Texas Pacific Land Co. (NYSE:TPL) Shares Sold by Principal Financial Group Inc.

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

Other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Texas Pacific Land by 522.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 741 shares of the financial services provider's stock worth $429,000 after purchasing an additional 622 shares in the last quarter. SG Americas Securities LLC increased its position in Texas Pacific Land by 605.6% during the 1st quarter. SG Americas Securities LLC now owns 1,397 shares of the financial services provider's stock valued at $808,000 after buying an additional 1,199 shares in the last quarter. Illinois Municipal Retirement Fund increased its holdings in shares of Texas Pacific Land by 200.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 1,371 shares of the financial services provider's stock worth $793,000 after purchasing an additional 914 shares in the last quarter. Swiss National Bank increased its holdings in shares of Texas Pacific Land by 189.0% in the 1st quarter. Swiss National Bank now owns 55,251 shares of the financial services provider's stock worth $31,963,000 after purchasing an additional 36,134 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Texas Pacific Land by 240.1% in the 1st quarter. Sei Investments Co. now owns 789 shares of the financial services provider's stock worth $456,000 after buying an additional 557 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Wall Street Analysts Forecast Growth

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

Texas Pacific Land Stock Performance

Shares of NYSE TPL traded up $6.88 during mid-day trading on Tuesday, hitting $1,406.76. The stock had a trading volume of 92,698 shares, compared to its average volume of 103,689. Texas Pacific Land Co. has a twelve month low of $467.62 and a twelve month high of $1,421.22. The firm has a market cap of $32.32 billion, a PE ratio of 71.94 and a beta of 1.56. 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 company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Monday, December 2nd. This is a positive change from Texas Pacific Land's previous quarterly dividend of $1.17. Texas Pacific Land's payout ratio is presently 32.84%.

Texas Pacific Land Company 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.