State of Tennessee Department of Treasury Cuts Stake in Texas Pacific Land Co. (NYSE:TPL)

State of Tennessee Department of Treasury cut its holdings in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 34.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,238 shares of the financial services provider's stock after selling 2,762 shares during the quarter. State of Tennessee Department of Treasury's holdings in Texas Pacific Land were worth $5,793,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. TD Waterhouse Canada Inc. grew its stake in shares of Texas Pacific Land by 45.5% in the 4th quarter. TD Waterhouse Canada Inc. now owns 48 shares of the financial services provider's stock worth $53,000 after buying an additional 15 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Texas Pacific Land by 127.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 861 shares of the financial services provider's stock worth $952,000 after acquiring an additional 483 shares in the last quarter. Norinchukin Bank The purchased a new position in Texas Pacific Land in the fourth quarter worth about $730,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Texas Pacific Land during the fourth quarter worth approximately $544,000. Finally, First Trust Advisors LP raised its position in Texas Pacific Land by 10.5% during the fourth quarter. First Trust Advisors LP now owns 90,152 shares of the financial services provider's stock valued at $99,705,000 after purchasing an additional 8,593 shares during the period. Institutional investors own 59.94% of the company's stock.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 214 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total value of $281,193.86. Following the sale, the chief financial officer now owns 3,502 shares in the company, valued at $4,601,592.98. This trade represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Micheal W. Dobbs sold 1,150 shares of Texas Pacific Land stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the sale, the vice president now owns 1,393 shares of the company's stock, valued at approximately $1,771,227.36. This trade represents a 45.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 92 shares of company stock worth $120,263. 6.50% of the stock is currently owned by company insiders.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock traded down $37.70 on Wednesday, reaching $1,292.59. The company had a trading volume of 20,794 shares, compared to its average volume of 153,428. The firm has a market cap of $29.71 billion, a price-to-earnings ratio of 65.90 and a beta of 1.44. The firm's 50-day moving average price is $1,303.60 and its two-hundred day moving average price is $1,298.07. Texas Pacific Land Co. has a 1 year low of $555.71 and a 1 year high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share for the quarter. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%. The business had revenue of $185.78 million for the quarter.

Texas Pacific Land Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a dividend of $1.60 per share. The ex-dividend date was Monday, March 3rd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.50%. Texas Pacific Land's dividend payout ratio is 32.45%.

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.