The Manufacturers Life Insurance Company cut its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 24.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,430 shares of the financial services provider's stock after selling 4,045 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Texas Pacific Land worth $10,997,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in Texas Pacific Land by 197.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,885 shares of the financial services provider's stock valued at $6,298,000 after purchasing an additional 7,228 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Texas Pacific Land by 199.4% in the first quarter. Janus Henderson Group PLC now owns 1,506 shares of the financial services provider's stock worth $871,000 after acquiring an additional 1,003 shares during the period. Comerica Bank grew its holdings in Texas Pacific Land by 85.5% during the 1st quarter. Comerica Bank now owns 1,098 shares of the financial services provider's stock worth $635,000 after acquiring an additional 506 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in Texas Pacific Land by 216.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,008 shares of the financial services provider's stock valued at $571,000 after purchasing an additional 689 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Texas Pacific Land in the 2nd quarter valued at about $44,000. Institutional investors own 59.94% of the company's stock.
Texas Pacific Land Trading Up 2.3 %
Shares of TPL stock traded up $34.46 during mid-day trading on Tuesday, reaching $1,534.81. The stock had a trading volume of 78,517 shares, compared to its average volume of 128,524. Texas Pacific Land Co. has a 1-year low of $467.62 and a 1-year high of $1,769.14. The firm has a market cap of $35.26 billion, a price-to-earnings ratio of 78.49 and a beta of 1.62. The business's fifty day moving average is $1,203.43 and its 200-day moving average is $922.54.
Texas Pacific Land Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from Texas Pacific Land's previous quarterly dividend of $1.17. This represents a $6.40 dividend on an annualized basis and a yield of 0.42%. Texas Pacific Land's payout ratio is currently 32.84%.
Wall Street Analyst Weigh In
Separately, BWS Financial reissued a "buy" rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research note on Monday, August 12th.
Get Our Latest Stock Analysis on TPL
Insider Buying and Selling at Texas Pacific Land
In other news, CAO Stephanie Buffington sold 210 shares of the business's stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total value of $291,549.30. Following the completion of the sale, the chief accounting officer now directly owns 584 shares in the company, valued at $810,784.72. The trade was a 26.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have acquired 114 shares of company stock valued at $128,124. 6.50% of the stock is owned by insiders.
About Texas Pacific Land
(
Free Report)
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.
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