Bridges Investment Management Inc. Lowers Stock Position in Texas Pacific Land Corporation (NYSE:TPL)

Bridges Investment Management Inc. cut its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 62.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,147 shares of the financial services provider's stock after selling 5,266 shares during the period. Bridges Investment Management Inc.'s holdings in Texas Pacific Land were worth $4,170,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Huntington National Bank boosted its holdings in Texas Pacific Land by 2.8% during the fourth quarter. Huntington National Bank now owns 333 shares of the financial services provider's stock worth $368,000 after purchasing an additional 9 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its holdings 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 valued at $103,000 after acquiring an additional 9 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Texas Pacific Land by 0.4% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 2,093 shares of the financial services provider's stock valued at $2,773,000 after acquiring an additional 9 shares during the last quarter. Signaturefd LLC lifted its holdings in Texas Pacific Land by 11.1% during the fourth quarter. Signaturefd LLC now owns 100 shares of the financial services provider's stock worth $111,000 after acquiring an additional 10 shares during the period. Finally, CVA Family Office LLC lifted its holdings in Texas Pacific Land by 9.5% during the first quarter. CVA Family Office LLC now owns 115 shares of the financial services provider's stock worth $152,000 after acquiring an additional 10 shares during the period. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

NYSE:TPL traded up $2.92 during trading on Thursday, reaching $1,050.47. The company's stock had a trading volume of 47,423 shares, compared to its average volume of 146,813. Texas Pacific Land Corporation has a 12 month low of $736.75 and a 12 month high of $1,769.14. The firm has a market cap of $24.15 billion, a price-to-earnings ratio of 52.58 and a beta of 1.08. The firm has a 50 day moving average of $1,184.49 and a 200-day moving average of $1,261.61.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued 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). Texas Pacific Land had a return on equity of 40.04% and a net margin of 63.24%. The company had revenue of $195.98 million during the quarter, compared to analysts' expectations of $211.00 million.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 0.61%. The ex-dividend date was Monday, June 2nd. Texas Pacific Land's dividend payout ratio (DPR) is presently 32.02%.

Texas Pacific Land 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.