Franklin Resources Inc. Acquires 6,109 Shares of Texas Pacific Land Co. (NYSE:TPL)

Franklin Resources Inc. lifted its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 74.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,367 shares of the financial services provider's stock after acquiring an additional 6,109 shares during the period. Franklin Resources Inc. owned approximately 0.06% of Texas Pacific Land worth $12,711,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in TPL. New York State Teachers Retirement System acquired a new stake in Texas Pacific Land in the 2nd quarter valued at approximately $8,811,000. Retirement Systems of Alabama bought a new stake in shares of Texas Pacific Land in the second quarter worth $16,876,000. Bank of New York Mellon Corp lifted its position in shares of Texas Pacific Land by 74.2% in the second quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider's stock worth $149,920,000 after purchasing an additional 86,975 shares in the last quarter. State of Michigan Retirement System boosted its holdings in Texas Pacific Land by 366.7% during the second quarter. State of Michigan Retirement System now owns 5,600 shares of the financial services provider's stock worth $4,112,000 after purchasing an additional 4,400 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Texas Pacific Land by 4.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 776 shares of the financial services provider's stock valued at $570,000 after purchasing an additional 35 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Performance

NYSE TPL traded up $36.79 during trading hours on Friday, hitting $1,133.12. 553,780 shares of the company traded hands, compared to its average volume of 134,529. The stock has a market capitalization of $26.03 billion, a price-to-earnings ratio of 58.14 and a beta of 1.62. Texas Pacific Land Co. has a twelve month low of $467.62 and a twelve month high of $1,769.14. The business's 50-day moving average is $1,290.02 and its 200-day moving average is $981.27.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.56%. This is a boost from Texas Pacific Land's previous quarterly dividend of $1.17. The ex-dividend date was Monday, December 2nd. Texas Pacific Land's dividend payout ratio is presently 32.84%.

Insider Activity at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 210 shares of the firm's 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 completion of the sale, the chief accounting officer now owns 584 shares in the company, valued at approximately $810,784.72. This trade represents a 26.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders bought 111 shares of company stock worth $135,317. Insiders own 6.50% of the company's stock.

Texas Pacific Land 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.