JPMorgan Chase & Co. Lowers Stock Holdings in Texas Pacific Land Co. (NYSE:TPL)

JPMorgan Chase & Co. lowered its position in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 55.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,923 shares of the financial services provider's stock after selling 42,166 shares during the quarter. JPMorgan Chase & Co. owned 0.15% of Texas Pacific Land worth $30,013,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in TPL. Capital Performance Advisors LLP purchased a new stake in Texas Pacific Land in the 3rd quarter valued at approximately $25,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $44,000. Quest Partners LLC purchased a new stake in shares of Texas Pacific Land in the third quarter valued at approximately $50,000. Signaturefd LLC grew its holdings in Texas Pacific Land by 16.9% during the third quarter. Signaturefd LLC now owns 90 shares of the financial services provider's stock worth $80,000 after acquiring an additional 13 shares during the period. Finally, UMB Bank n.a. raised its position in Texas Pacific Land by 880.0% in the third quarter. UMB Bank n.a. now owns 98 shares of the financial services provider's stock worth $87,000 after acquiring an additional 88 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Insider Buying and Selling at Texas Pacific Land

In related news, CAO Stephanie Buffington sold 210 shares of Texas Pacific Land stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the completion of the sale, the chief accounting officer now owns 584 shares in the company, valued at approximately $810,784.72. This trade represents a 26.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have bought 92 shares of company stock valued at $118,601. Insiders own 6.50% of the company's stock.

Texas Pacific Land Stock Performance

Texas Pacific Land stock traded up $20.93 during midday trading on Wednesday, reaching $1,279.22. The company's stock had a trading volume of 210,021 shares, compared to its average volume of 152,543. 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 has a market capitalization of $29.39 billion, a PE ratio of 65.63 and a beta of 1.68. The stock's 50 day simple moving average is $1,311.18 and its 200 day simple moving average is $1,023.35.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 0.50%. This is an increase from Texas Pacific Land's previous quarterly dividend of $1.17. The ex-dividend date was Monday, December 2nd. Texas Pacific Land's payout ratio is presently 32.84%.

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.