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

Bridges Investment Management Inc. cut its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 62.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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.

Several other large investors also recently modified their holdings of TPL. Bessemer Group Inc. grew its stake in shares of Texas Pacific Land by 108.3% during the fourth quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 13 shares in the last quarter. Golden State Wealth Management LLC raised its position in shares of Texas Pacific Land by 110.0% in the 1st quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 11 shares in the last quarter. Assetmark Inc. acquired a new position in shares of Texas Pacific Land in the 4th quarter valued at approximately $29,000. Atala Financial Inc acquired a new position in shares of Texas Pacific Land in the 4th quarter valued at approximately $31,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of Texas Pacific Land by 175.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 33 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 21 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Trading Down 0.6%

TPL stock traded down $5.96 during mid-day trading on Friday, hitting $1,045.07. 109,702 shares of the company were exchanged, compared to its average volume of 147,313. The company has a market capitalization of $24.03 billion, a PE ratio of 52.28 and a beta of 1.08. Texas Pacific Land Corporation has a twelve month low of $736.75 and a twelve month high of $1,769.14. The firm has a fifty day simple moving average of $1,173.20 and a 200 day simple moving average of $1,260.19.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $211.00 million.

Texas Pacific Land Announces Dividend

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