Fifth Third Bancorp Grows Stock Position in Texas Pacific Land Corporation $TPL

Key Points

• Fifth Third Bancorp sharply increased its stake in Texas Pacific Land, boosting holdings by 1,593.8% in the first quarter to 8,452 shares valued at about $4.0 million.
• Texas Pacific Land reported better-than-expected quarterly results, with EPS of $2.07 versus estimates of $2.03 and revenue of $236.8 million versus expectations of $233.0 million.
• The company paid a quarterly dividend of $0.60 per share, while insider activity included CFO Chris Steddum selling 3,170 shares in a pre-arranged trading plan.

Fifth Third Bancorp raised its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 1,593.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,452 shares of the financial services provider's stock after purchasing an additional 7,953 shares during the quarter. Fifth Third Bancorp's holdings in Texas Pacific Land were worth $4,011,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in TPL. EverSource Wealth Advisors LLC increased its holdings in Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock valued at $72,000 after acquiring an additional 12 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Texas Pacific Land by 1.1% in the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider's stock valued at $1,782,000 after purchasing an additional 20 shares during the last quarter. Larson Financial Group LLC grew its position in Texas Pacific Land by 5.4% during the third quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider's stock valued at $383,000 after acquiring an additional 21 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Texas Pacific Land by 1.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider's stock worth $1,789,000 after buying an additional 24 shares during the period. Finally, Van ECK Associates Corp increased its holdings in Texas Pacific Land by 0.5% in the 3rd quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider's stock valued at $4,374,000 after purchasing an additional 24 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

TPL opened at $415.88 on Friday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company has a market capitalization of $28.68 billion, a PE ratio of 56.97 and a beta of 0.58. The stock's fifty day moving average is $392.52 and its 200-day moving average is $412.05.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate of $2.03 by $0.04. The business had revenue of $236.80 million during the quarter, compared to analysts' expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. On average, equities research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

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

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. The trade was a 19.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company's stock.

Wall Street Analyst Weigh In

TPL has been the topic of several analyst reports. 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 lowered Texas Pacific Land from a "hold" rating to a "strong sell" rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $639.00.

Texas Pacific Land Company 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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