Legal & General Group Plc cut its holdings in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 29.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 104,842 shares of the financial services provider's stock after selling 43,904 shares during the quarter. Legal & General Group Plc owned approximately 0.46% of Texas Pacific Land worth $115,951,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. JPMorgan Chase & Co. increased its position in Texas Pacific Land by 19.9% during the 4th quarter. JPMorgan Chase & Co. now owns 40,670 shares of the financial services provider's stock worth $44,979,000 after purchasing an additional 6,747 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Texas Pacific Land by 5.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 8,888 shares of the financial services provider's stock worth $7,864,000 after buying an additional 431 shares in the last quarter. Everence Capital Management Inc. bought a new position in shares of Texas Pacific Land in the 4th quarter valued at $641,000. Miracle Mile Advisors LLC acquired a new stake in shares of Texas Pacific Land during the 4th quarter valued at $8,545,000. Finally, Brave Asset Management Inc. grew its position in Texas Pacific Land by 87.1% during the 4th quarter. Brave Asset Management Inc. now owns 537 shares of the financial services provider's stock worth $594,000 after acquiring an additional 250 shares during the last quarter. Institutional investors own 59.94% of the company's stock.
Texas Pacific Land Stock Performance
Shares of NYSE:TPL traded up $20.82 during midday trading on Wednesday, hitting $1,285.09. 23,482 shares of the stock were exchanged, compared to its average volume of 151,959. The business's 50-day moving average price is $1,317.16 and its 200 day moving average price is $1,274.19. The stock has a market capitalization of $29.54 billion, a price-to-earnings ratio of 65.17 and a beta of 1.44. Texas Pacific Land Co. has a 12 month low of $555.71 and a 12 month high of $1,769.14.
Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $5.14 EPS for the quarter. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%. The company had revenue of $185.78 million for the quarter.
Texas Pacific Land Announces Dividend
The firm also recently announced 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 was Monday, March 3rd. This represents a $6.40 annualized dividend and a dividend yield of 0.50%. Texas Pacific Land's payout ratio is 32.45%.
Insider Buying and Selling
In other news, CFO Chris Steddum sold 214 shares of Texas Pacific Land stock in a transaction on Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total value of $281,193.86. Following the completion of the sale, the chief financial officer now owns 3,502 shares in the company, valued at $4,601,592.98. The trade was a 5.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Micheal W. Dobbs sold 1,150 shares of the business's stock in a transaction 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 transaction, the vice president now owns 1,393 shares in the company, valued at $1,771,227.36. The trade was a 45.22 % decrease in their position. The disclosure for this sale can be found here. Insiders acquired 82 shares of company stock valued at $107,353 over the last 90 days. Company insiders own 6.50% of the company's stock.
Texas Pacific Land Company Profile
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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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