Texas Pacific Land Co. (NYSE:TPL) Shares Bought by State of Michigan Retirement System

State of Michigan Retirement System grew its position in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 366.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,600 shares of the financial services provider's stock after purchasing an additional 4,400 shares during the period. State of Michigan Retirement System's holdings in Texas Pacific Land were worth $4,112,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in TPL. Avantax Advisory Services Inc. increased its stake in Texas Pacific Land by 204.2% during the 1st quarter. Avantax Advisory Services Inc. now owns 1,010 shares of the financial services provider's stock worth $584,000 after buying an additional 678 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Texas Pacific Land by 229.3% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,054 shares of the financial services provider's stock valued at $8,709,000 after acquiring an additional 10,483 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Texas Pacific Land by 220.7% in the first quarter. Van ECK Associates Corp now owns 4,137 shares of the financial services provider's stock valued at $2,393,000 after acquiring an additional 2,847 shares in the last quarter. Sandbox Financial Partners LLC boosted its holdings in Texas Pacific Land by 175.4% in the first quarter. Sandbox Financial Partners LLC now owns 2,181 shares of the financial services provider's stock valued at $1,262,000 after purchasing an additional 1,389 shares during the period. Finally, Russell Investments Group Ltd. grew its stake in Texas Pacific Land by 174.6% during the 1st quarter. Russell Investments Group Ltd. now owns 11,757 shares of the financial services provider's stock worth $6,802,000 after purchasing an additional 7,476 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Trading Down 0.4 %

Shares of TPL stock traded down $3.66 on Tuesday, reaching $858.32. 53,753 shares of the stock were exchanged, compared to its average volume of 105,228. Texas Pacific Land Co. has a twelve month low of $467.62 and a twelve month high of $870.28. The company has a market capitalization of $19.72 billion, a price-to-earnings ratio of 45.63 and a beta of 1.63. The business's 50 day moving average price is $795.35 and its 200 day moving average price is $656.74.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.98 EPS for the quarter, missing analysts' consensus estimates of $5.36 by ($0.38). The business had revenue of $172.33 million during the quarter, compared to analysts' expectations 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 quarter in the previous year, the company posted $4.35 EPS. Equities research analysts forecast that Texas Pacific Land Co. will post 20.14 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $1.17 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $4.68 dividend on an annualized basis and a yield of 0.55%. Texas Pacific Land's payout ratio is currently 24.88%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on TPL shares. StockNews.com cut Texas Pacific Land from a "buy" rating to a "hold" rating in a research note on Tuesday, June 18th. BWS Financial reiterated a "buy" rating and issued a $917.00 price target on shares of Texas Pacific Land in a research note on Monday, August 12th.

About Texas Pacific Land

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.