New York State Teachers Retirement System Increases Holdings in Texas Pacific Land Corporation $TPL

Key Points

• The New York State Teachers Retirement System increased its holdings in Texas Pacific Land Corporation by 2.3% in the second quarter, now owning approximately 0.06% of the company, valued at $14.25 million.
• Texas Pacific Land's quarterly earnings missed the consensus estimate, reporting $5.05 earnings per share versus the expected $5.48, with revenue at $187.54 million, falling short of projections.
• The company declared a quarterly dividend of $1.60, resulting in a 0.7% dividend yield and an annual payout ratio of 31.90%.

New York State Teachers Retirement System grew its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 2.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 13,491 shares of the financial services provider's stock after buying an additional 302 shares during the quarter. New York State Teachers Retirement System owned approximately 0.06% of Texas Pacific Land worth $14,252,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Hemington Wealth Management raised its holdings in shares of Texas Pacific Land by 66.7% during the first quarter. Hemington Wealth Management now owns 20 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 8 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in Texas Pacific Land by 110.0% in the 1st quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock worth $28,000 after purchasing an additional 11 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Texas Pacific Land in the 1st quarter worth about $28,000. Allworth Financial LP boosted its stake in shares of Texas Pacific Land by 42.1% during the 1st 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. Finally, GW&K Investment Management LLC increased its position in shares of Texas Pacific Land by 237.5% during the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock valued at $36,000 after buying an additional 19 shares during the period. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Price Performance

NYSE:TPL opened at $937.81 on Friday. The firm's 50-day moving average price is $917.75 and its 200-day moving average price is $1,069.49. The company has a market capitalization of $21.55 billion, a PE ratio of 46.75 and a beta of 1.12. Texas Pacific Land Corporation has a 1-year low of $845.56 and a 1-year high of $1,769.14.

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

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were paid a $1.60 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $6.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land's payout ratio is currently 31.90%.

Insider Buying and Selling at Texas Pacific Land

In other Texas Pacific Land news, Director Eric L. Oliver purchased 100 shares of the stock in a transaction dated Thursday, August 21st. The shares were purchased at an average cost of $881.27 per share, with a total value of $88,127.00. Following the completion of the acquisition, the director directly owned 393,600 shares in the company, valued at $346,867,872. This trade represents a 0.03% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a "hold (c)" rating on shares of Texas Pacific Land in a report on Tuesday, October 14th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, Texas Pacific Land has an average rating of "Hold".

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.

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