Texas Pacific Land Corporation $TPL Shares Sold by Bridges Investment Management Inc.

Key Points

• Bridges Investment Management Inc. has reduced its stake in Texas Pacific Land Corporation (TPL) by 29.5%, now holding 2,219 shares worth approximately $2.34 million.
• Institutional investors own 59.94% of Texas Pacific Land's stock, with Vanguard Group and TD Asset Management both significantly increasing their holdings recently.
• Texas Pacific Land announced a quarterly dividend of $1.60 per share, which equates to an annualized yield of 0.7%, paid to shareholders on September 16th.

Bridges Investment Management Inc. lowered its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 29.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,219 shares of the financial services provider's stock after selling 928 shares during the quarter. Bridges Investment Management Inc.'s holdings in Texas Pacific Land were worth $2,344,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Texas Pacific Land by 4.9% in the first quarter. Vanguard Group Inc. now owns 2,466,123 shares of the financial services provider's stock valued at $3,267,588,000 after acquiring an additional 115,743 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Texas Pacific Land by 2.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 183,485 shares of the financial services provider's stock valued at $243,116,000 after acquiring an additional 3,850 shares in the last quarter. Schwartz Investment Counsel Inc. boosted its holdings in shares of Texas Pacific Land by 0.4% in the first quarter. Schwartz Investment Counsel Inc. now owns 150,823 shares of the financial services provider's stock valued at $199,839,000 after acquiring an additional 642 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Texas Pacific Land by 2.1% in the first quarter. Dimensional Fund Advisors LP now owns 126,347 shares of the financial services provider's stock valued at $167,386,000 after acquiring an additional 2,623 shares in the last quarter. Finally, TD Asset Management Inc boosted its holdings in shares of Texas Pacific Land by 1,104.4% in the second quarter. TD Asset Management Inc now owns 96,123 shares of the financial services provider's stock valued at $101,543,000 after acquiring an additional 88,142 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Texas Pacific Land news, Director Eric L. Oliver bought 100 shares of Texas Pacific Land stock in a transaction that occurred on Thursday, August 21st. The stock was purchased at an average cost 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 approximately $346,867,872. This represents a 0.03% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.90% of the company's stock.

Texas Pacific Land Stock Performance

Shares of NYSE:TPL opened at $936.25 on Friday. The stock has a market capitalization of $21.52 billion, a price-to-earnings ratio of 46.67 and a beta of 1.12. Texas Pacific Land Corporation has a 1-year low of $845.56 and a 1-year high of $1,769.14. The company has a 50 day moving average price of $916.27 and a 200 day moving average price of $1,074.55.

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

Texas Pacific Land Announces Dividend

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

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a "hold (c)" rating on shares of Texas Pacific Land in a report on Tuesday. One analyst has rated the stock with a Hold rating, According to MarketBeat, Texas Pacific Land has an average rating of "Hold".

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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