Retirement Systems of Alabama Makes New $16.88 Million Investment in Texas Pacific Land Co. (NYSE:TPL)

Retirement Systems of Alabama purchased a new stake in Texas Pacific Land Co. (NYSE:TPL - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 22,983 shares of the financial services provider's stock, valued at approximately $16,876,000. Retirement Systems of Alabama owned 0.10% of Texas Pacific Land at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its position in shares of Texas Pacific Land by 157,150.0% during the 4th quarter. International Assets Investment Management LLC now owns 15,725 shares of the financial services provider's stock worth $24,727,000 after purchasing an additional 15,715 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Texas Pacific Land during the fourth quarter worth approximately $187,000. Daiwa Securities Group Inc. increased its stake in Texas Pacific Land by 6.9% during the 4th quarter. Daiwa Securities Group Inc. now owns 449 shares of the financial services provider's stock worth $706,000 after acquiring an additional 29 shares during the period. abrdn plc raised its holdings in Texas Pacific Land by 122.7% in the 4th quarter. abrdn plc now owns 2,100 shares of the financial services provider's stock valued at $3,302,000 after acquiring an additional 1,157 shares in the last quarter. Finally, Signaturefd LLC lifted its position in shares of Texas Pacific Land by 30.8% during the 4th quarter. Signaturefd LLC now owns 34 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 8 shares during the period. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Price Performance

NYSE:TPL traded up $29.08 during trading hours on Friday, hitting $859.01. The company's stock had a trading volume of 77,398 shares, compared to its average volume of 105,902. Texas Pacific Land Co. has a twelve month low of $467.62 and a twelve month high of $861.45. The stock has a fifty day simple moving average of $791.52 and a 200-day simple moving average of $650.50. The company has a market capitalization of $19.75 billion, a P/E ratio of 45.67 and a beta of 1.63.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly 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). The company had revenue of $172.33 million for the quarter, compared to the consensus estimate of $182.35 million. Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. During the same period last year, the firm posted $4.35 earnings per share. On average, equities analysts predict that Texas Pacific Land Co. will post 20.14 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be paid a $1.17 dividend. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Tuesday, September 3rd. Texas Pacific Land's payout ratio is 24.88%.

Analyst Upgrades and Downgrades

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

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.