Victory Capital Management Inc. Cuts Stock Holdings in Texas Pacific Land Co. (NYSE:TPL)

Victory Capital Management Inc. lowered its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 15.8% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 12,310 shares of the financial services provider's stock after selling 2,307 shares during the period. Victory Capital Management Inc. owned approximately 0.05% of Texas Pacific Land worth $10,891,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its holdings in Texas Pacific Land by 56.9% during 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 purchasing an additional 5,255 shares during the period. Marietta Wealth Management LLC bought a new stake in shares of Texas Pacific Land during the 2nd quarter valued at $2,926,000. O Shaughnessy Asset Management LLC boosted its holdings in Texas Pacific Land by 422.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,459 shares of the financial services provider's stock worth $844,000 after buying an additional 1,180 shares during the period. Public Employees Retirement Association of Colorado increased its stake in Texas Pacific Land by 179.1% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 2,040 shares of the financial services provider's stock worth $1,180,000 after buying an additional 1,309 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Texas Pacific Land by 197.6% during the first 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 acquiring an additional 7,228 shares during the period. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Up 2.4 %

Shares of TPL stock opened at $1,453.71 on Thursday. The company's fifty day simple moving average is $1,087.38 and its two-hundred day simple moving average is $864.11. Texas Pacific Land Co. has a 52 week low of $467.62 and a 52 week high of $1,456.83. The stock has a market cap of $33.41 billion, a P/E ratio of 74.59 and a beta of 1.56.

Texas Pacific Land Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $1.60 dividend. This is an increase from Texas Pacific Land's previous quarterly dividend of $1.17. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.44%. Texas Pacific Land's dividend payout ratio (DPR) is presently 24.01%.

Insider Buying and Selling

In other news, CAO Stephanie Buffington sold 210 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $1,388.33, for a total value of $291,549.30. Following the sale, the chief accounting officer now owns 584 shares of the company's stock, valued at approximately $810,784.72. This represents a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders purchased 117 shares of company stock worth $121,683. Corporate insiders own 6.50% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reaffirmed a "buy" rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research note on Monday, August 12th.

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.