Hodges Capital Management Inc. Sells 2,971 Shares of Texas Pacific Land Co. (NYSE:TPL)

Hodges Capital Management Inc. cut its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 3.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 72,390 shares of the financial services provider's stock after selling 2,971 shares during the period. Texas Pacific Land makes up about 4.1% of Hodges Capital Management Inc.'s holdings, making the stock its biggest position. Hodges Capital Management Inc. owned 0.32% of Texas Pacific Land worth $64,046,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Capital Performance Advisors LLP purchased a new position in Texas Pacific Land during the 3rd quarter worth approximately $25,000. American National Bank purchased a new stake in Texas Pacific Land in the 2nd quarter worth approximately $42,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Texas Pacific Land during the 3rd quarter valued at $44,000. Quest Partners LLC purchased a new position in Texas Pacific Land in the third quarter valued at about $50,000. Finally, Signaturefd LLC increased its position in Texas Pacific Land by 16.9% in the 3rd quarter. Signaturefd LLC now owns 90 shares of the financial services provider's stock worth $80,000 after purchasing an additional 13 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Analysts Set New Price Targets

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

Texas Pacific Land Price Performance

Shares of TPL stock traded down $8.20 on Friday, hitting $1,338.44. The company's stock had a trading volume of 185,831 shares, compared to its average volume of 410,428. The stock has a market capitalization of $30.75 billion, a price-to-earnings ratio of 68.67 and a beta of 1.62. Texas Pacific Land Co. has a fifty-two week low of $467.62 and a fifty-two week high of $1,769.14. The firm's fifty day moving average price is $1,243.78 and its 200-day moving average price is $945.03.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 of this dividend is Monday, December 2nd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.48%. Texas Pacific Land's dividend payout ratio is currently 32.84%.

Insider Activity at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 210 shares of the firm's stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total value of $291,549.30. Following the sale, the chief accounting officer now directly owns 584 shares of the company's stock, valued at approximately $810,784.72. This trade represents a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have purchased 117 shares of company stock valued at $134,923. Corporate insiders own 6.50% of the company's stock.

Texas Pacific Land Company 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.