American Money Management LLC Sells 400 Shares of Texas Pacific Land Corporation (NYSE:TPL)

Key Points

• American Money Management LLC reduced its stake in Texas Pacific Land Corporation by 3.4% to own a total of 11,244 shares, worth approximately $14.9 million.
• Texas Pacific Land Corporation recently reported earnings per share of $5.05 for the quarter, missing expectations, with revenue of $187.54 million against analyst estimates of $198 million.
• The company declared a quarterly dividend of $1.60 per share, with the annualized dividend totaling $6.40 and a yield of 0.7%.

American Money Management LLC decreased its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,244 shares of the financial services provider's stock after selling 400 shares during the period. Texas Pacific Land makes up 2.8% of American Money Management LLC's holdings, making the stock its 8th biggest holding. American Money Management LLC's holdings in Texas Pacific Land were worth $14,898,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of TPL. Vanguard Group Inc. raised its holdings in shares of Texas Pacific Land by 4.9% during the first quarter. Vanguard Group Inc. now owns 2,466,123 shares of the financial services provider's stock valued at $3,267,588,000 after purchasing an additional 115,743 shares during the period. GAMMA Investing LLC raised its holdings in shares of Texas Pacific Land by 241,048.0% during the first quarter. GAMMA Investing LLC now owns 361,722 shares of the financial services provider's stock valued at $479,278,000 after purchasing an additional 361,572 shares during the period. Northern Trust Corp raised its holdings in shares of Texas Pacific Land by 21.8% during the fourth quarter. Northern Trust Corp now owns 224,768 shares of the financial services provider's stock valued at $248,584,000 after purchasing an additional 40,185 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Texas Pacific Land by 2.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 183,485 shares of the financial services provider's stock valued at $243,116,000 after purchasing an additional 3,850 shares during the period. Finally, Schwartz Investment Counsel Inc. raised its holdings in shares of Texas Pacific Land by 0.4% during the first quarter. Schwartz Investment Counsel Inc. now owns 150,823 shares of the financial services provider's stock valued at $199,839,000 after purchasing an additional 642 shares during the period. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Trading Up 3.1%

Shares of NYSE TPL opened at $883.75 on Thursday. The firm's 50-day moving average price is $1,016.59 and its 200-day moving average price is $1,208.43. Texas Pacific Land Corporation has a 1-year low of $766.51 and a 1-year high of $1,769.14. The firm has a market capitalization of $20.32 billion, a P/E ratio of 44.06 and a beta of 1.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share for the quarter, missing the consensus estimate of $5.48 by ($0.43). Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%. The company had revenue of $187.54 million for the quarter, compared to analyst estimates of $198.00 million.

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $1.60 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $6.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land's dividend payout ratio is currently 31.90%.

About Texas Pacific Land

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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