Bank of New York Mellon Corp Cuts Stock Position in Texas Pacific Land Corporation $TPL

Key Points

• Bank of New York Mellon reduced its Texas Pacific Land position by 4.6% in the second quarter, selling 16,602 shares and retaining 340,777 shares worth approximately $149.1 million. Institutional investors collectively own 59.94% of TPL.
• Analyst sentiment remains cautious: TPL has an average rating of “Hold” and a consensus price target of $639, while ratings range from Buy to Sell. CFO Chris Steddum also sold 3,170 shares under a pre-arranged Rule 10b5-1 plan.
• TPL shares opened at $384.52, with a market capitalization of $26.52 billion. The company recently exceeded quarterly EPS estimates, declared a quarterly dividend of $0.60, and currently offers an annualized yield of approximately 0.6%.

Bank of New York Mellon Corp reduced its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 4.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 340,777 shares of the financial services provider's stock after selling 16,602 shares during the period. Bank of New York Mellon Corp owned about 0.49% of Texas Pacific Land worth $149,137,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TPL. Quarry LP bought a new stake in Texas Pacific Land during the 3rd quarter worth approximately $29,000. Silicon Valley Capital Partners purchased a new stake in shares of Texas Pacific Land in the third quarter worth approximately $33,000. Triumph Capital Management purchased a new position in shares of Texas Pacific Land during the third quarter worth approximately $36,000. MUFG Securities EMEA plc purchased a new position in Texas Pacific Land during the 2nd quarter valued at about $59,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after purchasing an additional 12 shares during the last quarter. Institutional investors own 59.94% of the company's stock.

Insider Buying and Selling

In related news, CFO Chris Steddum sold 3,170 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on TPL. Zacks Research upgraded Texas Pacific Land from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $639.00.

Texas Pacific Land Stock Up 0.2%

Texas Pacific Land stock opened at $384.52 on Monday. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The firm has a market capitalization of $26.52 billion, a price-to-earnings ratio of 49.00 and a beta of 0.60. The company has a fifty day simple moving average of $388.01 and a 200-day simple moving average of $423.50.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share 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%. On average, research analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal 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 issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. 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.

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