Sumitomo Mitsui Trust Group Inc. Acquires 3,005 Shares of Texas Pacific Land Corporation (NYSE:TPL)

Sumitomo Mitsui Trust Group Inc. lifted its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,188 shares of the financial services provider's stock after buying an additional 3,005 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of Texas Pacific Land worth $62,524,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of TPL. Bessemer Group Inc. increased its holdings in shares of Texas Pacific Land by 108.3% in the fourth quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock worth $28,000 after buying an additional 13 shares during the period. Golden State Wealth Management LLC increased its holdings in shares of Texas Pacific Land by 110.0% in the first quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock worth $28,000 after buying an additional 11 shares during the period. Assetmark Inc. purchased a new position in shares of Texas Pacific Land in the fourth quarter worth about $29,000. Atala Financial Inc purchased a new position in shares of Texas Pacific Land in the fourth quarter worth about $31,000. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of Texas Pacific Land by 175.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 33 shares of the financial services provider's stock worth $44,000 after buying an additional 21 shares during the period. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Up 1.1%

Shares of TPL traded up $11.12 during trading hours on Tuesday, hitting $1,067.51. The company had a trading volume of 127,803 shares, compared to its average volume of 146,778. The firm has a market cap of $24.54 billion, a P/E ratio of 53.40 and a beta of 1.12. Texas Pacific Land Corporation has a 52-week low of $724.75 and a 52-week high of $1,769.14. The stock's 50 day moving average price is $1,221.85 and its 200 day moving average price is $1,267.70.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share (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 the consensus estimate of $211.00 million. Texas Pacific Land had a return on equity of 40.04% and a net margin of 63.24%.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors 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 dividend yield of 0.60%. Texas Pacific Land's payout ratio is presently 32.02%.

Texas Pacific Land 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.