Principal Financial Group Inc. Has $32.38 Million Stock Position in Texas Pacific Land Corporation (NYSE:TPL)

Principal Financial Group Inc. lowered its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 1.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,438 shares of the financial services provider's stock after selling 423 shares during the quarter. Principal Financial Group Inc. owned 0.11% of Texas Pacific Land worth $32,380,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in shares of Texas Pacific Land by 19.9% during the 4th quarter. JPMorgan Chase & Co. now owns 40,670 shares of the financial services provider's stock worth $44,979,000 after acquiring an additional 6,747 shares during the period. Toronto Dominion Bank boosted its stake in shares of Texas Pacific Land by 173.6% during the 4th quarter. Toronto Dominion Bank now owns 6,364 shares of the financial services provider's stock worth $7,038,000 after acquiring an additional 4,038 shares during the period. Spring Capital Management LLC bought a new position in shares of Texas Pacific Land during the 1st quarter worth approximately $5,008,000. ProShare Advisors LLC boosted its stake in shares of Texas Pacific Land by 347.0% during the 4th quarter. ProShare Advisors LLC now owns 3,670 shares of the financial services provider's stock worth $4,059,000 after acquiring an additional 2,849 shares during the period. Finally, Golden State Wealth Management LLC boosted its stake in shares of 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 worth $28,000 after acquiring an additional 11 shares during the period. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Price Performance

TPL traded up $11.71 during trading on Tuesday, hitting $1,045.63. The stock had a trading volume of 144,414 shares, compared to its average volume of 134,214. The company has a 50 day moving average price of $1,194.99 and a 200-day moving average price of $1,264.63. The firm has a market cap of $24.04 billion, a price-to-earnings ratio of 52.31 and a beta of 1.08. Texas Pacific Land Corporation has a one year low of $736.75 and a one year high of $1,769.14.

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

Texas Pacific Land Announces Dividend

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