th quarter worth about $29,000. Atala Financial Inc acquired a new stake in shares of Texas Pacific Land in the 4th quarter worth approximately $31,000. TD Waterhouse Canada Inc. boosted its holdings in shares of Texas Pacific Land by 45.5% in the fourth quarter. TD Waterhouse Canada Inc. now owns 48 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 15 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Texas Pacific Land during the fourth quarter valued at approximately $66,000. Institutional investors and hedge funds own 59.94% of the company's stock.

Insider Transactions at Texas Pacific Land

In related news, VP Micheal W. Dobbs sold 1,150 shares of the company's stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the transaction, the vice president now directly owns 1,393 shares of the company's stock, valued at approximately $1,771,227.36. The trade was a 45.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Chris Steddum sold 214 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total value of $281,193.86. Following the completion of the sale, the chief financial officer now directly owns 3,502 shares of the company's stock, valued at approximately $4,601,592.98. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have purchased 99 shares of company stock valued at $129,320 over the last three months. Company insiders own 6.50% of the company's stock.

Texas Pacific Land Stock Up 2.4%

NYSE TPL traded up $31.09 on Monday, reaching $1,332.49. 23,121 shares of the stock traded hands, compared to its average volume of 155,024. Texas Pacific Land Co. has a 12 month low of $578.56 and a 12 month high of $1,769.14. The company has a market cap of $30.63 billion, a price-to-earnings ratio of 67.49 and a beta of 1.20. The firm's fifty day simple moving average is $1,298.70 and its 200 day simple moving average is $1,313.63.

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

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given 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 is Monday, June 2nd. Texas Pacific Land's dividend payout ratio (DPR) is presently 32.02%.

Texas Pacific Land 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.