Raymond James & Associates Sells 645 Shares of Texas Pacific Land Co. (NYSE:TPL)

Raymond James & Associates reduced its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 2.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,547 shares of the financial services provider's stock after selling 645 shares during the quarter. Raymond James & Associates owned approximately 0.13% of Texas Pacific Land worth $22,430,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Texas Pacific Land by 199.8% during the 1st quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider's stock worth $1,099,867,000 after buying an additional 1,267,123 shares during the last quarter. Pacific Heights Asset Management LLC lifted its position in Texas Pacific Land by 200.0% during the first quarter. Pacific Heights Asset Management LLC now owns 165,000 shares of the financial services provider's stock valued at $95,454,000 after purchasing an additional 110,000 shares during the period. Mad River Investors boosted its holdings in Texas Pacific Land by 199.2% in the first quarter. Mad River Investors now owns 100,121 shares of the financial services provider's stock valued at $57,921,000 after purchasing an additional 66,663 shares during the last quarter. Hodges Capital Management Inc. boosted its holdings in Texas Pacific Land by 130.9% in the first quarter. Hodges Capital Management Inc. now owns 77,137 shares of the financial services provider's stock valued at $44,625,000 after purchasing an additional 43,726 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in Texas Pacific Land by 244.2% during the 1st quarter. California State Teachers Retirement System now owns 58,383 shares of the financial services provider's stock worth $33,775,000 after purchasing an additional 41,422 shares during the period. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Up 0.5 %

Shares of Texas Pacific Land stock traded up $4.13 during trading hours on Thursday, reaching $829.49. 61,485 shares of the company's stock were exchanged, compared to its average volume of 106,078. Texas Pacific Land Co. has a 1 year low of $467.62 and a 1 year high of $854.66. The company has a market capitalization of $19.06 billion, a P/E ratio of 44.12 and a beta of 1.63. The business has a fifty day moving average of $787.99 and a two-hundred day moving average of $645.38.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.36 by ($0.38). Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. The company had revenue of $172.33 million during the quarter, compared to analysts' expectations of $182.35 million. During the same quarter in the previous year, the company earned $4.35 earnings per share. As a group, research analysts predict that Texas Pacific Land Co. will post 20.14 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $1.17 per share. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend is Tuesday, September 3rd. Texas Pacific Land's dividend payout ratio is presently 24.88%.

Analysts Set New Price Targets

TPL has been the subject of several recent research reports. StockNews.com cut Texas Pacific Land from a "buy" rating to a "hold" rating in a research report on Tuesday, June 18th. BWS Financial reissued a "buy" rating and set a $917.00 target price on shares of Texas Pacific Land in a research note on Monday, August 12th.

Texas Pacific Land Company 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.