Sequoia Financial Advisors LLC Trims Stock Position in Texas Pacific Land Corporation (NYSE:TPL)

Sequoia Financial Advisors LLC lowered its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 98.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 222 shares of the financial services provider's stock after selling 14,914 shares during the period. Sequoia Financial Advisors LLC's holdings in Texas Pacific Land were worth $294,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC bought a new position in shares of Texas Pacific Land in the fourth quarter valued at approximately $380,000. Jones Financial Companies Lllp increased its stake in shares of Texas Pacific Land by 2,575.0% in the fourth quarter. Jones Financial Companies Lllp now owns 107 shares of the financial services provider's stock worth $118,000 after buying an additional 103 shares during the period. Meridian Wealth Management LLC purchased a new position in Texas Pacific Land during the 4th quarter valued at $250,000. Steward Partners Investment Advisory LLC increased its position in Texas Pacific Land by 1.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,859 shares of the financial services provider's stock valued at $2,056,000 after purchasing an additional 32 shares during the period. Finally, State of Michigan Retirement System boosted its holdings in shares of Texas Pacific Land by 8.9% during the 4th quarter. State of Michigan Retirement System now owns 6,100 shares of the financial services provider's stock valued at $6,746,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Down 4.0%

Shares of TPL stock traded down $42.78 during mid-day trading on Monday, reaching $1,033.19. 117,054 shares of the company's stock traded hands, compared to its average volume of 147,124. Texas Pacific Land Corporation has a 12 month low of $736.75 and a 12 month high of $1,769.14. The company has a market cap of $23.75 billion, a P/E ratio of 51.69 and a beta of 1.08. The company's 50-day moving average price is $1,194.99 and its 200-day moving average price is $1,264.63.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its earnings results on Wednesday, May 7th. The financial services provider reported $5.24 EPS for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). The business had revenue of $195.98 million for 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 announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend was Monday, June 2nd. Texas Pacific Land's dividend payout ratio is currently 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.