Everence Capital Management Inc. Makes New Investment in Texas Pacific Land Co. (NYSE:TPL)

Everence Capital Management Inc. bought a new position in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 580 shares of the financial services provider's stock, valued at approximately $641,000.

A number of other institutional investors have also recently made changes to their positions in TPL. Magnolia Capital Advisors LLC acquired a new position in shares of Texas Pacific Land in the second quarter worth approximately $131,014,000. Geode Capital Management LLC lifted its position in shares of Texas Pacific Land by 21.5% in the 3rd quarter. Geode Capital Management LLC now owns 462,518 shares of the financial services provider's stock worth $411,943,000 after purchasing an additional 81,974 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Texas Pacific Land in the 3rd quarter worth approximately $45,400,000. AQR Capital Management LLC boosted its stake in shares of Texas Pacific Land by 751.4% in the 2nd quarter. AQR Capital Management LLC now owns 35,759 shares of the financial services provider's stock valued at $26,257,000 after purchasing an additional 31,559 shares during the last quarter. Finally, State Street Corp increased its position in shares of Texas Pacific Land by 3.8% during the third quarter. State Street Corp now owns 762,627 shares of the financial services provider's stock worth $674,727,000 after buying an additional 27,884 shares during the period. Institutional investors own 59.94% of the company's stock.

Insiders Place Their Bets

In other news, CAO Stephanie Buffington sold 210 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the transaction, the chief accounting officer now owns 584 shares of the company's stock, valued at $810,784.72. This represents a 26.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders acquired 97 shares of company stock worth $123,206. 6.50% of the stock is owned by corporate insiders.

Texas Pacific Land Price Performance

NYSE TPL traded up $30.95 during mid-day trading on Friday, reaching $1,211.03. 113,805 shares of the stock were exchanged, compared to its average volume of 125,553. The stock has a market cap of $27.82 billion, a P/E ratio of 62.14 and a beta of 1.68. The stock has a 50 day simple moving average of $1,305.43 and a 200-day simple moving average of $1,016.60. Texas Pacific Land Co. has a one year low of $467.62 and a one year high of $1,769.14.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a dividend of $1.60 per share. This is a positive change from Texas Pacific Land's previous quarterly dividend of $1.17. The ex-dividend date was Monday, December 2nd. This represents a $6.40 annualized dividend and a dividend yield of 0.53%. Texas Pacific Land's dividend payout ratio is presently 32.84%.

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.