Essex Financial Services Inc. Sells 244 Shares of Texas Pacific Land Corporation (NYSE:TPL)

Essex Financial Services Inc. cut its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 1.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 15,294 shares of the financial services provider's stock after selling 244 shares during the quarter. Texas Pacific Land comprises 1.5% of Essex Financial Services Inc.'s portfolio, making the stock its 14th largest position. Essex Financial Services Inc. owned approximately 0.07% of Texas Pacific Land worth $20,264,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of TPL. Vanguard Group Inc. grew its holdings in Texas Pacific Land by 12.5% during the fourth 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 period. Geode Capital Management LLC boosted its position in shares of Texas Pacific Land by 34.5% during the fourth quarter. Geode Capital Management LLC now owns 622,115 shares of the financial services provider's stock worth $693,023,000 after purchasing an additional 159,597 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of 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 buying an additional 361,572 shares during the period. Invesco Ltd. grew its holdings in shares of 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 buying an additional 200,841 shares during the period. Finally, Northern Trust Corp increased its position in shares of Texas Pacific Land by 21.8% in the 4th quarter. Northern Trust Corp now owns 224,768 shares of the financial services provider's stock valued at $248,584,000 after buying an additional 40,185 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Stock Performance

TPL stock traded up $5.90 during midday trading on Wednesday, hitting $1,074.58. 104,270 shares of the company's stock were exchanged, compared to its average volume of 146,795. Texas Pacific Land Corporation has a one year low of $725.46 and a one year high of $1,769.14. The company has a market cap of $24.70 billion, a PE ratio of 53.76 and a beta of 1.08. The stock's fifty day moving average price is $1,217.00 and its 200-day moving average price is $1,266.31.

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 analysts' consensus estimates of $5.27 by ($0.03). Texas Pacific Land had a return on equity of 40.04% and a net margin of 63.24%. The business had revenue of $195.98 million for the quarter, compared to analyst estimates of $211.00 million.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $6.40 annualized dividend and a yield of 0.60%. Texas Pacific Land's dividend payout ratio (DPR) 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.