Zurcher Kantonalbank Zurich Cantonalbank Sells 2,538 Shares of Texas Pacific Land Corporation (NYSE:TPL)

Key Points

• Zurcher Kantonalbank reduced its holdings in Texas Pacific Land Corporation by 38.2%, selling 2,538 shares and now owning 4,102 shares valued at approximately $5.4 million.
• Texas Pacific Land recently reported earnings per share (EPS) of $5.24 for the quarter, missing the consensus estimate of $5.27.
• The company announced a quarterly dividend of $1.60 with a dividend yield of 0.7%, reflecting a payout ratio of 32.02%.

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 38.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,102 shares of the financial services provider's stock after selling 2,538 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Texas Pacific Land were worth $5,435,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. increased its position in 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 in the last quarter. Golden State Wealth Management LLC boosted its holdings 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. Allworth Financial LP grew its stake in shares of Texas Pacific Land by 42.1% in the first quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock worth $36,000 after acquiring an additional 8 shares during the last quarter. GW&K Investment Management LLC increased its holdings in shares of Texas Pacific Land by 237.5% during the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 19 shares in the last quarter. Finally, IMA Advisory Services Inc. purchased a new position in shares of Texas Pacific Land in the 1st quarter worth about $36,000. Institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $967.64 on Friday. Texas Pacific Land Corporation has a 1 year low of $736.75 and a 1 year high of $1,769.14. The firm's 50-day moving average is $1,067.53 and its 200 day moving average is $1,238.69. The stock has a market cap of $22.25 billion, a price-to-earnings ratio of 48.41 and a beta of 1.08.

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

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a $1.60 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land's dividend payout ratio (DPR) is presently 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.

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