Sumitomo Mitsui Trust Group Inc. raised its position in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 7.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 46,784 shares of the financial services provider's stock after purchasing an additional 3,113 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.20% of Texas Pacific Land worth $41,392,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also made changes to their positions in TPL. Waverton Investment Management Ltd lifted its stake in shares of Texas Pacific Land by 18.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 14,166 shares of the financial services provider's stock worth $12,524,000 after purchasing an additional 2,160 shares during the last quarter. Entropy Technologies LP acquired a new position in Texas Pacific Land during the 3rd quarter valued at approximately $973,000. State of New Jersey Common Pension Fund D lifted its position in Texas Pacific Land by 1.1% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 7,484 shares of the financial services provider's stock worth $6,621,000 after acquiring an additional 81 shares during the period. Crossmark Global Holdings Inc. lifted its position in Texas Pacific Land by 23.7% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 1,481 shares of the financial services provider's stock worth $1,310,000 after acquiring an additional 284 shares during the period. Finally, Legacy Capital Wealth Partners LLC grew its stake in Texas Pacific Land by 85.6% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 2,025 shares of the financial services provider's stock valued at $1,792,000 after purchasing an additional 934 shares during the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Separately, BWS Financial reiterated a "buy" rating and issued a $917.00 target price on shares of Texas Pacific Land in a research report on Monday, August 12th.
Check Out Our Latest Analysis on Texas Pacific Land
Texas Pacific Land Price Performance
NYSE TPL traded down $1.26 during trading hours on Friday, reaching $1,359.94. The company's stock had a trading volume of 63,219 shares, compared to its average volume of 103,614. The firm has a market capitalization of $31.24 billion, a price-to-earnings ratio of 69.78 and a beta of 1.56. The company's 50-day moving average is $1,049.39 and its two-hundred day moving average is $844.11. Texas Pacific Land Co. has a 1-year low of $467.62 and a 1-year high of $1,421.22.
Texas Pacific Land Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $1.60 dividend. 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 0.47%. Texas Pacific Land's dividend payout ratio (DPR) is 32.84%.
Insider Transactions at Texas Pacific Land
In related news, CAO Stephanie Buffington sold 210 shares of the stock in a transaction on 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 completion of the transaction, the chief accounting officer now directly owns 584 shares of the company's stock, valued at approximately $810,784.72. This represents a 26.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders purchased 117 shares of company stock valued at $118,351 over the last 90 days. Corporate 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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