Bank of Nova Scotia Sells 560 Shares of Texas Pacific Land Corporation (NYSE:TPL)

Bank of Nova Scotia lessened its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 24.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,757 shares of the financial services provider's stock after selling 560 shares during the quarter. Bank of Nova Scotia's holdings in Texas Pacific Land were worth $2,328,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Bessemer Group Inc. increased its position in Texas Pacific Land by 108.3% during the 4th quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock valued at $28,000 after buying an additional 13 shares in the last quarter. Golden State Wealth Management LLC grew its stake in shares of Texas Pacific Land by 110.0% in the first quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock worth $28,000 after acquiring an additional 11 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Texas Pacific Land by 42.1% during the first quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 8 shares in the last quarter. GW&K Investment Management LLC raised its position in shares of Texas Pacific Land by 237.5% in the 1st quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock worth $36,000 after purchasing an additional 19 shares during the last quarter. Finally, IMA Advisory Services Inc. purchased a new position in shares of Texas Pacific Land in the 1st quarter worth about $36,000. Institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

TPL stock traded down $3.87 during trading on Friday, hitting $863.59. 160,188 shares of the stock traded hands, compared to its average volume of 138,554. The stock has a market cap of $19.85 billion, a price-to-earnings ratio of 43.05 and a beta of 1.14. Texas Pacific Land Corporation has a 1 year low of $766.51 and a 1 year high of $1,769.14. The firm's 50 day moving average is $1,036.62 and its two-hundred day moving average is $1,223.18.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $5.05 EPS for the quarter, missing the consensus estimate of $5.48 by ($0.43). The business had revenue of $187.54 million during the quarter, compared to the consensus estimate of $198.00 million. Texas Pacific Land had a return on equity of 40.85% and a net margin of 62.16%.

Texas Pacific Land Announces Dividend

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

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.