Hsbc Holdings PLC Trims Stake in Texas Pacific Land Co. (NYSE:TPL)

Hsbc Holdings PLC cut its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 6.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 29,642 shares of the financial services provider's stock after selling 2,103 shares during the quarter. Hsbc Holdings PLC owned approximately 0.13% of Texas Pacific Land worth $21,755,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Texas Pacific Land by 199.8% in the first 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. Bank of New York Mellon Corp boosted its holdings 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 buying an additional 86,975 shares during the period. Pacific Heights Asset Management LLC increased 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 buying an additional 110,000 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Texas Pacific Land by 8.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 126,156 shares of the financial services provider's stock valued at $92,632,000 after purchasing an additional 9,878 shares during the period. Finally, 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. 59.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Texas Pacific Land Price Performance

Shares of NYSE TPL traded up $20.62 during midday trading on Friday, reaching $936.28. 315,660 shares of the stock traded hands, compared to its average volume of 105,130. The company's 50 day moving average is $826.09 and its 200 day moving average is $697.52. Texas Pacific Land Co. has a one year low of $467.62 and a one year high of $941.63. The stock has a market capitalization of $21.53 billion, a PE ratio of 49.78 and a beta of 1.60.

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 the consensus estimate 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 earned $4.35 EPS. As a group, equities analysts forecast that Texas Pacific Land Co. will post 20.14 EPS for the current year.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $1.17 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $4.68 annualized dividend and a yield of 0.50%. Texas Pacific Land's payout ratio is currently 24.88%.

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.