Texas Pacific Land Corporation (NYSE:TPL) Shares Sold by Bridges Investment Management Inc.

Bridges Investment Management Inc. decreased its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 62.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,147 shares of the financial services provider's stock after selling 5,266 shares during the quarter. Bridges Investment Management Inc.'s holdings in Texas Pacific Land were worth $4,170,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Huntington National Bank boosted its stake in shares of Texas Pacific Land by 2.8% in the fourth quarter. Huntington National Bank now owns 333 shares of the financial services provider's stock worth $368,000 after buying an additional 9 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Texas Pacific Land by 13.0% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 78 shares of the financial services provider's stock worth $103,000 after buying an additional 9 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Texas Pacific Land by 0.4% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 2,093 shares of the financial services provider's stock worth $2,773,000 after buying an additional 9 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Texas Pacific Land by 11.1% in the fourth quarter. Signaturefd LLC now owns 100 shares of the financial services provider's stock worth $111,000 after buying an additional 10 shares during the last quarter. Finally, CVA Family Office LLC boosted its stake in shares of Texas Pacific Land by 9.5% in the first quarter. CVA Family Office LLC now owns 115 shares of the financial services provider's stock worth $152,000 after buying an additional 10 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

NYSE TPL traded down $5.96 during trading hours on Friday, reaching $1,045.07. The company's stock had a trading volume of 109,702 shares, compared to its average volume of 147,313. The firm has a market capitalization of $24.03 billion, a price-to-earnings ratio of 52.28 and a beta of 1.08. Texas Pacific Land Corporation has a 1-year low of $736.75 and a 1-year high of $1,769.14. The company's 50-day moving average is $1,173.20 and its two-hundred day moving average is $1,260.19.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). The business had revenue of $195.98 million during the quarter, compared to analyst estimates of $211.00 million. Texas Pacific Land had a return on equity of 40.04% and a net margin of 63.24%.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a $1.60 dividend. The ex-dividend date was Monday, June 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 0.61%. Texas Pacific Land's payout ratio is 32.02%.

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.