Bank of America Corp DE trimmed its position in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 16.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,598 shares of the financial services provider's stock after selling 5,895 shares during the period. Bank of America Corp DE owned approximately 0.13% of Texas Pacific Land worth $32,735,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. BNP Paribas Financial Markets acquired a new stake in shares of Texas Pacific Land in the 4th quarter worth $37,624,000. Aptus Capital Advisors LLC purchased a new stake in Texas Pacific Land in the fourth quarter valued at about $953,000. AXA S.A. boosted its holdings in Texas Pacific Land by 66.9% in the fourth quarter. AXA S.A. now owns 17,966 shares of the financial services provider's stock worth $19,870,000 after acquiring an additional 7,202 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Texas Pacific Land by 4.7% in the fourth quarter. AQR Capital Management LLC now owns 76,119 shares of the financial services provider's stock worth $84,185,000 after acquiring an additional 3,432 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Texas Pacific Land by 21.8% during the fourth quarter. Northern Trust Corp now owns 224,768 shares of the financial services provider's stock worth $248,584,000 after acquiring an additional 40,185 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, VP Micheal W. Dobbs sold 1,150 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was 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 owns 1,393 shares in the company, valued at $1,771,227.36. This represents a 45.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Chris Steddum sold 214 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the sale, the chief financial officer now directly owns 3,502 shares in the company, valued at $4,601,592.98. The trade was a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 132 shares of company stock valued at $175,331. Company insiders own 6.50% of the company's stock.
Texas Pacific Land Stock Down 3.4%
Shares of Texas Pacific Land stock traded down $48.20 during midday trading on Tuesday, hitting $1,371.96. The company had a trading volume of 132,162 shares, compared to its average volume of 156,327. The company has a fifty day simple moving average of $1,305.22 and a 200 day simple moving average of $1,324.78. The stock has a market cap of $31.54 billion, a price-to-earnings ratio of 69.57 and a beta of 1.20. Texas Pacific Land Co. has a 12-month low of $578.56 and a 12-month high of $1,769.14.
Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). The company had revenue of $195.98 million during the quarter, compared to analysts' expectations of $211.00 million. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%.
Texas Pacific Land Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $6.40 annualized dividend and a yield of 0.47%. Texas Pacific Land's payout ratio is presently 32.02%.
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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