Texas Pacific Land Corporation $TPL Shares Bought by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its holdings in Texas Pacific Land Corporation by 2.6% in the first quarter, owning 11,799 shares valued at approximately $15.63 million.
• Texas Pacific Land's recent earnings report showed an EPS of $5.05, falling short of the expected $5.48, along with revenue of $187.54 million, below analysts' expectations of $198 million.
• The company announced a quarterly dividend of $1.60 per share, representing a 0.7% dividend yield, to be paid on September 16th to investors of record on September 2nd.

The Manufacturers Life Insurance Company grew its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 2.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,799 shares of the financial services provider's stock after purchasing an additional 298 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.05% of Texas Pacific Land worth $15,634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the business. Driehaus Capital Management LLC acquired a new position in Texas Pacific Land during the first quarter worth $8,025,000. BNP Paribas Financial Markets increased its holdings in Texas Pacific Land by 14.1% in the first quarter. BNP Paribas Financial Markets now owns 38,804 shares of the financial services provider's stock valued at $51,415,000 after buying an additional 4,785 shares during the last quarter. CreativeOne Wealth LLC increased its holdings in Texas Pacific Land by 16.1% in the first quarter. CreativeOne Wealth LLC now owns 260 shares of the financial services provider's stock valued at $344,000 after buying an additional 36 shares during the last quarter. Ieq Capital LLC grew its holdings in shares of Texas Pacific Land by 1,287.6% during the first quarter. Ieq Capital LLC now owns 3,344 shares of the financial services provider's stock worth $4,431,000 after purchasing an additional 3,103 shares during the last quarter. Finally, Corebridge Financial Inc. grew its holdings in shares of Texas Pacific Land by 21.8% during the first quarter. Corebridge Financial Inc. now owns 6,076 shares of the financial services provider's stock worth $8,051,000 after purchasing an additional 1,086 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Performance

Shares of TPL stock traded up $7.05 during mid-day trading on Tuesday, hitting $919.63. 24,712 shares of the stock were exchanged, compared to its average volume of 137,471. The stock's fifty day simple moving average is $954.29 and its two-hundred day simple moving average is $1,151.34. The stock has a market capitalization of $21.14 billion, a price-to-earnings ratio of 45.77 and a beta of 1.19. 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 announced its earnings results on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $198.00 million.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be given a $1.60 dividend. The ex-dividend date is 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 presently 31.90%.

Insider Buying and Selling

In other news, Director Eric L. Oliver acquired 100 shares of Texas Pacific Land stock in a transaction that occurred on Thursday, August 21st. The stock was purchased at an average price of $881.27 per share, for a total transaction of $88,127.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought a total of 270 shares of company stock valued at $256,166 in the last three months. 6.50% of the stock is owned by company insiders.

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.