Meridian Management Co. Trims Stake in Texas Pacific Land Co. (NYSE:TPL)

Meridian Management Co. trimmed its position in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 37.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,562 shares of the financial services provider's stock after selling 1,512 shares during the period. Meridian Management Co.'s holdings in Texas Pacific Land were worth $2,267,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Avantax Advisory Services Inc. lifted its position in Texas Pacific Land by 204.2% in the 1st quarter. Avantax Advisory Services Inc. now owns 1,010 shares of the financial services provider's stock valued at $584,000 after purchasing an additional 678 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Texas Pacific Land by 229.3% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,054 shares of the financial services provider's stock valued at $8,709,000 after acquiring an additional 10,483 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Texas Pacific Land by 174.6% during the first quarter. Russell Investments Group Ltd. now owns 11,757 shares of the financial services provider's stock valued at $6,802,000 after purchasing an additional 7,476 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Texas Pacific Land by 56.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 14,497 shares of the financial services provider's stock valued at $10,645,000 after buying an additional 5,255 shares in the last quarter. Finally, Marietta Wealth Management LLC acquired a new stake in shares of Texas Pacific Land during the 2nd quarter valued at $2,926,000. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Price Performance

TPL stock traded up $6.88 during trading on Tuesday, reaching $1,406.76. 92,698 shares of the company were exchanged, compared to its average volume of 103,689. The company has a market capitalization of $32.32 billion, a price-to-earnings ratio of 71.94 and a beta of 1.56. Texas Pacific Land Co. has a twelve month low of $467.62 and a twelve month high of $1,421.22. The company has a 50-day moving average of $1,003.70 and a two-hundred day moving average of $825.75.

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 paid a $1.60 dividend. The ex-dividend date is Monday, December 2nd. This is an increase from Texas Pacific Land's previous quarterly dividend of $1.17. This represents a $6.40 annualized dividend and a dividend yield of 0.45%. Texas Pacific Land's dividend payout ratio is 32.84%.

Analyst Ratings Changes

Separately, BWS Financial reiterated a "buy" rating and set a $917.00 price target on shares of Texas Pacific Land in a report on Monday, August 12th.

About Texas Pacific Land

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.