Crossmark Global Holdings Inc. Invests $879,000 in Texas Pacific Land Co. (NYSE:TPL)

Crossmark Global Holdings Inc. acquired a new stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,197 shares of the financial services provider's stock, valued at approximately $879,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. increased its position in Texas Pacific Land by 1,541.2% in the second quarter. Principal Financial Group Inc. now owns 64,319 shares of the financial services provider's stock worth $47,228,000 after purchasing an additional 60,400 shares during the last quarter. Tobam increased its position in Texas Pacific Land by 6.3% in the second quarter. Tobam now owns 4,800 shares of the financial services provider's stock worth $3,524,000 after purchasing an additional 283 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Texas Pacific Land by 84.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,759 shares of the financial services provider's stock worth $4,229,000 after purchasing an additional 2,636 shares during the last quarter. Encompass More Asset Management bought a new stake in Texas Pacific Land in the second quarter worth $270,000. Finally, Allspring Global Investments Holdings LLC increased its position in Texas Pacific Land by 4.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 776 shares of the financial services provider's stock worth $570,000 after purchasing an additional 35 shares during the last quarter. Institutional investors own 59.94% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on TPL. StockNews.com cut shares of Texas Pacific Land from a "buy" rating to a "hold" rating in a research report on Tuesday, June 18th. BWS Financial reaffirmed a "buy" rating and set a $917.00 price objective on shares of Texas Pacific Land in a research note on Monday, August 12th.

Texas Pacific Land Trading Down 0.2 %

Shares of TPL traded down $1.88 during trading hours on Friday, reaching $868.89. 134,775 shares of the company traded hands, compared to its average volume of 92,122. The firm has a market cap of $19.97 billion, a price-to-earnings ratio of 46.19 and a beta of 1.63. Texas Pacific Land Co. has a 12-month low of $467.62 and a 12-month high of $881.12. The stock's fifty day moving average price is $801.66 and its 200 day moving average price is $665.00.

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 analysts' consensus estimates of $5.36 by ($0.38). The company had revenue of $172.33 million for 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 period in the prior year, the firm posted $4.35 earnings per share. On average, research analysts forecast that Texas Pacific Land Co. will post 20.14 earnings per share for the current year.

Texas Pacific Land Announces Dividend

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

Texas Pacific Land 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.