Sumitomo Mitsui DS Asset Management Company Ltd Purchases 425 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stock position in Texas Pacific Land Corporation (TPL) by 20.3% during the second quarter, totaling 2,518 shares valued at approximately $2.66 million.
• Several other institutional investors also boosted their TPL holdings, with hedge funds controlling 59.94% of the company's stock.
• Texas Pacific Land reported a quarterly earnings miss, with an EPS of $5.05, falling short of expectations, alongside a recently announced quarterly dividend of $1.60 per share.

Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 20.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,518 shares of the financial services provider's stock after purchasing an additional 425 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Texas Pacific Land were worth $2,660,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Procyon Advisors LLC boosted its stake in shares of Texas Pacific Land by 317.9% during the 2nd quarter. Procyon Advisors LLC now owns 723 shares of the financial services provider's stock worth $764,000 after acquiring an additional 550 shares during the last quarter. Gateway Investment Advisers LLC lifted its stake in shares of Texas Pacific Land by 80.6% during the 2nd quarter. Gateway Investment Advisers LLC now owns 755 shares of the financial services provider's stock valued at $798,000 after buying an additional 337 shares in the last quarter. Czech National Bank lifted its stake in shares of Texas Pacific Land by 6.5% during the 2nd quarter. Czech National Bank now owns 4,607 shares of the financial services provider's stock valued at $4,867,000 after buying an additional 280 shares in the last quarter. Sandbox Financial Partners LLC lifted its stake in shares of Texas Pacific Land by 1.6% during the 2nd quarter. Sandbox Financial Partners LLC now owns 2,835 shares of the financial services provider's stock valued at $2,994,000 after buying an additional 45 shares in the last quarter. Finally, First Financial Bank Trust Division lifted its stake in shares of Texas Pacific Land by 15.3% during the 2nd quarter. First Financial Bank Trust Division now owns 226 shares of the financial services provider's stock valued at $239,000 after buying an additional 30 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Insider Transactions at Texas Pacific Land

In related news, Director Eric L. Oliver purchased 100 shares of Texas Pacific Land stock in a transaction on Thursday, August 21st. The shares were bought at an average cost of $881.27 per share, for a total transaction of $88,127.00. Following the acquisition, the director owned 393,600 shares in the company, valued at approximately $346,867,872. The trade was a 0.03% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders have acquired 210 shares of company stock valued at $190,205. Insiders own 6.50% of the company's stock.

Texas Pacific Land Trading Up 6.1%

Shares of TPL traded up $53.88 during trading hours on Tuesday, reaching $930.84. 89,068 shares of the stock traded hands, compared to its average volume of 138,465. Texas Pacific Land Corporation has a 52-week low of $845.56 and a 52-week high of $1,769.14. The company's 50-day moving average price is $926.46 and its two-hundred day moving average price is $1,121.06. The company has a market cap of $21.40 billion, a P/E ratio of 46.20 and a beta of 1.19.

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

Texas Pacific Land Dividend Announcement

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

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.