Texas Pacific Land Corporation $TPL Holdings Raised by Independent Advisor Alliance

Key Points

• Independent Advisor Alliance increased its stake in Texas Pacific Land by 204.9% in the fourth quarter, bringing its holdings to 11,594 shares valued at about $3.33 million.
• Other institutional investors also boosted positions, including Vanguard, while hedge funds and other institutions now own 59.94% of the stock.
• Texas Pacific Land reported better-than-expected earnings for the latest quarter, and analysts currently have a Moderate Buy consensus with a $639 target price; the company also declared a $0.60 quarterly dividend.

Independent Advisor Alliance grew its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 204.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,594 shares of the financial services provider's stock after purchasing an additional 7,791 shares during the period. Independent Advisor Alliance's holdings in Texas Pacific Land were worth $3,330,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Texas Pacific Land by 192.8% in the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock worth $2,170,512,000 after buying an additional 4,975,738 shares during the period. State Street Corp grew its position in Texas Pacific Land by 1.9% during the 3rd quarter. State Street Corp now owns 1,169,299 shares of the financial services provider's stock worth $1,091,704,000 after purchasing an additional 22,296 shares in the last quarter. Schwartz Investment Counsel Inc. grew its position in Texas Pacific Land by 209.7% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock worth $136,459,000 after purchasing an additional 321,683 shares in the last quarter. UBS Group AG grew its position in Texas Pacific Land by 232.4% during the 4th quarter. UBS Group AG now owns 456,034 shares of the financial services provider's stock worth $130,982,000 after purchasing an additional 318,842 shares in the last quarter. Finally, Invesco Ltd. grew its position in Texas Pacific Land by 3.4% during the 3rd quarter. Invesco Ltd. now owns 283,910 shares of the financial services provider's stock worth $265,070,000 after purchasing an additional 9,389 shares in the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Texas Pacific Land

In other news, Director Donna E. Epps bought 895 shares of the stock in a transaction on Wednesday, February 25th. The shares were purchased at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the purchase, the director directly owned 2,921 shares of the company's stock, valued at $1,491,024.45. This trade represents a 44.18% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephanie Buffington sold 1,608 shares of the business's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the transaction, the chief accounting officer owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 6.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. Finally, KeyCorp upped their price target on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $639.00.

Texas Pacific Land Price Performance

NYSE TPL opened at $387.09 on Thursday. The company has a 50 day simple moving average of $466.04 and a 200-day simple moving average of $383.46. The firm has a market capitalization of $26.70 billion, a price-to-earnings ratio of 53.03 and a beta of 0.66. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. The company had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. On average, analysts predict that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.60 dividend. The ex-dividend date is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land's payout ratio is 32.88%.

Texas Pacific Land Profile

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.

Want to see what other hedge funds are holding TPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Texas Pacific Land Corporation (NYSE:TPL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.