Corebridge Financial Inc. Acquires 1,086 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Corebridge Financial Inc. increased its stake in Texas Pacific Land Corporation by 21.8% during the first quarter, owning 6,076 shares worth over $8 million.
• Texas Pacific Land reported a quarterly earnings per share of $5.05, missing estimates by $0.43, alongside revenue of $187.54 million.
• The company announced a quarterly dividend of $1.60 per share, with an ex-dividend date on September 2nd, marking a yield of 0.7%.

Corebridge Financial Inc. raised its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 21.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,076 shares of the financial services provider's stock after purchasing an additional 1,086 shares during the period. Corebridge Financial Inc.'s holdings in Texas Pacific Land were worth $8,051,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Hemington Wealth Management boosted its holdings 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 during the period. Golden State Wealth Management LLC boosted its holdings in Texas Pacific Land by 110.0% in the 1st quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 11 shares during the period. Zions Bancorporation National Association UT bought a new position in Texas Pacific Land in the 1st quarter valued at $28,000. Allworth Financial LP raised its position in shares of Texas Pacific Land by 42.1% during the 1st quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock valued at $36,000 after buying an additional 8 shares in the last quarter. Finally, GW&K Investment Management LLC raised its position in shares of Texas Pacific Land by 237.5% during the 1st quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock valued at $36,000 after buying an additional 19 shares in the last quarter. 59.94% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Texas Pacific Land news, Director Eric L. Oliver acquired 100 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were acquired at an average price of $881.27 per share, with a total value of $88,127.00. Following the completion of the purchase, the director directly owned 393,600 shares of the company's stock, valued at approximately $346,867,872. The trade was a 0.03% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have bought a total of 290 shares of company stock worth $278,442 over the last 90 days. Insiders own 6.50% of the company's stock.

Texas Pacific Land Trading Down 3.1%

Shares of Texas Pacific Land stock traded down $29.22 on Wednesday, hitting $913.10. 21,403 shares of the company traded hands, compared to its average volume of 137,891. The company has a market cap of $20.99 billion, a P/E ratio of 45.53 and a beta of 1.19. The firm's 50-day simple moving average is $965.91 and its 200 day simple moving average is $1,166.57. Texas Pacific Land Corporation has a 12-month low of $766.51 and a 12-month high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $5.05 EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $198.00 million.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be paid a dividend of $1.60 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $6.40 annualized dividend and a yield of 0.7%. Texas Pacific Land's payout ratio is presently 31.90%.

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.