Bank of Montreal Can Increases Position in Texas Pacific Land Co. (NYSE:TPL)

Bank of Montreal Can lifted its position in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 21.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,419 shares of the financial services provider's stock after purchasing an additional 1,141 shares during the period. Bank of Montreal Can's holdings in Texas Pacific Land were worth $4,871,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of TPL. Evergreen Capital Management LLC lifted its position in Texas Pacific Land by 9.4% in the second quarter. Evergreen Capital Management LLC now owns 1,178 shares of the financial services provider's stock valued at $865,000 after acquiring an additional 101 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Texas Pacific Land by 1.9% in the second quarter. Public Sector Pension Investment Board now owns 2,697 shares of the financial services provider's stock valued at $1,980,000 after buying an additional 51 shares during the last quarter. ProShare Advisors LLC purchased a new stake in shares of Texas Pacific Land in the second quarter valued at about $645,000. Profund Advisors LLC purchased a new stake in shares of Texas Pacific Land in the second quarter valued at about $383,000. Finally, Thrivent Financial for Lutherans purchased a new stake in shares of Texas Pacific Land in the second quarter valued at about $3,303,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

TPL traded up $15.59 on Wednesday, hitting $929.93. 58,274 shares of the company were exchanged, compared to its average volume of 104,770. The business's fifty day moving average is $842.35 and its 200 day moving average is $719.35. Texas Pacific Land Co. has a fifty-two week low of $467.62 and a fifty-two week high of $959.50. The firm has a market capitalization of $21.37 billion, a P/E ratio of 49.44 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates 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 prior year, the company earned $4.35 earnings per share.

Texas Pacific Land Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on TPL shares. StockNews.com cut shares of Texas Pacific Land from a "buy" rating to a "hold" rating in a report on Tuesday, June 18th. BWS Financial reiterated 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 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.