The Manufacturers Life Insurance Company Purchases Shares of 29,588 Texas Pacific Land Corporation $TPL

Key Points

• The Manufacturers Life Insurance Company bought 29,588 shares of Texas Pacific Land worth approximately $12.95 million, while institutional investors collectively own 59.94% of TPL.
• TPL shares opened at $364.29, down 1.5%, with the stock trading below its 50- and 200-day moving averages. The company reported quarterly EPS of $2.23, beating estimates, but revenue fell short of expectations.
• Analysts maintain a consensus “Hold” rating with a $639 price target. Texas Pacific Land also declared a $0.60 quarterly dividend, equivalent to a 0.7% yield.

The Manufacturers Life Insurance Company purchased a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 29,588 shares of the financial services provider's stock, valued at approximately $12,949,000.

A number of other hedge funds have also recently made changes to their positions in TPL. Bank of America Corp DE boosted its position in shares of Texas Pacific Land by 143.0% during the 1st quarter. Bank of America Corp DE now owns 264,740 shares of the financial services provider's stock worth $125,635,000 after purchasing an additional 155,781 shares during the period. Daiwa Securities Group Inc. increased its holdings in Texas Pacific Land by 200.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider's stock valued at $2,714,000 after purchasing an additional 6,307 shares during the last quarter. New York State Teachers Retirement System raised its position in Texas Pacific Land by 184.1% in the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider's stock valued at $11,156,000 after purchasing an additional 25,170 shares during the period. Schwartz Investment Counsel Inc. lifted its stake in Texas Pacific Land by 209.7% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock worth $136,459,000 after purchasing an additional 321,683 shares in the last quarter. Finally, Comerica Bank lifted its stake in Texas Pacific Land by 152.6% during the fourth quarter. Comerica Bank now owns 8,087 shares of the financial services provider's stock worth $2,323,000 after purchasing an additional 4,886 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Down 1.5%

Shares of TPL opened at $364.29 on Friday. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The firm's 50 day moving average price is $389.35 and its 200 day moving average price is $423.73. The company has a market cap of $25.13 billion, a P/E ratio of 46.43 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating the consensus estimate of $2.18 by $0.05. The company had revenue of $246.10 million during the quarter, compared to analysts' expectations of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. Research analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.60 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land's dividend payout ratio (DPR) is 30.57%.

Insider Transactions at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares of the company's stock, valued at $5,151,217.50. The trade was a 19.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on TPL. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research upgraded Texas Pacific Land from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Texas Pacific Land currently has an average rating of "Hold" and a consensus target price 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.

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