PNC Financial Services Group Inc. Has $49.70 Million Holdings in Texas Pacific Land Co. (NYSE:TPL)

PNC Financial Services Group Inc. lowered its position in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,940 shares of the financial services provider's stock after selling 550 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.20% of Texas Pacific Land worth $49,702,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hilltop Holdings Inc. grew its stake in Texas Pacific Land by 290.3% in the third quarter. Hilltop Holdings Inc. now owns 1,815 shares of the financial services provider's stock valued at $1,606,000 after purchasing an additional 1,350 shares in the last quarter. Quantinno Capital Management LP grew its stake in Texas Pacific Land by 63.5% in the third quarter. Quantinno Capital Management LP now owns 2,976 shares of the financial services provider's stock valued at $2,634,000 after purchasing an additional 1,156 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Texas Pacific Land by 5.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 8,888 shares of the financial services provider's stock valued at $7,864,000 after purchasing an additional 431 shares in the last quarter. Biltmore Family Office LLC purchased a new position in Texas Pacific Land in the third quarter valued at about $337,000. Finally, Everence Capital Management Inc. purchased a new position in Texas Pacific Land in the fourth quarter valued at about $641,000. Hedge funds and other institutional investors own 59.94% of the company's stock.

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Texas Pacific Land Trading Up 1.7 %

NYSE TPL traded up $22.04 on Wednesday, reaching $1,349.47. The stock had a trading volume of 97,163 shares, compared to its average volume of 129,791. The business has a 50 day moving average price of $1,339.88 and a 200 day moving average price of $1,200.57. Texas Pacific Land Co. has a 1 year low of $529.03 and a 1 year high of $1,769.14. The company has a market capitalization of $31.02 billion, a price-to-earnings ratio of 68.43 and a beta of 1.68.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share for the quarter. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%. The company had revenue of $185.78 million during the quarter.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a $1.60 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.47%. Texas Pacific Land's dividend payout ratio is currently 32.45%.

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.