Spring Capital Management LLC bought a new position in Texas Pacific Land Co. (NYSE:TPL - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,780 shares of the financial services provider's stock, valued at approximately $5,008,000. Texas Pacific Land comprises 2.7% of Spring Capital Management LLC's portfolio, making the stock its 19th biggest holding.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Caprock Group LLC raised its holdings in Texas Pacific Land by 3.0% in the 4th quarter. Caprock Group LLC now owns 273 shares of the financial services provider's stock valued at $302,000 after buying an additional 8 shares during the last quarter. Greenleaf Trust bought a new position in Texas Pacific Land in the 4th quarter valued at approximately $202,000. Trust Point Inc. bought a new position in Texas Pacific Land in the 4th quarter valued at approximately $273,000. abrdn plc raised its holdings in Texas Pacific Land by 22.1% in the 4th quarter. abrdn plc now owns 5,573 shares of the financial services provider's stock valued at $6,265,000 after buying an additional 1,008 shares during the last quarter. Finally, Spirit of America Management Corp NY raised its holdings in Texas Pacific Land by 3.3% in the 4th quarter. Spirit of America Management Corp NY now owns 1,555 shares of the financial services provider's stock valued at $1,720,000 after buying an additional 50 shares during the last quarter. Institutional investors own 59.94% of the company's stock.
Insider Buying and Selling at Texas Pacific Land
In other Texas Pacific Land news, CFO Chris Steddum sold 214 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the completion of the sale, the chief financial officer now owns 3,502 shares of the company's stock, valued at approximately $4,601,592.98. This represents a 5.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Micheal W. Dobbs sold 1,150 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the sale, the vice president now directly owns 1,393 shares of the company's stock, valued at $1,771,227.36. This represents a 45.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders bought 176 shares of company stock valued at $227,923. 6.50% of the stock is currently owned by company insiders.
Texas Pacific Land Price Performance
NYSE TPL traded up $24.07 during trading hours on Friday, reaching $1,117.13. The company's stock had a trading volume of 109,186 shares, compared to its average volume of 160,934. The firm has a fifty day simple moving average of $1,269.74 and a 200-day simple moving average of $1,311.31. The stock has a market cap of $25.68 billion, a P/E ratio of 56.65 and a beta of 1.12. Texas Pacific Land Co. has a 52 week low of $581.55 and a 52 week high of $1,769.14.
Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). The business 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 64.32% and a return on equity of 40.23%.
Texas Pacific Land Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date is Monday, June 2nd. Texas Pacific Land's dividend payout ratio is presently 32.02%.
Texas Pacific Land Company Profile
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Free Report)
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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