Stonegate Investment Group LLC Trims Holdings in Texas Pacific Land Corporation (NYSE:TPL)

Stonegate Investment Group LLC decreased its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 35.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 655 shares of the financial services provider's stock after selling 353 shares during the quarter. Stonegate Investment Group LLC's holdings in Texas Pacific Land were worth $868,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TPL. GAMMA Investing LLC raised its position in Texas Pacific Land by 241,048.0% in the 1st quarter. GAMMA Investing LLC now owns 361,722 shares of the financial services provider's stock valued at $479,278,000 after purchasing an additional 361,572 shares during the last quarter. Vanguard Group Inc. raised its position in 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 valued at $2,599,426,000 after purchasing an additional 260,278 shares during the last quarter. Invesco Ltd. raised its position in Texas Pacific Land by 203.4% in the 4th quarter. Invesco Ltd. now owns 299,578 shares of the financial services provider's stock valued at $331,321,000 after purchasing an additional 200,841 shares during the last quarter. Geode Capital Management LLC raised its position in 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 valued at $693,023,000 after purchasing an additional 159,597 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Texas Pacific Land by 943.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 121,055 shares of the financial services provider's stock valued at $133,883,000 after purchasing an additional 109,455 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

TPL stock opened at $1,082.23 on Friday. The company has a fifty day moving average price of $1,247.78 and a 200 day moving average price of $1,276.83. Texas Pacific Land Corporation has a 12 month low of $724.75 and a 12 month high of $1,769.14. The company has a market cap of $24.88 billion, a price-to-earnings ratio of 54.14 and a beta of 1.12.

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 EPS for the quarter, missing the consensus estimate of $5.27 by ($0.03). The business had revenue of $195.98 million during the quarter, compared to analysts' expectations 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 company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a $1.60 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $6.40 annualized dividend and a yield of 0.59%. 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.

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