Principal Financial Group Inc. Lowers Holdings in Texas Pacific Land Corporation (NYSE:TPL)

Principal Financial Group Inc. reduced its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 1.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,438 shares of the financial services provider's stock after selling 423 shares during the period. Principal Financial Group Inc. owned 0.11% of Texas Pacific Land worth $32,380,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TPL. Golden State Wealth Management LLC increased its position in shares of Texas Pacific Land by 110.0% during the first quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 11 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Texas Pacific Land by 108.3% during the fourth quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 13 shares during the last quarter. Assetmark Inc. acquired a new stake in shares of Texas Pacific Land during the fourth quarter valued at about $29,000. Atala Financial Inc acquired a new stake in shares of Texas Pacific Land during the fourth quarter valued at about $31,000. Finally, MassMutual Private Wealth & Trust FSB increased its position in shares of Texas Pacific Land by 175.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 33 shares of the financial services provider's stock valued at $44,000 after acquiring an additional 21 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Down 0.6%

Shares of TPL traded down $5.96 during trading on Friday, reaching $1,045.07. 109,702 shares of the company traded hands, compared to its average volume of 147,313. Texas Pacific Land Corporation has a twelve month low of $736.75 and a twelve month high of $1,769.14. The stock has a market cap of $24.03 billion, a PE ratio of 52.28 and a beta of 1.08. The stock has a 50-day simple moving average of $1,173.20 and a 200-day simple moving average of $1,260.19.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). Texas Pacific Land had a net margin of 63.24% and a return on equity of 40.04%. The company had revenue of $195.98 million for the quarter, compared to analyst estimates of $211.00 million.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend was Monday, June 2nd. Texas Pacific Land's payout ratio is 32.02%.

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.