Daiwa Securities Group Inc. Increases Stake in Texas Pacific Land Corporation $TPL

Key Points

• Daiwa Securities Group increased its stake in Texas Pacific Land by 200.7% in the fourth quarter, ending with 9,450 shares valued at about $2.7 million.
• Institutional buying was broad-based, with firms like Vanguard, Geode Capital, and UBS also sharply raising their TPL holdings; overall, institutions own 59.94% of the company.
• Texas Pacific Land reported better-than-expected quarterly earnings of $2.07 per share and announced a $0.60 quarterly dividend, while analysts currently rate the stock Hold on average.

Daiwa Securities Group Inc. grew its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 200.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,450 shares of the financial services provider's stock after acquiring an additional 6,307 shares during the quarter. Daiwa Securities Group Inc.'s holdings in Texas Pacific Land were worth $2,714,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in TPL. Vanguard Group Inc. increased its stake in Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock worth $2,170,512,000 after buying an additional 4,975,738 shares during the period. Geode Capital Management LLC increased its stake in Texas Pacific Land by 203.7% in the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock worth $503,581,000 after buying an additional 1,179,788 shares during the period. Pacific Heights Asset Management LLC increased its stake in Texas Pacific Land by 235.1% in the 4th quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider's stock worth $178,076,000 after buying an additional 435,000 shares during the period. Schwartz Investment Counsel Inc. increased its stake in Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock worth $136,459,000 after buying an additional 321,683 shares during the period. Finally, UBS Group AG increased its stake in Texas Pacific Land by 232.4% in the 4th quarter. UBS Group AG now owns 456,034 shares of the financial services provider's stock worth $130,982,000 after buying an additional 318,842 shares during the period. Hedge funds and other institutional investors own 59.94% of the company's stock.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the firm's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the sale, the chief financial officer directly owned 12,040 shares in the company, valued at approximately $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on TPL shares. Weiss Ratings raised shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. Zacks Research downgraded shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 1st. Wall Street Zen raised shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. Finally, KeyCorp raised their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Texas Pacific Land currently has a consensus rating of "Hold" and an average price target of $639.00.

Texas Pacific Land Stock Performance

NYSE TPL opened at $381.58 on Wednesday. The company has a market capitalization of $26.32 billion, a price-to-earnings ratio of 52.27 and a beta of 0.61. The company's 50-day simple moving average is $415.23 and its two-hundred day simple moving average is $393.63. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The business had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. Equities analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

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

Texas Pacific Land Profile

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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