Public Employees Retirement System of Ohio Sells 374 Shares of Texas Pacific Land Co. (NYSE:TPL)

Public Employees Retirement System of Ohio cut its stake in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 5.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,506 shares of the financial services provider's stock after selling 374 shares during the period. Public Employees Retirement System of Ohio's holdings in Texas Pacific Land were worth $7,195,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Texas Pacific Land by 12.5% in the 4th quarter. Vanguard Group Inc. now owns 2,350,380 shares of the financial services provider's stock worth $2,599,426,000 after buying an additional 260,278 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Texas Pacific Land by 34.5% in the 4th quarter. Geode Capital Management LLC now owns 622,115 shares of the financial services provider's stock worth $693,023,000 after buying an additional 159,597 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Texas Pacific Land by 203.4% in the 4th quarter. Invesco Ltd. now owns 299,578 shares of the financial services provider's stock worth $331,321,000 after buying an additional 200,841 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Texas Pacific Land by 21.8% in the 4th quarter. Northern Trust Corp now owns 224,768 shares of the financial services provider's stock worth $248,584,000 after buying an additional 40,185 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Texas Pacific Land by 31.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 179,635 shares of the financial services provider's stock worth $198,669,000 after buying an additional 43,217 shares in the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Texas Pacific Land

In other news, VP Micheal W. Dobbs sold 1,150 shares of Texas Pacific Land stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the completion of the sale, the vice president now directly owns 1,393 shares of the company's stock, valued at approximately $1,771,227.36. This trade represents a 45.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Chris Steddum sold 214 shares of Texas Pacific Land stock in a transaction on Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total value of $281,193.86. Following the completion of the sale, the chief financial officer now directly owns 3,502 shares of the company's stock, valued at $4,601,592.98. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders acquired 165 shares of company stock valued at $217,572 in the last three months. Corporate insiders own 6.50% of the company's stock.

Texas Pacific Land Price Performance

Shares of TPL traded down $82.31 during mid-day trading on Friday, reaching $1,116.02. The company had a trading volume of 371,578 shares, compared to its average volume of 159,871. Texas Pacific Land Co. has a twelve month low of $578.56 and a twelve month high of $1,769.14. The company's 50-day moving average is $1,292.19 and its 200-day moving average is $1,320.60. The company has a market capitalization of $25.65 billion, a P/E ratio of 56.59 and a beta of 1.20.

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 for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%. The business 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 declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 0.57%. Texas Pacific Land's dividend payout ratio is 32.02%.

Texas Pacific Land Company 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.