Allspring Global Investments Holdings LLC Cuts Stake in Texas Pacific Land Co. (NYSE:TPL)

Allspring Global Investments Holdings LLC decreased its holdings in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 92.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59 shares of the financial services provider's stock after selling 717 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Texas Pacific Land were worth $52,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of 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 valued at $1,099,867,000 after purchasing an additional 1,267,123 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Texas Pacific Land by 74.2% during the second quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider's stock valued at $149,920,000 after purchasing an additional 86,975 shares during the last quarter. Magnolia Capital Advisors LLC acquired a new stake in Texas Pacific Land during the second quarter valued at approximately $131,014,000. Dimensional Fund Advisors LP lifted its position in shares of Texas Pacific Land by 8.5% in 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 acquiring an additional 9,878 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position 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 valued at $47,228,000 after acquiring an additional 60,400 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

TPL traded up $35.61 during trading on Tuesday, reaching $1,243.19. The company had a trading volume of 95,312 shares, compared to its average volume of 102,774. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $1,248.94. The business's fifty day moving average price is $956.87 and its 200 day moving average price is $799.37. The company has a market cap of $28.57 billion, a P/E ratio of 63.95 and a beta of 1.56.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share 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 net margin of 66.71% and a return on equity of 41.29%. During the same period in the previous year, the company earned $4.35 earnings per share.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $1.17 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $4.68 annualized dividend and a yield of 0.38%. Texas Pacific Land's payout ratio is 24.07%.

Analysts Set New Price Targets

Separately, BWS Financial restated 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.