Summit Investment Advisors Inc. decreased its position in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 95.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 190 shares of the financial services provider's stock after selling 3,676 shares during the period. Summit Investment Advisors Inc.'s holdings in Texas Pacific Land were worth $210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. raised 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 last quarter. Assetmark Inc. purchased a new position in Texas Pacific Land during the fourth quarter worth approximately $29,000. Atala Financial Inc acquired a new stake in shares of Texas Pacific Land in the 4th quarter worth $31,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Texas Pacific Land in the 4th quarter worth $66,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Texas Pacific Land by 21.1% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 69 shares of the financial services provider's stock worth $76,000 after acquiring an additional 12 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.
Insider Buying and Selling
In related news, VP Micheal W. Dobbs sold 1,150 shares of the firm's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the completion of the transaction, the vice president now directly owns 1,393 shares in the company, valued at $1,771,227.36. This trade represents a 45.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Chris Steddum sold 214 shares of the firm's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total value of $281,193.86. Following the transaction, the chief financial officer now owns 3,502 shares of the company's stock, valued at $4,601,592.98. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 90 shares of company stock valued at $117,505. 6.50% of the stock is currently owned by insiders.
Texas Pacific Land Stock Up 1.3 %
Shares of TPL traded up $17.89 during midday trading on Monday, reaching $1,352.52. The company had a trading volume of 60,383 shares, compared to its average volume of 153,988. Texas Pacific Land Co. has a 1-year low of $555.71 and a 1-year high of $1,769.14. The stock has a market cap of $31.09 billion, a PE ratio of 68.59 and a beta of 1.44. The firm has a 50 day simple moving average of $1,305.89 and a 200-day simple moving average of $1,297.85.
Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share (EPS) for the quarter. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%. The business had revenue of $185.78 million during the quarter.
Texas Pacific Land Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Monday, March 3rd. Texas Pacific Land's payout ratio is 32.45%.
Texas Pacific Land Profile
(
Free Report)
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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