State of New Jersey Common Pension Fund D Decreases Holdings in Texas Pacific Land Co. (NYSE:TPL)

State of New Jersey Common Pension Fund D decreased its position in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 32.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 7,403 shares of the financial services provider's stock after selling 3,544 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Texas Pacific Land were worth $5,436,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in TPL. Vanguard Group Inc. boosted its stake in Texas Pacific Land by 199.8% in 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 purchasing an additional 1,267,123 shares during the period. Pacific Heights Asset Management LLC boosted its stake in 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 purchasing an additional 110,000 shares during the period. Bank of New York Mellon Corp boosted its stake in 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 purchasing an additional 86,975 shares during the period. Mad River Investors boosted its stake in 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 purchasing an additional 66,663 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in 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 purchasing an additional 60,400 shares during the period. Institutional investors own 59.94% of the company's stock.

Analysts Set New Price Targets

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

Texas Pacific Land Trading Up 3.7 %

Shares of TPL traded up $29.62 during trading hours on Monday, reaching $838.61. 118,190 shares of the company's stock traded hands, compared to its average volume of 103,589. The stock has a market cap of $19.28 billion, a PE ratio of 44.58 and a beta of 1.60. The firm's 50 day simple moving average is $816.20 and its 200-day simple moving average is $687.88. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $881.12.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly 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 business 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 quarter last year, the business posted $4.35 EPS. As a group, analysts expect that Texas Pacific Land Co. will post 20.14 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors 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 dividend yield of 0.56%. Texas Pacific Land's dividend payout ratio is 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.