Mitsubishi UFJ Asset Management Co. Ltd. Grows Position in Texas Pacific Land Corporation (NYSE:TPL)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Texas Pacific Land Corporation by 17.4%, acquiring 5,123 shares to hold a total of 34,622 shares valued at approximately $45.87 million.
• Other hedge funds also upped their positions in Texas Pacific Land, with increases up to 237.5% from some investors in the first quarter.
• The company reported an earnings miss, posting an EPS of $5.05 against analysts' expectations of $5.48, alongside a declared quarterly dividend of $1.60 per share.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 17.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,622 shares of the financial services provider's stock after acquiring an additional 5,123 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.15% of Texas Pacific Land worth $45,874,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of TPL. GAMMA Investing LLC raised its holdings in Texas Pacific Land by 241,048.0% in the 1st quarter. GAMMA Investing LLC now owns 361,722 shares of the financial services provider's stock valued at $479,278,000 after buying an additional 361,572 shares during the period. Vanguard Group Inc. raised its holdings in Texas Pacific Land by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 2,466,123 shares of the financial services provider's stock valued at $3,267,588,000 after buying an additional 115,743 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Texas Pacific Land by 943.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 121,055 shares of the financial services provider's stock valued at $133,883,000 after buying an additional 109,455 shares during the period. Northern Trust Corp raised its holdings in Texas Pacific Land by 21.8% in the 4th quarter. Northern Trust Corp now owns 224,768 shares of the financial services provider's stock valued at $248,584,000 after buying an additional 40,185 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Texas Pacific Land in the 4th quarter valued at about $41,303,000. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Trading Up 0.4%

TPL traded up $3.19 on Wednesday, hitting $860.00. The company had a trading volume of 4,681 shares, compared to its average volume of 137,487. The firm has a market cap of $19.77 billion, a P/E ratio of 42.87 and a beta of 1.14. Texas Pacific Land Corporation has a 1 year low of $766.51 and a 1 year high of $1,769.14. The company's fifty day moving average price is $1,021.00 and its 200 day moving average price is $1,210.69.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.48 by ($0.43). The business had revenue of $187.54 million for the quarter, compared to analysts' expectations of $198.00 million. Texas Pacific Land had a return on equity of 39.47% and a net margin of 62.16%.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 2nd. Texas Pacific Land's dividend payout ratio is presently 31.90%.

About Texas Pacific Land

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.