State of Tennessee Department of Treasury Sells 2,762 Shares of Texas Pacific Land Co. (NYSE:TPL)

State of Tennessee Department of Treasury lowered its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 34.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,238 shares of the financial services provider's stock after selling 2,762 shares during the quarter. State of Tennessee Department of Treasury's holdings in Texas Pacific Land were worth $5,793,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bessemer Group Inc. grew its stake in Texas Pacific Land by 108.3% in the 4th quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock valued at $28,000 after buying an additional 13 shares during the last quarter. Assetmark Inc. acquired a new stake in shares of Texas Pacific Land in the fourth quarter valued at about $29,000. Atala Financial Inc bought a new position in shares of Texas Pacific Land in the fourth quarter worth about $31,000. TD Waterhouse Canada Inc. lifted its position in shares of Texas Pacific Land by 45.5% during the 4th quarter. TD Waterhouse Canada Inc. now owns 48 shares of the financial services provider's stock worth $53,000 after purchasing an additional 15 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in Texas Pacific Land during the 4th quarter valued at approximately $66,000. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Trading Up 1.3 %

NYSE:TPL traded up $17.89 during trading hours on Monday, hitting $1,352.52. 60,383 shares of the company traded hands, compared to its average volume of 153,988. Texas Pacific Land Co. has a twelve month low of $555.71 and a twelve month high of $1,769.14. The firm has a 50-day moving average of $1,306.98 and a 200 day moving average of $1,295.81. The stock has a market capitalization of $31.09 billion, a price-to-earnings ratio of 68.59 and a beta of 1.44.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its earnings results on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share for the quarter. The business had revenue of $185.78 million for the quarter. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $1.60 dividend. The ex-dividend date was Monday, March 3rd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.47%. Texas Pacific Land's payout ratio is 32.45%.

Insider Buying and Selling

In related news, CFO Chris Steddum sold 214 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total value of $281,193.86. Following the completion of the transaction, the chief financial officer now owns 3,502 shares of the company's stock, valued at $4,601,592.98. This represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Micheal W. Dobbs sold 1,150 shares of Texas Pacific Land stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the sale, the vice president now directly owns 1,393 shares in the company, valued at $1,771,227.36. The trade was a 45.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought a total of 90 shares of company stock valued at $117,505 over the last ninety days. 6.50% of the stock is owned by company insiders.

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.