Comerica Bank Has $2.32 Million Stake in Texas Pacific Land Corporation $TPL

Key Points

• Comerica Bank boosted its stake in Texas Pacific Land by 152.6% in Q4, owning 8,087 shares worth $2.323 million after adding 4,886 shares during the quarter.
• Texas Pacific Land reported a quarterly EPS beat ($1.79 vs. $1.73) and revenue of $211.6M, and also raised its quarterly dividend to $0.60 (annualized $2.40, yield ~0.6%).
• Analysts have an average price target of $639 for TPL and institutional investors own about 59.94% of the stock, while recent insider activity included both a director buy and a CAO sale.

Comerica Bank boosted its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 152.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,087 shares of the financial services provider's stock after acquiring an additional 4,886 shares during the quarter. Comerica Bank's holdings in Texas Pacific Land were worth $2,323,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bar Harbor Wealth Management raised its stake in Texas Pacific Land by 195.1% in the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider's stock valued at $10,591,000 after buying an additional 24,379 shares during the period. Stratos Wealth Partners LTD. boosted its stake in shares of Texas Pacific Land by 212.9% during the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider's stock worth $5,231,000 after acquiring an additional 12,390 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Texas Pacific Land by 192.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider's stock worth $38,410,000 after acquiring an additional 88,053 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Texas Pacific Land by 187.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 37,764 shares of the financial services provider's stock worth $11,095,000 after acquiring an additional 24,629 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in Texas Pacific Land by 200.6% in the 4th quarter. Nordea Investment Management AB now owns 3,024 shares of the financial services provider's stock valued at $873,000 after acquiring an additional 2,018 shares during the period. Institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

TPL stock opened at $430.78 on Wednesday. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The stock has a market capitalization of $29.70 billion, a price-to-earnings ratio of 61.75 and a beta of 0.66. The business's fifty day moving average price is $480.17 and its two-hundred day moving average price is $379.66.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. The company had revenue of $211.60 million during the quarter, compared to analysts' expectations of $204.00 million. Research analysts expect that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a $0.60 dividend. The ex-dividend date was Monday, March 2nd. This is an increase from Texas Pacific Land's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land's dividend payout ratio (DPR) is 34.38%.

Insider Transactions at Texas Pacific Land

In other news, Director Donna E. Epps acquired 895 shares of Texas Pacific Land stock in a transaction on Wednesday, February 25th. The shares were purchased at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the purchase, the director directly owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. This represents a 44.18% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.90% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on TPL shares. Wall Street Zen raised shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. KeyCorp increased their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. Zacks Research upgraded shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. Finally, Weiss Ratings raised shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $639.00.

About Texas Pacific Land

Texas Pacific Land Corporation NYSE: TPL is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company's origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company's primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.

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