TIAA Trust National Association Has $9.18 Million Stock Holdings in Texas Pacific Land Corporation $TPL

TIAA Trust National Association increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 193.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,971 shares of the financial services provider’s stock after acquiring an additional 21,064 shares during the quarter. TIAA Trust National Association’s holdings in Texas Pacific Land were worth $9,183,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after acquiring an additional 4,975,738 shares during the period. Geode Capital Management LLC increased its holdings in Texas Pacific Land by 203.7% in the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock valued at $503,581,000 after purchasing an additional 1,179,788 shares during the last quarter. State Street Corp increased its holdings in Texas Pacific Land by 1.9% in the third quarter. State Street Corp now owns 1,169,299 shares of the financial services provider’s stock valued at $1,091,704,000 after purchasing an additional 22,296 shares during the last quarter. Pacific Heights Asset Management LLC increased its holdings in Texas Pacific Land by 235.1% in the fourth quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider’s stock valued at $178,076,000 after purchasing an additional 435,000 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. increased its holdings in Texas Pacific Land by 209.7% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after purchasing an additional 321,683 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Activity

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the sale, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Zacks Research downgraded Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. KeyCorp upped their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Finally, Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $381.58 on Wednesday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The business has a 50-day moving average of $415.23 and a two-hundred day moving average of $393.63. The company has a market capitalization of $26.32 billion, a P/E ratio of 52.27 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The company had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. On average, equities analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land’s dividend payout ratio is 32.88%.

About Texas Pacific Land

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.