Crossmark Global Holdings Inc. Grows Position in Texas Pacific Land Corporation $TPL

Key Points

• Crossmark Global Holdings increased its stake in Texas Pacific Land by 409.4% in the fourth quarter, bringing its holdings to 3,377 shares valued at about $970,000.
• Texas Pacific Land reported better-than-expected quarterly earnings of $2.07 per share on revenue of $236.8 million, while maintaining a strong net margin of 60.03%.
• The company also announced a quarterly dividend of $0.60 per share, payable June 15, and analysts currently hold a Moderate Buy consensus with a target price of $639.

Crossmark Global Holdings Inc. grew its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 409.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,377 shares of the financial services provider's stock after acquiring an additional 2,714 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Texas Pacific Land were worth $970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of TPL. MassMutual Private Wealth & Trust FSB increased its position in Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock worth $25,000 after purchasing an additional 69 shares during the last quarter. Quarry LP purchased a new stake in Texas Pacific Land during the third quarter valued at $29,000. CX Institutional bought a new position in Texas Pacific Land during the third quarter valued at $30,000. Eagle Bay Advisors LLC bought a new position in Texas Pacific Land during the fourth quarter valued at $31,000. Finally, Silicon Valley Capital Partners purchased a new position in shares of Texas Pacific Land in the 3rd quarter worth $33,000. 59.94% of the stock is currently owned by institutional investors.

Insider Transactions at Texas Pacific Land

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

Texas Pacific Land Stock Down 3.6%

NYSE TPL opened at $387.09 on Thursday. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The firm has a market capitalization of $26.70 billion, a price-to-earnings ratio of 53.03 and a beta of 0.66. The company has a fifty day moving average of $466.04 and a two-hundred day moving average of $383.46.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.04. The business had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Equities research analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land's dividend payout ratio is 32.88%.

Analyst Ratings Changes

TPL has been the topic of a number of research reports. KeyCorp boosted their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. Weiss Ratings raised shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Finally, Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.

Want to see what other hedge funds are holding TPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Texas Pacific Land Corporation (NYSE:TPL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.