Victory Capital Management Inc. Sells 1,023 Shares of Texas Pacific Land Corporation (NYSE:TPL)

Victory Capital Management Inc. decreased its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 9.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,341 shares of the financial services provider's stock after selling 1,023 shares during the quarter. Victory Capital Management Inc.'s holdings in Texas Pacific Land were worth $12,377,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bridgewater Advisors Inc. purchased a new stake in Texas Pacific Land in the 1st quarter worth approximately $564,000. Larson Financial Group LLC increased its stake in shares of Texas Pacific Land by 12,866.7% during the 1st quarter. Larson Financial Group LLC now owns 389 shares of the financial services provider's stock worth $515,000 after purchasing an additional 386 shares during the last quarter. Sage Mountain Advisors LLC increased its stake in shares of Texas Pacific Land by 4.4% during the 1st quarter. Sage Mountain Advisors LLC now owns 858 shares of the financial services provider's stock worth $1,137,000 after purchasing an additional 36 shares during the last quarter. Apollon Wealth Management LLC increased its stake in shares of Texas Pacific Land by 13.2% during the 1st quarter. Apollon Wealth Management LLC now owns 787 shares of the financial services provider's stock worth $1,043,000 after purchasing an additional 92 shares during the last quarter. Finally, Signaturefd LLC increased its stake in shares of Texas Pacific Land by 30.0% during the 1st quarter. Signaturefd LLC now owns 130 shares of the financial services provider's stock worth $172,000 after purchasing an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Up 1.0%

Shares of TPL traded up $9.89 during mid-day trading on Friday, hitting $979.33. 182,922 shares of the company's stock were exchanged, compared to its average volume of 146,664. Texas Pacific Land Corporation has a twelve month low of $736.75 and a twelve month high of $1,769.14. The firm has a fifty day moving average of $1,097.61 and a two-hundred day moving average of $1,247.17. The stock has a market cap of $22.51 billion, a price-to-earnings ratio of 48.99 and a beta of 1.08.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). Texas Pacific Land had a net margin of 63.24% and a return on equity of 40.04%. The firm had revenue of $195.98 million during the quarter, compared to analyst estimates of $211.00 million.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a $1.60 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $6.40 annualized dividend and a yield of 0.65%. Texas Pacific Land's dividend payout ratio is 32.02%.

About Texas Pacific Land

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.