First Foundation Advisors Increases Position in Texas Pacific Land Co. (NYSE:TPL)

First Foundation Advisors boosted its holdings in shares of Texas Pacific Land Co. (NYSE:TPL) by 365.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,279 shares of the financial services provider’s stock after purchasing an additional 4,931 shares during the quarter. First Foundation Advisors’ holdings in Texas Pacific Land were worth $3,632,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Tocqueville Asset Management L.P. lifted its holdings in Texas Pacific Land by 225.9% during the first quarter. Tocqueville Asset Management L.P. now owns 37,785 shares of the financial services provider’s stock valued at $21,859,000 after purchasing an additional 26,190 shares in the last quarter. Blair William & Co. IL raised its position in shares of Texas Pacific Land by 199.9% during the 1st quarter. Blair William & Co. IL now owns 8,022 shares of the financial services provider’s stock worth $4,641,000 after purchasing an additional 5,347 shares during the last quarter. Scout Investments Inc. purchased a new position in Texas Pacific Land in the 1st quarter valued at about $13,606,000. Beacon Investment Advisory Services Inc. acquired a new stake in Texas Pacific Land in the 1st quarter worth about $215,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Texas Pacific Land by 288.4% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,140 shares of the financial services provider’s stock worth $5,866,000 after buying an additional 7,529 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Down 0.3 %

Shares of Texas Pacific Land stock traded down $2.48 on Friday, hitting $814.48. 79,649 shares of the company were exchanged, compared to its average volume of 250,775. The company has a 50-day moving average price of $701.84 and a 200 day moving average price of $595.39. The stock has a market capitalization of $18.72 billion, a price-to-earnings ratio of 43.30 and a beta of 1.63. Texas Pacific Land Co. has a 1-year low of $467.62 and a 1-year high of $834.52.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $4.97 earnings per share for the quarter, topping analysts’ consensus estimates of $4.58 by $0.39. The company had revenue of $174.14 million for the quarter, compared to analyst estimates of $158.20 million. Texas Pacific Land had a return on equity of 43.16% and a net margin of 65.74%. Research analysts forecast that Texas Pacific Land Co. will post 21.2 EPS for the current year.

Texas Pacific Land Announces Dividend

The company also recently disclosed a None dividend, which was paid on Monday, July 15th. Investors of record on Monday, July 1st were issued a $10.00 dividend. The ex-dividend date of this dividend was Monday, July 1st. Texas Pacific Land’s dividend payout ratio is currently 24.88%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TPL shares. StockNews.com lowered Texas Pacific Land from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. BWS Financial reaffirmed a “buy” rating and set a $917.00 target price on shares of Texas Pacific Land in a report on Friday, May 10th.

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.