Fiduciary Trust Co decreased its holdings in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 27.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,500 shares of the financial services provider's stock after selling 570 shares during the quarter. Fiduciary Trust Co's holdings in Texas Pacific Land were worth $1,659,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Barclays PLC raised its holdings in Texas Pacific Land by 6.1% in the third quarter. Barclays PLC now owns 19,892 shares of the financial services provider's stock worth $17,600,000 after purchasing an additional 1,152 shares during the period. Franklin Resources Inc. raised its holdings in shares of Texas Pacific Land by 74.0% during the third quarter. Franklin Resources Inc. now owns 14,367 shares of the financial services provider's stock worth $12,711,000 after acquiring an additional 6,109 shares during the period. Czech National Bank bought a new stake in Texas Pacific Land in the 4th quarter valued at $4,518,000. Wedmont Private Capital boosted its stake in Texas Pacific Land by 16.8% in the 4th quarter. Wedmont Private Capital now owns 243 shares of the financial services provider's stock worth $269,000 after purchasing an additional 35 shares during the period. Finally, Miracle Mile Advisors LLC bought a new position in shares of Texas Pacific Land during the fourth quarter worth about $8,545,000. Institutional investors and hedge funds own 59.94% of the company's stock.
Texas Pacific Land Trading Up 1.4%
Shares of NYSE TPL traded up $19.96 during midday trading on Wednesday, reaching $1,398.60. The company's stock had a trading volume of 131,226 shares, compared to its average volume of 155,798. The stock has a 50 day simple moving average of $1,299.71 and a 200-day simple moving average of $1,315.79. Texas Pacific Land Co. has a fifty-two week low of $578.56 and a fifty-two week high of $1,769.14. The stock has a market capitalization of $32.15 billion, a price-to-earnings ratio of 70.92 and a beta of 1.20.
Texas Pacific Land (NYSE:TPL - Get Free Report) last released its earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). The company had revenue of $195.98 million during 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 Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, June 2nd. Texas Pacific Land's dividend payout ratio (DPR) is presently 32.02%.
Insider Buying and Selling
In other Texas Pacific Land news, VP Micheal W. Dobbs sold 1,150 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Chris Steddum sold 214 shares of the firm's stock in a transaction that occurred on 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 sale, the chief financial officer now owns 3,502 shares of the company's stock, valued at $4,601,592.98. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 104 shares of company stock worth $135,964. Company insiders own 6.50% of the company's stock.
About Texas Pacific Land
(
Free Report)
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.
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