Northern Trust Corp Buys New Stake in LandBridge Co LLC (NYSE:LB)

Northern Trust Corp purchased a new stake in shares of LandBridge Co LLC (NYSE:LB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 4,231 shares of the company's stock, valued at approximately $273,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Horizon Kinetics Asset Management LLC boosted its stake in LandBridge by 4.0% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 5,399,275 shares of the company's stock worth $348,793,000 after acquiring an additional 208,408 shares in the last quarter. Hood River Capital Management LLC bought a new stake in LandBridge during the fourth quarter worth about $41,431,000. Vanguard Group Inc. bought a new stake in LandBridge during the fourth quarter worth about $38,480,000. Schwartz Investment Counsel Inc. boosted its stake in LandBridge by 1.0% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 426,568 shares of the company's stock worth $27,556,000 after acquiring an additional 4,400 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in LandBridge during the fourth quarter worth about $20,928,000.

Analyst Ratings Changes

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

Insider Transactions at LandBridge

In related news, Director David N. Capobianco sold 1,900,000 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $75.25, for a total transaction of $142,975,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 70.42% of the company's stock.

LandBridge Stock Performance

Shares of LB traded down $0.41 during mid-day trading on Thursday, hitting $71.91. 316,430 shares of the company traded hands, compared to its average volume of 495,149. LandBridge Co LLC has a 1 year low of $18.75 and a 1 year high of $87.60. The stock has a market cap of $5.26 billion and a price-to-earnings ratio of 20.20. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.73 and a current ratio of 0.73. The stock has a 50-day moving average price of $72.42 and a two-hundred day moving average price of $70.20.

LandBridge Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th will be paid a $0.10 dividend. The ex-dividend date is Thursday, June 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.56%. LandBridge's dividend payout ratio (DPR) is presently 11.24%.

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.