Vest Financial LLC Sells 1,085 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Vest Financial LLC reduced its stake in Texas Pacific Land Corporation by 60% during Q2, selling 1,085 shares and now holding 724 shares valued at $765,000.
• The annualized dividend declared by Texas Pacific Land is $6.40, with a yield of 0.7%, paid to stockholders on September 16.
• Texas Pacific Land's latest earnings report showed a miss on EPS expectations, reporting $5.05 versus the anticipated $5.48, alongside revenue of $187.54 million against estimates of $198 million.

Vest Financial LLC trimmed its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 60.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 724 shares of the financial services provider's stock after selling 1,085 shares during the period. Vest Financial LLC's holdings in Texas Pacific Land were worth $765,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Hemington Wealth Management grew its position in Texas Pacific Land by 66.7% in the first quarter. Hemington Wealth Management now owns 20 shares of the financial services provider's stock worth $26,000 after acquiring an additional 8 shares in the last quarter. Golden State Wealth Management LLC grew its position 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 worth $28,000 after acquiring an additional 11 shares in the last quarter. Zions Bancorporation National Association UT bought a new stake in Texas Pacific Land in the first quarter worth approximately $28,000. Allworth Financial LP boosted its holdings in shares of Texas Pacific Land by 42.1% during the 1st quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock worth $36,000 after buying an additional 8 shares during the period. Finally, GW&K Investment Management LLC boosted its holdings in Texas Pacific Land by 237.5% in the 1st quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 19 shares during the period. 59.94% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued 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, the company has a consensus rating of "Hold".

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $927.32 on Thursday. Texas Pacific Land Corporation has a fifty-two week low of $845.56 and a fifty-two week high of $1,769.14. The firm has a fifty day moving average price of $914.95 and a two-hundred day moving average price of $1,077.25. The company has a market cap of $21.31 billion, a PE ratio of 46.23 and a beta of 1.12.

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

Texas Pacific Land Announces Dividend

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

Insider Activity

In other news, Director Eric L. Oliver bought 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, for a total transaction of $88,127.00. Following the transaction, the director directly owned 393,600 shares of the company's stock, valued at $346,867,872. This trade represents a 0.03% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 6.90% of the stock is owned by company insiders.

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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