Spectrum Asset Management Inc. NB CA Invests $387,000 in Texas Pacific Land Corporation $TPL

Key Points

• Spectrum Asset Management Inc. invested approximately $387,000 in Texas Pacific Land Corporation, acquiring 366 shares of the stock in the 2nd quarter.
• Texas Pacific Land recently reported a quarterly EPS of $5.05, missing analyst estimates by $0.43, alongside a revenue of $187.54 million.
• The company declared a quarterly dividend of $1.60 per share, representing an annualized dividend of $6.40, with a yield of 0.7%.

Spectrum Asset Management Inc. NB CA purchased a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 366 shares of the financial services provider's stock, valued at approximately $387,000.

A number of other institutional investors have also added to or reduced their stakes in TPL. Riversedge Advisors LLC lifted its stake in Texas Pacific Land by 2.2% in the 1st quarter. Riversedge Advisors LLC now owns 370 shares of the financial services provider's stock valued at $490,000 after purchasing an additional 8 shares during the last quarter. Allworth Financial LP grew its stake in shares of Texas Pacific Land by 42.1% during the first quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock worth $36,000 after buying an additional 8 shares during the last quarter. Hemington Wealth Management increased its holdings in shares of Texas Pacific Land by 66.7% during the first quarter. Hemington Wealth Management now owns 20 shares of the financial services provider's stock worth $26,000 after buying an additional 8 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Texas Pacific Land by 0.4% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 2,093 shares of the financial services provider's stock valued at $2,773,000 after acquiring an additional 9 shares during the last quarter. Finally, CVA Family Office LLC lifted its stake in shares of Texas Pacific Land by 9.5% in the 1st quarter. CVA Family Office LLC now owns 115 shares of the financial services provider's stock valued at $152,000 after acquiring an additional 10 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Down 1.6%

Shares of Texas Pacific Land stock opened at $960.06 on Wednesday. The stock has a market cap of $22.06 billion, a price-to-earnings ratio of 47.86 and a beta of 1.12. Texas Pacific Land Corporation has a twelve month low of $845.56 and a twelve month high of $1,769.14. The company's fifty day moving average is $920.43 and its 200 day moving average is $1,093.27.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $5.05 EPS for the quarter, missing analysts' consensus estimates of $5.48 by ($0.43). The company had revenue of $187.54 million during the quarter, compared to the consensus estimate of $198.00 million. Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $1.60 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $6.40 annualized dividend and a yield of 0.7%. Texas Pacific Land's dividend payout ratio (DPR) is presently 31.90%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Saturday, September 27th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold".

Insider Activity

In other news, Director Eric L. Oliver acquired 100 shares of Texas Pacific Land stock in a transaction dated Thursday, August 21st. The shares were bought at an average cost of $881.27 per share, with a total value of $88,127.00. Following the purchase, the director owned 393,600 shares in the company, valued at $346,867,872. This trade represents a 0.03% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 6.90% of the company's stock.

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.

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