State of Michigan Retirement System Raises Stock Position in Texas Pacific Land Corporation $TPL

Key Points

• State of Michigan Retirement System increased its stake in Texas Pacific Land (TPL) by 204.6% in Q4 to 19,800 shares (~$5.69M), and other institutions—most notably Vanguard (7.56M shares, ~$2.17B) and UBS—also materially increased holdings, leaving institutional ownership at about 59.94%.
• TPL beat Q4 estimates with EPS of $1.79 and revenue of $211.6M, has a market cap of $30.25B, and raised its quarterly dividend to $0.60 (annualized $2.40, yield ~0.5%).
• Analyst sentiment has firmed: KeyCorp lifted its target to $639 with an "overweight" rating, and MarketBeat shows a consensus target of $639 with an average rating of "Moderate Buy."

State of Michigan Retirement System grew its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 204.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,800 shares of the financial services provider's stock after buying an additional 13,300 shares during the period. State of Michigan Retirement System's holdings in Texas Pacific Land were worth $5,687,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. UBS Group AG raised its stake in Texas Pacific Land by 232.4% during the 4th quarter. UBS Group AG now owns 456,034 shares of the financial services provider's stock worth $130,982,000 after acquiring an additional 318,842 shares in the last quarter. J. Team Financial Inc. boosted its stake in Texas Pacific Land by 144.5% in the fourth quarter. J. Team Financial Inc. now owns 2,599 shares of the financial services provider's stock valued at $759,000 after acquiring an additional 1,536 shares in the last quarter. Quent Capital LLC boosted its stake in Texas Pacific Land by 4,321.6% in the fourth quarter. Quent Capital LLC now owns 15,785 shares of the financial services provider's stock valued at $4,534,000 after acquiring an additional 15,428 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Texas Pacific Land by 200.0% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 4,365 shares of the financial services provider's stock worth $1,253,000 after purchasing an additional 2,910 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock worth $2,170,512,000 after purchasing an additional 4,975,738 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Texas Pacific Land

In related news, Director Donna E. Epps purchased 895 shares of the firm's stock in a transaction that occurred on Wednesday, February 25th. The stock was purchased at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer owned 2,133 shares in the company, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 6.90% of the company's stock.

Analyst Upgrades and Downgrades

TPL has been the subject of several research reports. KeyCorp boosted their target price on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Zacks Research upgraded Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Texas Pacific Land in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $639.00.

Texas Pacific Land Stock Performance

NYSE TPL opened at $438.83 on Thursday. The firm's fifty day moving average is $482.39 and its two-hundred day moving average is $377.26. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The firm has a market cap of $30.25 billion, a PE ratio of 62.90 and a beta of 0.76.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The firm had revenue of $211.60 million for the quarter, compared to analyst estimates of $204.00 million. Research analysts predict that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Monday, March 2nd. This is a positive change from Texas Pacific Land's previous quarterly dividend of $0.53. Texas Pacific Land's payout ratio is 34.38%.

Texas Pacific Land Profile

Texas Pacific Land Corporation NYSE: TPL is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company's origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company's primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.

Want to see what other hedge funds are holding TPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Texas Pacific Land Corporation (NYSE:TPL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.