Mediolanum International Funds Ltd Acquires 674 Shares of Texas Pacific Land Corporation (NYSE:TPL)

Key Points

• Mediolanum International Funds Ltd has increased its stake in Texas Pacific Land Corporation by 9.6%, bringing its total holdings to 7,707 shares valued at approximately $10.06 million.
• Texas Pacific Land's stock has seen a trading range between $736.75 and $1,769.14 over the past year, with a current market capitalization of $22.51 billion.
• The company recently declared a quarterly dividend of $1.60 per share, yielding 0.65% annually, with a payout ratio of 32.02%.

Mediolanum International Funds Ltd lifted its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 9.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,707 shares of the financial services provider's stock after purchasing an additional 674 shares during the quarter. Mediolanum International Funds Ltd's holdings in Texas Pacific Land were worth $10,063,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bessemer Group Inc. grew its holdings in shares of Texas Pacific Land by 108.3% in the fourth quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 13 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in shares of Texas Pacific Land by 110.0% in the first quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 11 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Texas Pacific Land by 42.1% in the first quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 8 shares in the last quarter. GW&K Investment Management LLC grew its holdings in shares of Texas Pacific Land by 237.5% in the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 19 shares in the last quarter. Finally, IMA Advisory Services Inc. purchased a new position in Texas Pacific Land during the first quarter worth $36,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

NYSE TPL traded down $3.71 on Wednesday, hitting $989.91. 43,570 shares of the stock were exchanged, compared to its average volume of 136,788. The stock has a fifty day moving average price of $1,081.17 and a two-hundred day moving average price of $1,242.70. The firm has a market capitalization of $22.76 billion, a P/E ratio of 49.52 and a beta of 1.08. Texas Pacific Land Corporation has a 52-week low of $736.75 and a 52-week high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $5.24 EPS for the quarter, missing the consensus estimate of $5.27 by ($0.03). The firm had revenue of $195.98 million for the quarter, compared to analysts' expectations of $211.00 million. Texas Pacific Land had a return on equity of 40.04% and a net margin of 63.24%.

Texas Pacific Land Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a dividend of $1.60 per share. The ex-dividend date was Monday, June 2nd. This represents a $6.40 annualized dividend and a dividend yield of 0.65%. Texas Pacific Land's dividend payout ratio (DPR) is 32.02%.

Texas Pacific Land Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.