Horizon Kinetics Asset Management LLC cut its position in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 2.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,606,579 shares of the financial services provider's stock after selling 87,786 shares during the quarter. Texas Pacific Land comprises about 49.7% of Horizon Kinetics Asset Management LLC's holdings, making the stock its largest position. Horizon Kinetics Asset Management LLC owned 15.69% of Texas Pacific Land worth $3,988,732,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Hilltop Holdings Inc. boosted its stake in Texas Pacific Land by 290.3% during the third quarter. Hilltop Holdings Inc. now owns 1,815 shares of the financial services provider's stock worth $1,606,000 after acquiring an additional 1,350 shares in the last quarter. Quantinno Capital Management LP boosted its stake in Texas Pacific Land by 63.5% during the third quarter. Quantinno Capital Management LP now owns 2,976 shares of the financial services provider's stock worth $2,634,000 after acquiring an additional 1,156 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Texas Pacific Land by 5.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 8,888 shares of the financial services provider's stock worth $7,864,000 after acquiring an additional 431 shares in the last quarter. Biltmore Family Office LLC bought a new position in shares of Texas Pacific Land in the third quarter valued at $337,000. Finally, Everence Capital Management Inc. bought a new position in shares of Texas Pacific Land in the fourth quarter valued at $641,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other news, VP Micheal W. Dobbs sold 1,150 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total value 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. This represents a 45.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Chris Steddum sold 214 shares of the stock in a transaction dated 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 owns 3,502 shares of the company's stock, valued at approximately $4,601,592.98. This represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders bought a total of 51 shares of company stock worth $67,311 over the last quarter. Insiders own 6.50% of the company's stock.
Texas Pacific Land Stock Performance
Shares of Texas Pacific Land stock traded up $2.85 during trading hours on Tuesday, reaching $1,342.44. The company's stock had a trading volume of 80,580 shares, compared to its average volume of 139,399. Texas Pacific Land Co. has a one year low of $553.33 and a one year high of $1,769.14. The company has a market capitalization of $30.86 billion, a P/E ratio of 68.08 and a beta of 1.69. The stock's fifty day simple moving average is $1,347.30 and its two-hundred day simple moving average is $1,215.48.
Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share for the quarter. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%. The firm had revenue of $185.78 million for the quarter.
Texas Pacific Land Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders 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 annualized dividend and a dividend yield of 0.48%. Texas Pacific Land's dividend payout ratio is currently 32.45%.
Texas Pacific Land Company Profile
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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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