Corebridge Financial Inc. Has $5.52 Million Stock Position in Texas Pacific Land Co. (NYSE:TPL)

Corebridge Financial Inc. lowered its position in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 77.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,990 shares of the financial services provider's stock after selling 17,515 shares during the quarter. Corebridge Financial Inc.'s holdings in Texas Pacific Land were worth $5,519,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Quest Partners LLC acquired a new position in Texas Pacific Land during the third quarter worth $50,000. Daiwa Securities Group Inc. increased its stake in shares of Texas Pacific Land by 14.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,547 shares of the financial services provider's stock worth $1,369,000 after purchasing an additional 200 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Texas Pacific Land in the 3rd quarter valued at about $304,000. Bank of Montreal Can lifted its stake in Texas Pacific Land by 2.2% in the 3rd quarter. Bank of Montreal Can now owns 6,561 shares of the financial services provider's stock valued at $5,820,000 after purchasing an additional 142 shares during the last quarter. Finally, FMR LLC grew its holdings in Texas Pacific Land by 41.5% during the third quarter. FMR LLC now owns 2,525 shares of the financial services provider's stock worth $2,234,000 after purchasing an additional 740 shares during the period. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Trading Up 1.9 %

Shares of TPL traded up $25.09 during mid-day trading on Tuesday, reaching $1,350.08. The company's stock had a trading volume of 133,163 shares, compared to its average volume of 148,391. 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 $31.03 billion, a P/E ratio of 68.46 and a beta of 1.69. The business has a 50-day simple moving average of $1,347.30 and a two-hundred day simple moving average of $1,249.46.

Remove Ads

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

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 0.47%. The ex-dividend date was Monday, March 3rd. Texas Pacific Land's dividend payout ratio (DPR) is currently 32.45%.

Insider Transactions at Texas Pacific Land

In other news, VP Micheal W. Dobbs sold 1,150 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the completion of the sale, the vice president now owns 1,393 shares of the company's stock, valued at approximately $1,771,227.36. This represents a 45.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Chris Steddum sold 214 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total transaction 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 represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have purchased 70 shares of company stock valued at $93,775. 6.50% of the stock is owned by corporate insiders.

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.