World Equity Group Inc. Sells 2,611 Shares of Texas Pacific Land Corporation (NYSE:TPL)

World Equity Group Inc. trimmed its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 49.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,693 shares of the financial services provider's stock after selling 2,611 shares during the quarter. Texas Pacific Land makes up approximately 1.0% of World Equity Group Inc.'s portfolio, making the stock its 19th largest position. World Equity Group Inc.'s holdings in Texas Pacific Land were worth $3,568,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Bessemer Group Inc. boosted its stake in shares of Texas Pacific Land by 108.3% during the 4th quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock valued at $28,000 after buying an additional 13 shares during the period. Assetmark Inc. acquired a new position in Texas Pacific Land in the 4th quarter worth about $29,000. Atala Financial Inc purchased a new stake in shares of Texas Pacific Land during the 4th quarter worth about $31,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of Texas Pacific Land by 175.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 33 shares of the financial services provider's stock valued at $44,000 after buying an additional 21 shares in the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of Texas Pacific Land by 45.5% during the 4th quarter. TD Waterhouse Canada Inc. now owns 48 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 15 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Stock Up 0.2%

Shares of NYSE:TPL traded up $2.49 on Friday, reaching $1,082.23. The company had a trading volume of 314,483 shares, compared to its average volume of 147,211. The stock has a 50-day moving average price of $1,247.78 and a 200 day moving average price of $1,276.33. Texas Pacific Land Corporation has a twelve month low of $724.75 and a twelve month high of $1,769.14. The stock has a market capitalization of $24.88 billion, a P/E ratio of 54.14 and a beta of 1.12.

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). The firm had revenue of $195.98 million during the quarter, compared to analyst estimates of $211.00 million. Texas Pacific Land had a net margin of 63.24% and a return on equity of 40.04%.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a dividend of $1.60 per share. The ex-dividend date was Monday, June 2nd. This represents a $6.40 annualized dividend and a dividend yield of 0.59%. Texas Pacific Land's payout ratio is 32.02%.

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.