HighTower Advisors LLC lowered its position in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 7.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,746 shares of the financial services provider's stock after selling 2,485 shares during the period. HighTower Advisors LLC owned about 0.13% of Texas Pacific Land worth $32,898,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Assetmark Inc. acquired a new stake in shares of Texas Pacific Land during the 4th quarter valued at approximately $29,000. Quest Partners LLC acquired a new stake in shares of Texas Pacific Land during the 3rd quarter valued at approximately $50,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Texas Pacific Land during the 4th quarter valued at approximately $66,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Texas Pacific Land by 21.1% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 69 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 12 shares during the period. Finally, Sentry Investment Management LLC acquired a new stake in shares of Texas Pacific Land during the 4th quarter valued at approximately $87,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.
Texas Pacific Land Price Performance
Shares of TPL stock traded up $39.13 during midday trading on Wednesday, reaching $1,382.86. 142,188 shares of the company traded hands, compared to its average volume of 139,399. The firm's 50 day simple moving average is $1,347.30 and its two-hundred day simple moving average is $1,215.48. Texas Pacific Land Co. has a 1-year low of $553.33 and a 1-year high of $1,769.14. The firm has a market cap of $31.78 billion, a PE ratio of 70.12 and a beta of 1.69.
Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share (EPS) for the quarter. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%. The company had revenue of $185.78 million during the quarter.
Texas Pacific Land Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $6.40 annualized dividend and a dividend yield of 0.46%. Texas Pacific Land's dividend payout ratio is currently 32.45%.
Insider Buying and Selling
In related news, CFO Chris Steddum sold 214 shares of Texas Pacific Land 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 completion of the transaction, the chief financial officer now directly owns 3,502 shares in the company, valued at $4,601,592.98. The trade was a 5.76 % decrease in their position. The sale 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 that occurred 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 transaction, the vice president now owns 1,393 shares of the company's stock, valued at $1,771,227.36. This represents a 45.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased 51 shares of company stock worth $67,311 in the last ninety days. Insiders own 6.50% of the company's stock.
About Texas Pacific Land
(
Free Report)
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.
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