Texas Pacific Land Corporation (NYSE:TPL) Shares Bought by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. increased its stake in Texas Pacific Land Corporation by 14.1%, acquiring an additional 6,320 shares, bringing its total to 51,260 shares valued at approximately $67.9 million.
• Texas Pacific Land's recent quarterly earnings showed a miss on estimates, with earnings per share at $5.24 compared to the expected $5.27, alongside revenues of $195.98 million against forecasts of $211 million.
• The company declared a quarterly dividend of $1.60 per share, translating to an annualized payout of $6.40 and a dividend yield of 0.7%.

PNC Financial Services Group Inc. raised its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 14.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,260 shares of the financial services provider's stock after buying an additional 6,320 shares during the quarter. PNC Financial Services Group Inc. owned about 0.22% of Texas Pacific Land worth $67,919,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of TPL. Bessemer Group Inc. boosted its holdings in shares of Texas Pacific Land by 108.3% in the 4th quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock worth $28,000 after purchasing an additional 13 shares during the period. Golden State Wealth Management LLC raised its position in Texas Pacific Land by 110.0% during the 1st 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 raised its position in 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. GW&K Investment Management LLC raised its position in Texas Pacific Land by 237.5% during the 1st 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. bought a new position in shares of Texas Pacific Land in the 1st quarter worth $36,000. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Trading Down 4.7%

Shares of TPL traded down $44.62 during trading hours on Thursday, hitting $906.01. The company had a trading volume of 42,475 shares, compared to its average volume of 136,501. The company has a market capitalization of $20.83 billion, a PE ratio of 45.40 and a beta of 1.14. Texas Pacific Land Corporation has a one year low of $752.70 and a one year high of $1,769.14. The company's fifty day moving average price is $1,043.20 and its two-hundred day moving average price is $1,226.90.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.48 by ($0.43). Texas Pacific Land had a net margin of 63.24% and a return on equity of 40.04%. The business had revenue of $187.54 million for the quarter, compared to analyst estimates of $198.00 million.

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.