State Street Corp Buys 27,884 Shares of Texas Pacific Land Co. (NYSE:TPL)

State Street Corp grew its holdings in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 3.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 762,627 shares of the financial services provider's stock after purchasing an additional 27,884 shares during the quarter. State Street Corp owned about 3.32% of Texas Pacific Land worth $674,727,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hilltop Holdings Inc. raised its holdings in shares of Texas Pacific Land by 290.3% during the 3rd 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. Biltmore Family Office LLC bought a new position in shares of Texas Pacific Land during the 3rd quarter valued at $337,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Texas Pacific Land by 56.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 14,497 shares of the financial services provider's stock valued at $10,645,000 after purchasing an additional 5,255 shares in the last quarter. Marietta Wealth Management LLC bought a new position in shares of Texas Pacific Land during the 2nd quarter valued at $2,926,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Texas Pacific Land during the 3rd quarter valued at $304,000. Institutional investors own 59.94% of the company's stock.

Insider Activity at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 210 shares of the business's stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the transaction, the chief accounting officer now owns 584 shares in the company, valued at approximately $810,784.72. The trade was a 26.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have bought 117 shares of company stock worth $136,481. 6.50% of the stock is owned by insiders.

Texas Pacific Land Price Performance

NYSE:TPL traded down $11.40 during midday trading on Monday, reaching $1,327.04. The stock had a trading volume of 171,455 shares, compared to its average volume of 130,705. Texas Pacific Land Co. has a 1-year low of $467.62 and a 1-year high of $1,769.14. The firm's fifty day simple moving average is $1,243.78 and its 200-day simple moving average is $945.03. The stock has a market capitalization of $30.50 billion, a P/E ratio of 68.67 and a beta of 1.62.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $1.60 dividend. The ex-dividend date is Monday, December 2nd. This is a positive change from Texas Pacific Land's previous quarterly dividend of $1.17. This represents a $6.40 dividend on an annualized basis and a yield of 0.48%. Texas Pacific Land's dividend payout ratio (DPR) is presently 32.84%.

Wall Street Analyst Weigh In

Separately, BWS Financial reiterated a "buy" rating and issued a $917.00 target price 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.