Texas Pacific Land Corporation $TPL Holdings Trimmed by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 5.8% during the first quarter, Holdings Channel.com reports. The fund owned 31,282 shares of the financial services provider’s stock after selling 1,931 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Texas Pacific Land were worth $14,845,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Summit Securities Group LLC boosted its position in shares of Texas Pacific Land by 171.9% during the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 55 shares in the last quarter. IFP Advisors Inc lifted its stake in Texas Pacific Land by 185.3% during the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 63 shares during the last quarter. Quarry LP acquired a new stake in Texas Pacific Land during the third quarter valued at approximately $29,000. Eagle Bay Advisors LLC bought a new stake in Texas Pacific Land during the fourth quarter worth approximately $31,000. Finally, Los Angeles Capital Management LLC bought a new stake in Texas Pacific Land during the fourth quarter worth approximately $31,000. 59.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the transaction, the chief financial officer owned 12,040 shares of the company’s stock, valued at $4,819,973.20. The trade was a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Up 0.2%

TPL opened at $403.23 on Monday. The firm has a market capitalization of $27.81 billion, a P/E ratio of 55.24 and a beta of 0.60. The stock has a fifty day moving average of $395.06 and a 200-day moving average of $420.73. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20.

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

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.60 per share. The ex-dividend date was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 32.88%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on TPL shares. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Texas Pacific Land presently has an average rating of “Hold” and a consensus price target of $639.00.

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.