Texas Pacific Land Co. (NYSE:TPL) Position Lowered by Prospera Financial Services Inc

Prospera Financial Services Inc trimmed its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 41.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,314 shares of the financial services provider's stock after selling 3,723 shares during the period. Prospera Financial Services Inc's holdings in Texas Pacific Land were worth $4,706,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of TPL. Capital Performance Advisors LLP acquired a new position in shares of Texas Pacific Land during the 3rd quarter worth approximately $25,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Texas Pacific Land during the 3rd quarter valued at $44,000. Quest Partners LLC purchased a new stake in shares of Texas Pacific Land during the 3rd quarter valued at $50,000. American National Bank purchased a new stake in shares of Texas Pacific Land during the 2nd quarter valued at $42,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Texas Pacific Land during the 2nd quarter valued at $44,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Performance

Shares of NYSE:TPL traded up $33.58 during midday trading on Wednesday, hitting $1,453.71. 94,969 shares of the company's stock traded hands, compared to its average volume of 103,378. The company has a market cap of $33.41 billion, a PE ratio of 74.59 and a beta of 1.56. The firm's fifty day moving average price is $1,087.38 and its two-hundred day moving average price is $864.11. Texas Pacific Land Co. has a twelve month low of $467.62 and a twelve month high of $1,456.83.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $1.60 per share. This is a positive change from Texas Pacific Land's previous quarterly dividend of $1.17. The ex-dividend date is Monday, December 2nd. This represents a $6.40 annualized dividend and a dividend yield of 0.44%. Texas Pacific Land's payout ratio is presently 24.01%.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reissued a "buy" rating and set a $917.00 price objective on shares of Texas Pacific Land in a research note on Monday, August 12th.

Insider Activity at Texas Pacific Land

In other Texas Pacific Land news, CAO Stephanie Buffington sold 210 shares of the company's stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $1,388.33, for a total value of $291,549.30. Following the completion of the transaction, the chief accounting officer now directly owns 584 shares of the company's stock, valued at $810,784.72. This represents a 26.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have acquired 117 shares of company stock worth $121,683. 6.50% of the stock is currently owned by corporate insiders.

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.