6,456 Shares in LandBridge Company LLC (NYSE:LB) Purchased by Essex Financial Services Inc.

Essex Financial Services Inc. bought a new position in shares of LandBridge Company LLC (NYSE:LB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,456 shares of the company's stock, valued at approximately $464,000.

Other institutional investors have also made changes to their positions in the company. Schwartz Investment Counsel Inc. boosted its holdings in LandBridge by 19.9% in the first quarter. Schwartz Investment Counsel Inc. now owns 511,268 shares of the company's stock valued at $36,781,000 after purchasing an additional 84,700 shares during the last quarter. Childress Capital Advisors LLC acquired a new position in shares of LandBridge in the 1st quarter valued at approximately $583,000. Mad River Investors boosted its stake in shares of LandBridge by 0.3% during the 1st quarter. Mad River Investors now owns 234,253 shares of the company's stock valued at $16,852,000 after buying an additional 801 shares during the last quarter. Canton Hathaway LLC grew its position in shares of LandBridge by 25.2% during the first quarter. Canton Hathaway LLC now owns 4,081 shares of the company's stock worth $294,000 after buying an additional 821 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new stake in shares of LandBridge during the first quarter worth approximately $2,141,000.

LandBridge Stock Performance

Shares of LandBridge stock traded down $2.05 during trading hours on Friday, reaching $65.14. The company's stock had a trading volume of 121,865 shares, compared to its average volume of 478,766. The company's 50 day simple moving average is $73.37 and its 200 day simple moving average is $70.47. The company has a debt-to-equity ratio of 0.60, a quick ratio of 3.70 and a current ratio of 3.70. LandBridge Company LLC has a one year low of $26.03 and a one year high of $87.60. The stock has a market cap of $4.76 billion and a P/E ratio of 18.30.

LandBridge Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.61%. LandBridge's payout ratio is currently 11.24%.

Insider Activity

In other news, Director David N. Capobianco sold 1,900,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $75.25, for a total value of $142,975,000.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 70.42% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of LandBridge from $82.00 to $93.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Johnson Rice lowered shares of LandBridge from a "buy" rating to an "accumulate" rating in a research note on Wednesday, May 21st. The Goldman Sachs Group lifted their price target on LandBridge from $73.00 to $88.00 and gave the stock a "buy" rating in a research note on Wednesday, March 26th. Piper Sandler lowered their price objective on LandBridge from $79.00 to $70.00 and set a "neutral" rating for the company in a report on Friday, March 7th. Finally, Barclays upped their price objective on LandBridge from $79.00 to $80.00 and gave the company an "equal weight" rating in a research note on Friday, March 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.67.

About LandBridge

LandBridge Company LLC owns and manages land and resources to support and enhance oil and natural gas development in the United States. It owns surface acres in and around the Delaware Basin in Texas and New Mexico. The company holds a portfolio of oil and gas royalties. It also sells brackish water and other surface composite materials.