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

Key Points

• US Bancorp DE reduced its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 1.8%, now owning 19,751 shares valued at approximately $20.87 million.
• Texas Pacific Land announced a quarterly dividend of $1.60 per share, which contributes to an annualized yield of 0.7% based on a payout ratio of 31.90%.
• Despite reporting quarterly earnings of $5.05 per share, Texas Pacific Land missed analyst expectations of $5.48, with revenue also falling short at $187.54 million.

US Bancorp DE trimmed its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 1.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,751 shares of the financial services provider's stock after selling 368 shares during the period. US Bancorp DE owned 0.09% of Texas Pacific Land worth $20,865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. AustralianSuper Pty Ltd boosted its holdings in Texas Pacific Land by 4.8% in the first quarter. AustralianSuper Pty Ltd now owns 8,591 shares of the financial services provider's stock valued at $11,383,000 after purchasing an additional 391 shares during the last quarter. Bessemer Group Inc. boosted its holdings in Texas Pacific Land by 320.0% in the first quarter. Bessemer Group Inc. now owns 105 shares of the financial services provider's stock valued at $139,000 after purchasing an additional 80 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in Texas Pacific Land by 110.0% in the first 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 last quarter. Harvest Fund Management Co. Ltd boosted its stake in shares of Texas Pacific Land by 338.3% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 526 shares of the financial services provider's stock worth $696,000 after acquiring an additional 406 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in shares of Texas Pacific Land during the 1st quarter worth about $4,368,000. 59.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of "Hold".

Insiders Place Their Bets

In related news, Director Eric L. Oliver purchased 100 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were purchased at an average cost of $881.27 per share, with a total value of $88,127.00. Following the purchase, the director owned 393,600 shares of the company's stock, valued at $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 this hyperlink. Corporate insiders own 6.90% of the company's stock.

Texas Pacific Land Stock Down 2.1%

TPL stock opened at $890.97 on Friday. The firm has a market cap of $20.47 billion, a P/E ratio of 44.42 and a beta of 1.12. Texas Pacific Land Corporation has a 52-week low of $845.56 and a 52-week high of $1,769.14. The company's 50-day simple moving average is $917.60 and its 200-day simple moving average is $1,086.01.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly 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 company had revenue of $187.54 million during the quarter, compared to analysts' expectations of $198.00 million. Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%.

Texas Pacific Land Announces Dividend

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

About Texas Pacific Land

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.