Texas Pacific Land Corporation $TPL Shares Purchased by US Bancorp DE

Key Points

• US Bancorp DE boosted its stake in Texas Pacific Land by 192.7% in Q4 to 57,834 shares (~$16.6M), joining major institutional buyers like Vanguard (now 7.56M shares, ~$2.17B) and UBS; institutions own about 59.94% of the stock.
• Texas Pacific Land beat Q4 expectations with $1.79 EPS vs. $1.73 expected and revenue of $211.6M, and shows strong profitability (net margin 60.31%, ROE 36.18%) with a market cap near $29.9B and a P/E of 62.2.
• The company raised its quarterly dividend to $0.60 ($2.40 annual, ~0.6% yield), and analysts have moved more bullish—KeyCorp set a $639 target and MarketBeat’s average price target is $639 with a "Moderate Buy" consensus.

US Bancorp DE boosted its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 192.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 57,834 shares of the financial services provider's stock after purchasing an additional 38,074 shares during the period. US Bancorp DE owned about 0.08% of Texas Pacific Land worth $16,611,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in 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 acquiring an additional 4,975,738 shares in the last quarter. State Street Corp grew its holdings in Texas Pacific Land by 1.9% in the third quarter. State Street Corp now owns 1,169,299 shares of the financial services provider's stock valued at $1,091,704,000 after purchasing an additional 22,296 shares during the last quarter. UBS Group AG grew its holdings in Texas Pacific Land by 232.4% in the fourth quarter. UBS Group AG now owns 456,034 shares of the financial services provider's stock valued at $130,982,000 after purchasing an additional 318,842 shares during the last quarter. Invesco Ltd. boosted its position in shares of Texas Pacific Land by 3.4% in the 3rd quarter. Invesco Ltd. now owns 283,910 shares of the financial services provider's stock worth $265,070,000 after buying an additional 9,389 shares in the last quarter. Finally, York GP Ltd. boosted its position in shares of Texas Pacific Land by 195.1% in the 4th quarter. York GP Ltd. now owns 270,600 shares of the financial services provider's stock worth $77,722,000 after buying an additional 178,900 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

NYSE TPL opened at $433.94 on Friday. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The company has a 50-day moving average of $481.54 and a 200-day moving average of $378.28. The company has a market cap of $29.92 billion, a P/E ratio of 62.20 and a beta of 0.67.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. The company had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. As a group, equities research analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, March 2nd. This is an increase from Texas Pacific Land's previous quarterly dividend of $0.53. Texas Pacific Land's dividend payout ratio (DPR) is presently 34.38%.

Insider Transactions at Texas Pacific Land

In related news, Director Donna E. Epps purchased 895 shares of Texas Pacific Land stock in a transaction that occurred on Wednesday, February 25th. The shares were purchased at an average cost of $510.45 per share, with a total value of $456,852.75. Following the transaction, the director owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Stephanie Buffington sold 1,608 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 6.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

About Texas Pacific Land

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.