Legacy Capital Wealth Partners LLC Acquires New Holdings in Texas Pacific Land Co. (NYSE:TPL)

Legacy Capital Wealth Partners LLC acquired a new stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,091 shares of the financial services provider's stock, valued at approximately $801,000.

A number of other institutional investors also recently added to or reduced their stakes in TPL. Vanguard Group Inc. boosted its holdings in Texas Pacific Land by 199.8% during the first quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider's stock valued at $1,099,867,000 after purchasing an additional 1,267,123 shares in the last quarter. Pacific Heights Asset Management LLC boosted its holdings in shares of Texas Pacific Land by 200.0% in the 1st quarter. Pacific Heights Asset Management LLC now owns 165,000 shares of the financial services provider's stock worth $95,454,000 after acquiring an additional 110,000 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Texas Pacific Land by 74.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider's stock worth $149,920,000 after acquiring an additional 86,975 shares in the last quarter. Mad River Investors boosted its holdings in shares of Texas Pacific Land by 199.2% in the 1st quarter. Mad River Investors now owns 100,121 shares of the financial services provider's stock worth $57,921,000 after acquiring an additional 66,663 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Texas Pacific Land by 1,541.2% in the 2nd quarter. Principal Financial Group Inc. now owns 64,319 shares of the financial services provider's stock worth $47,228,000 after acquiring an additional 60,400 shares in the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Texas Pacific Land Stock Down 6.1 %

NYSE TPL traded down $52.60 during trading hours on Tuesday, hitting $815.04. The company's stock had a trading volume of 104,019 shares, compared to its average volume of 105,240. Texas Pacific Land Co. has a twelve month low of $467.62 and a twelve month high of $881.12. The firm has a market capitalization of $18.73 billion, a P/E ratio of 43.33 and a beta of 1.60. The stock has a fifty day moving average of $805.38 and a 200 day moving average of $669.79.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted 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 during the quarter, compared to the consensus estimate of $182.35 million. Texas Pacific Land had a return on equity of 41.29% and a net margin of 66.71%. During the same quarter in the prior year, the business earned $4.35 earnings per share. On average, analysts predict 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 announced a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $1.17 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $4.68 annualized dividend and a dividend yield of 0.57%. Texas Pacific Land's payout ratio is currently 24.88%.

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.