UMB Bank n.a. Sells 6,381 Shares of Texas Pacific Land Corporation $TPL

Key Points

• UMB Bank n.a. significantly reduced its stake in Texas Pacific Land Corporation by 65.9% during the second quarter, now holding 3,303 shares worth approximately $3.49 million.
• Texas Pacific Land's stock recently declined by 4.3% to $873.62, with a market cap of $20.08 billion and a price-to-earnings ratio of 43.55.
• The company reported a missed earnings estimate with EPS of $5.05 for the last quarter, falling short of expectations by $0.43 and a revenue of $187.54 million, below the forecast of $198 million.

UMB Bank n.a. cut its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 65.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,303 shares of the financial services provider's stock after selling 6,381 shares during the quarter. UMB Bank n.a.'s holdings in Texas Pacific Land were worth $3,489,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Hemington Wealth Management boosted its holdings in Texas Pacific Land by 66.7% during the first quarter. Hemington Wealth Management now owns 20 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 8 shares during the period. Golden State Wealth Management LLC boosted its holdings in Texas Pacific Land by 110.0% during the first quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 11 shares during the period. Zions Bancorporation National Association UT bought a new stake in shares of Texas Pacific Land in the first quarter valued at about $28,000. Allworth Financial LP lifted its stake in shares of Texas Pacific Land by 42.1% in the first 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 during the period. Finally, GW&K Investment Management LLC lifted its stake in Texas Pacific Land by 237.5% during the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock worth $36,000 after purchasing an additional 19 shares during the period. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Stock Performance

Shares of NYSE TPL traded up $49.85 during mid-day trading on Tuesday, hitting $926.81. 99,118 shares of the stock were exchanged, compared to its average volume of 138,480. The company has a market cap of $21.31 billion, a P/E ratio of 46.31 and a beta of 1.19. The stock's fifty day simple moving average is $926.46 and its two-hundred day simple moving average is $1,121.06. Texas Pacific Land Corporation has a twelve month low of $845.56 and a twelve month high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted 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 analyst estimates 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 announced a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Tuesday, September 2nd. Texas Pacific Land's dividend payout ratio is presently 31.90%.

Insider Buying and Selling at Texas Pacific Land

In related news, Director Eric L. Oliver acquired 100 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The stock was acquired at an average price of $881.27 per share, with a total value of $88,127.00. Following the purchase, the director directly owned 393,600 shares in the company, valued at approximately $346,867,872. This trade represents a 0.03% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have purchased 210 shares of company stock worth $190,205. Corporate insiders own 6.50% of the company's stock.

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.