Summit Investment Advisors Inc. reduced its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 95.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 190 shares of the financial services provider's stock after selling 3,676 shares during the quarter. Summit Investment Advisors Inc.'s holdings in Texas Pacific Land were worth $210,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Caprock Group LLC boosted its holdings in shares of Texas Pacific Land by 3.0% in the 4th quarter. Caprock Group LLC now owns 273 shares of the financial services provider's stock valued at $302,000 after buying an additional 8 shares in the last quarter. Huntington National Bank boosted its stake in Texas Pacific Land by 2.8% in the fourth quarter. Huntington National Bank now owns 333 shares of the financial services provider's stock valued at $368,000 after acquiring an additional 9 shares in the last quarter. Signaturefd LLC grew its holdings in Texas Pacific Land by 11.1% in the fourth quarter. Signaturefd LLC now owns 100 shares of the financial services provider's stock worth $111,000 after purchasing an additional 10 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Texas Pacific Land by 21.1% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 69 shares of the financial services provider's stock worth $76,000 after purchasing an additional 12 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of Texas Pacific Land by 108.3% during the 4th quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 13 shares during the last quarter. Institutional investors own 59.94% of the company's stock.
Texas Pacific Land Price Performance
Shares of TPL stock opened at $1,310.01 on Wednesday. The stock's fifty day moving average price is $1,310.05 and its 200 day moving average price is $1,286.34. Texas Pacific Land Co. has a 1-year low of $555.71 and a 1-year high of $1,769.14. The company has a market cap of $30.11 billion, a price-to-earnings ratio of 66.43 and a beta of 1.44.
Texas Pacific Land (NYSE:TPL - Get Free Report) last issued 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 business had revenue of $185.78 million for the quarter.
Texas Pacific Land Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a $1.60 dividend. The ex-dividend date was Monday, March 3rd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.49%. Texas Pacific Land's dividend payout ratio is currently 32.45%.
Insider Transactions at Texas Pacific Land
In other Texas Pacific Land news, CFO Chris Steddum sold 214 shares of Texas Pacific Land stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the completion of the sale, the chief financial officer now directly owns 3,502 shares in the company, valued at approximately $4,601,592.98. The trade was a 5.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Micheal W. Dobbs sold 1,150 shares of the stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the completion of the sale, the vice president now owns 1,393 shares in the company, valued at $1,771,227.36. The trade was a 45.22 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 86 shares of company stock worth $112,203. Company insiders own 6.50% of the company's stock.
About Texas Pacific Land
(
Free Report)
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.
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