TD Asset Management Inc Grows Stake in Texas Pacific Land Corporation $TPL

Key Points

• TD Asset Management Inc significantly increased its stake in Texas Pacific Land Corporation (TPL) by 1,104.4%, now holding approximately 0.42% of the company, valued at over $101 million.
• Despite increasing investment from several hedge funds, Texas Pacific Land stock currently has a consensus rating of "Hold" from Wall Street analysts.
• The company announced a quarterly dividend of $1.60, translating to an annualized payout of $6.40 with a yield of 0.7%.

TD Asset Management Inc boosted its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 1,104.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,123 shares of the financial services provider's stock after purchasing an additional 88,142 shares during the period. TD Asset Management Inc owned about 0.42% of Texas Pacific Land worth $101,543,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of TPL. Hemington Wealth Management increased its stake in Texas Pacific Land by 66.7% in the 1st quarter. Hemington Wealth Management now owns 20 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 8 shares in the last quarter. Golden State Wealth Management LLC increased its position in Texas Pacific Land by 110.0% during 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 in the last quarter. Zions Bancorporation National Association UT purchased a new position in Texas Pacific Land during the first quarter worth $28,000. Allworth Financial LP increased its position in Texas Pacific Land by 42.1% during the first quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock worth $36,000 after buying an additional 8 shares in the last quarter. Finally, GW&K Investment Management LLC increased its position in Texas Pacific Land by 237.5% during the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock worth $36,000 after buying an additional 19 shares in the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Eric L. Oliver bought 100 shares of Texas Pacific Land stock in a transaction that occurred on Thursday, August 21st. The shares were purchased at an average price of $881.27 per share, for a total transaction of $88,127.00. Following the completion of the acquisition, the director owned 393,600 shares of the company's stock, valued at $346,867,872. The trade was a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.90% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "hold (c)" rating on shares of Texas Pacific Land in a research report on Tuesday. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold".

Texas Pacific Land Stock Up 1.8%

TPL stock opened at $908.50 on Wednesday. Texas Pacific Land Corporation has a 52-week low of $845.56 and a 52-week high of $1,769.14. The stock's fifty day simple moving average is $915.47 and its 200-day simple moving average is $1,078.29. The stock has a market capitalization of $20.88 billion, a price-to-earnings ratio of 45.29 and a beta of 1.12.

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

Texas Pacific Land Dividend Announcement

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

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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