Citigroup Inc. Boosts Stake in Texas Pacific Land Co. (NYSE:TPL)

Citigroup Inc. lifted its stake in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 18.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,318 shares of the financial services provider's stock after purchasing an additional 3,717 shares during the period. Citigroup Inc. owned about 0.11% of Texas Pacific Land worth $21,515,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Capital Performance Advisors LLP acquired a new stake in shares of Texas Pacific Land during the third quarter worth about $25,000. American National Bank acquired a new stake in shares of Texas Pacific Land during the second quarter worth about $42,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Texas Pacific Land during the second quarter worth about $44,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Texas Pacific Land during the third quarter worth about $44,000. Finally, Quest Partners LLC acquired a new stake in shares of Texas Pacific Land during the third quarter worth about $50,000. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, BWS Financial reiterated a "buy" rating and set a $917.00 target price on shares of Texas Pacific Land in a research report on Monday, August 12th.

Texas Pacific Land Price Performance

NYSE TPL traded up $64.92 on Wednesday, hitting $1,636.69. 418,372 shares of the company's stock were exchanged, compared to its average volume of 128,292. The firm's 50-day moving average price is $1,149.73 and its two-hundred day moving average price is $894.75. Texas Pacific Land Co. has a fifty-two week low of $467.62 and a fifty-two week high of $1,769.14. The firm has a market cap of $37.61 billion, a price-to-earnings ratio of 82.27 and a beta of 1.56.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $1.60 per share. This is a boost from Texas Pacific Land's previous quarterly dividend of $1.17. The ex-dividend date is Monday, December 2nd. This represents a $6.40 annualized dividend and a yield of 0.39%. Texas Pacific Land's payout ratio is presently 24.01%.

Insiders Place Their Bets

In other news, CAO Stephanie Buffington sold 210 shares of the business's stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the sale, the chief accounting officer now owns 584 shares of the company's stock, valued at $810,784.72. The trade was a 26.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders have acquired 114 shares of company stock worth $123,503. Company insiders own 6.50% of the company's stock.

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.