Bar Harbor Wealth Management Sells 347 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Bar Harbor Wealth Management has decreased its holdings in Texas Pacific Land Corporation by 2.2%, selling 347 shares and now holding 15,646 shares worth approximately $16.5 million.
• Multiple institutional investors increased their stakes in Texas Pacific Land, with notable increases from Bessemer Group Inc. (320%) and Harvest Fund Management (338.3%) during the first quarter.
• Texas Pacific Land recently declared a quarterly dividend of $1.60 per share, representing a 0.7% yield and a payout ratio of 31.90%.

Bar Harbor Wealth Management decreased its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 2.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,646 shares of the financial services provider's stock after selling 347 shares during the quarter. Texas Pacific Land makes up approximately 1.1% of Bar Harbor Wealth Management's portfolio, making the stock its 26th largest holding. Bar Harbor Wealth Management owned 0.07% of Texas Pacific Land worth $16,528,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. AustralianSuper Pty Ltd increased its position in Texas Pacific Land by 4.8% during the first quarter. AustralianSuper Pty Ltd now owns 8,591 shares of the financial services provider's stock worth $11,383,000 after acquiring an additional 391 shares during the period. Bessemer Group Inc. increased its position in Texas Pacific Land by 320.0% during the first quarter. Bessemer Group Inc. now owns 105 shares of the financial services provider's stock worth $139,000 after acquiring an additional 80 shares during the period. Golden State Wealth Management LLC increased its position in Texas Pacific Land by 110.0% during 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 period. Harvest Fund Management Co. Ltd increased its position in Texas Pacific Land by 338.3% during the first quarter. Harvest Fund Management Co. Ltd now owns 526 shares of the financial services provider's stock worth $696,000 after acquiring an additional 406 shares during the period. Finally, Edgestream Partners L.P. bought a new position in Texas Pacific Land during the first quarter worth $4,368,000. Institutional investors own 59.94% of the company's stock.

Insiders Place Their Bets

In other Texas Pacific Land news, Director Eric L. Oliver purchased 100 shares of the firm's stock in a transaction on Thursday, August 21st. The shares were purchased at an average price of $881.27 per share, for a total transaction of $88,127.00. Following the completion of the purchase, the director directly owned 393,600 shares of the company's stock, valued at approximately $346,867,872. This represents a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.90% of the stock is owned by corporate insiders.

Texas Pacific Land Price Performance

TPL opened at $951.39 on Thursday. Texas Pacific Land Corporation has a fifty-two week low of $845.56 and a fifty-two week high of $1,769.14. The firm's fifty day moving average price is $919.71 and its two-hundred day moving average price is $1,092.29. The company has a market capitalization of $21.86 billion, a P/E ratio of 47.43 and a beta of 1.12.

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

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $1.60 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land's payout ratio is currently 31.90%.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Saturday, September 27th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold".

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.

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