Principal Financial Group Inc. Has $40.79 Million Stake in Texas Pacific Land Co. (NYSE:TPL)

Principal Financial Group Inc. lowered its holdings in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 28.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,102 shares of the financial services provider's stock after selling 18,217 shares during the quarter. Principal Financial Group Inc. owned 0.20% of Texas Pacific Land worth $40,788,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. State Street Corp boosted its stake in shares of Texas Pacific Land by 3.8% in the 3rd quarter. State Street Corp now owns 762,627 shares of the financial services provider's stock valued at $674,727,000 after purchasing an additional 27,884 shares in the last quarter. Geode Capital Management LLC boosted its position in Texas Pacific Land by 21.5% in the third quarter. Geode Capital Management LLC now owns 462,518 shares of the financial services provider's stock valued at $411,943,000 after buying an additional 81,974 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Texas Pacific Land by 74.2% during the second quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider's stock worth $149,920,000 after buying an additional 86,975 shares during the last quarter. Magnolia Capital Advisors LLC bought a new stake in Texas Pacific Land during the second quarter worth about $131,014,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Texas Pacific Land by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 136,418 shares of the financial services provider's stock worth $120,694,000 after buying an additional 1,984 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Insider Activity

In other news, CAO Stephanie Buffington sold 210 shares of Texas Pacific Land stock in a transaction that occurred on Tuesday, November 12th. The shares were 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 $810,784.72. The trade was a 26.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have purchased 108 shares of company stock valued at $132,491 over the last three months. 6.50% of the stock is owned by insiders.

Texas Pacific Land Price Performance

Shares of TPL traded up $21.75 on Tuesday, hitting $1,161.20. The company's stock had a trading volume of 57,111 shares, compared to its average volume of 134,056. The company has a market capitalization of $26.68 billion, a PE ratio of 59.58 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 company has a 50 day moving average price of $1,293.97 and a 200 day moving average price of $994.73.

Texas Pacific Land Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders 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 dividend yield of 0.55%. This is a positive change from Texas Pacific Land's previous quarterly dividend of $1.17. The ex-dividend date of this dividend was Monday, December 2nd. Texas Pacific Land's dividend 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.