Sumitomo Mitsui Trust Group Inc. Acquires 88,053 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Sumitomo Mitsui Trust Group boosted its stake in Texas Pacific Land by 192.8%, buying 88,053 shares to hold 133,731 shares worth about $38.41 million (roughly 0.19% of the company).
• KeyCorp raised its price target on TPL from $350 to $639 and gave an "overweight" rating, while the consensus remains a "Hold" (1 Buy, 2 Hold, 1 Sell) with an average target of $639.
• Texas Pacific Land raised its quarterly dividend to $0.60 (annualized $2.40, yield ~0.6%) and recently reported Q earnings of $1.79 EPS on $211.6M revenue, both beating consensus estimates.

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 192.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,731 shares of the financial services provider's stock after purchasing an additional 88,053 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.19% of Texas Pacific Land worth $38,410,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its stake in Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 69 shares during the period. Quarry LP acquired a new position in shares of Texas Pacific Land during the third quarter worth approximately $29,000. CX Institutional acquired a new position in shares of Texas Pacific Land during the third quarter worth approximately $30,000. Silicon Valley Capital Partners acquired a new position in shares of Texas Pacific Land during the third quarter worth approximately $33,000. Finally, Triumph Capital Management acquired a new position in shares of Texas Pacific Land during the third quarter worth approximately $36,000. Institutional investors own 59.94% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on TPL. Weiss Ratings restated a "hold (c)" rating on shares of Texas Pacific Land in a research note on Friday, March 27th. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. Finally, KeyCorp boosted their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research note on Monday, February 23rd. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $639.00.

Insider Activity at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 1,608 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the sale, the chief accounting officer directly owned 2,133 shares of the company's stock, valued at $1,072,899. This represents a 42.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Donna E. Epps acquired 895 shares of the stock in a transaction dated Wednesday, February 25th. The stock was bought at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the purchase, the director owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 6.90% of the company's stock.

Texas Pacific Land Stock Up 2.0%

Shares of Texas Pacific Land stock opened at $425.72 on Friday. The company has a market cap of $29.35 billion, a PE ratio of 61.02 and a beta of 0.76. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The business has a 50 day moving average price of $477.90 and a 200-day moving average price of $369.18.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, topping the consensus estimate of $1.73 by $0.06. The firm had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. This is a boost from Texas Pacific Land's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, March 2nd. Texas Pacific Land's dividend payout ratio (DPR) is currently 34.38%.

About Texas Pacific Land

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.

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