Victory Capital Management Inc. Buys 5,042 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Victory Capital raised its stake in Texas Pacific Land by 67.4% in Q3, buying 5,042 shares to hold 12,527 shares valued at about $11.70 million.
• Texas Pacific Land beat expectations last quarter with $1.79 EPS vs. $1.73 expected and $211.6M revenue vs. $204M, reporting a 36.18% ROE and a 60.31% net margin.
• The company increased its quarterly dividend to $0.60 (annualized $2.40, ~0.5% yield; ex-dividend March 2), while insiders were active— a director bought 895 shares and the CAO sold 1,608 shares— and institutions own roughly 59.9% of the stock.

Victory Capital Management Inc. increased its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 67.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,527 shares of the financial services provider's stock after buying an additional 5,042 shares during the quarter. Victory Capital Management Inc. owned about 0.05% of Texas Pacific Land worth $11,696,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Texas Pacific Land by 7.9% during the 3rd quarter. Vanguard Group Inc. now owns 2,581,228 shares of the financial services provider's stock worth $2,409,938,000 after purchasing an additional 189,842 shares during the period. Geode Capital Management LLC lifted its stake in Texas Pacific Land by 3.9% in the second quarter. Geode Capital Management LLC now owns 605,760 shares of the financial services provider's stock worth $648,866,000 after purchasing an additional 22,796 shares during the last quarter. Pacific Heights Asset Management LLC boosted its position in shares of Texas Pacific Land by 12.1% during the third quarter. Pacific Heights Asset Management LLC now owns 185,000 shares of the financial services provider's stock valued at $172,723,000 after buying an additional 20,000 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Texas Pacific Land by 0.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 184,205 shares of the financial services provider's stock worth $194,592,000 after buying an additional 720 shares during the period. Finally, Legal & General Group Plc grew its position in Texas Pacific Land by 13.6% in the 2nd quarter. Legal & General Group Plc now owns 134,173 shares of the financial services provider's stock valued at $141,739,000 after acquiring an additional 16,094 shares during the last quarter. Institutional investors own 59.94% of the company's stock.

Texas Pacific Land Trading Up 0.8%

TPL opened at $524.76 on Thursday. The company has a market capitalization of $36.18 billion, a price-to-earnings ratio of 75.22 and a beta of 0.83. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The business's fifty day simple moving average is $400.09 and its 200-day simple moving average is $338.63.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The firm had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million.

Texas Pacific Land Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be paid a dividend of $0.60 per share. This is a boost from Texas Pacific Land's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Monday, March 2nd. Texas Pacific Land's payout ratio is 34.38%.

Analyst Ratings Changes

Several analysts have recently weighed in on TPL shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Texas Pacific Land in a research report on Monday, December 29th. Zacks Research raised shares of Texas Pacific Land to a "hold" rating in a research note on Wednesday, December 3rd. KeyCorp boosted their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. Finally, Wall Street Zen downgraded shares of Texas Pacific Land from a "hold" rating to a "sell" rating in a research note on Saturday, March 7th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $639.00.

Insider Buying and Selling

In other Texas Pacific Land news, Director Donna E. Epps acquired 895 shares of the business's stock in a transaction that occurred on Wednesday, February 25th. The shares were bought at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. This represents a 44.18% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares of the company's stock, valued at $1,072,899. This trade represents a 42.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.90% of the stock is currently owned by company insiders.

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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