PNC Financial Services Group Inc. Acquires 102,667 Shares of Texas Pacific Land Corporation $TPL

Key Points

• PNC Financial Services Group increased its stake in Texas Pacific Land by 203.5% in the fourth quarter, adding 102,667 shares and bringing its total to 153,125 shares valued at about $44.0 million.
• Several other institutional investors also significantly boosted their holdings, and institutions now own 59.94% of Texas Pacific Land’s stock.
• Texas Pacific Land reported quarterly EPS of $2.07, topping estimates, and announced a $0.60 quarterly dividend to be paid June 15, equivalent to a 0.6% annual yield.

PNC Financial Services Group Inc. boosted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 203.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 153,125 shares of the financial services provider's stock after acquiring an additional 102,667 shares during the quarter. PNC Financial Services Group Inc. owned 0.22% of Texas Pacific Land worth $43,981,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in TPL. Vanguard Group Inc. grew its holdings in Texas Pacific Land by 192.8% during the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock worth $2,170,512,000 after acquiring an additional 4,975,738 shares during the last quarter. Pacific Heights Asset Management LLC boosted its stake in shares of Texas Pacific Land by 235.1% in the 4th quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider's stock valued at $178,076,000 after purchasing an additional 435,000 shares during the last quarter. Schwartz Investment Counsel Inc. boosted its stake in shares of Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock valued at $136,459,000 after purchasing an additional 321,683 shares during the last quarter. UBS Group AG boosted its stake in shares of Texas Pacific Land by 232.4% in the 4th quarter. UBS Group AG now owns 456,034 shares of the financial services provider's stock valued at $130,982,000 after purchasing an additional 318,842 shares during the last quarter. Finally, York GP Ltd. boosted its stake in shares of Texas Pacific Land by 195.1% in the 4th quarter. York GP Ltd. now owns 270,600 shares of the financial services provider's stock valued at $77,722,000 after purchasing an additional 178,900 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Texas Pacific Land news, Director Donna E. Epps acquired 895 shares of the company's stock in a transaction on Wednesday, February 25th. The shares were purchased at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the purchase, the director owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. This represents a 44.18% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephanie Buffington sold 1,608 shares of the firm's stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 6.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Wall Street Zen raised shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. KeyCorp upped their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research note on Monday, February 23rd. Zacks Research raised shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $639.00.

Texas Pacific Land Stock Down 1.2%

Texas Pacific Land stock opened at $397.60 on Friday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The firm's fifty day moving average is $449.80 and its 200 day moving average is $386.95. The company has a market capitalization of $27.42 billion, a PE ratio of 54.47 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The company had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Sell-side analysts expect that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land's dividend payout ratio (DPR) is 32.88%.

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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