Swiss Life Asset Management Ltd Grows Stock Position in Texas Pacific Land Corporation $TPL

Swiss Life Asset Management Ltd increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 20.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,532 shares of the financial services provider’s stock after purchasing an additional 2,846 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in Texas Pacific Land were worth $7,235,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in TPL. Summit Securities Group LLC boosted its stake in 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 worth $25,000 after purchasing an additional 55 shares during the last quarter. IFP Advisors Inc raised its position in shares of Texas Pacific Land by 185.3% in the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after buying an additional 63 shares during the last quarter. Quarry LP acquired a new stake in shares of Texas Pacific Land in the third quarter valued at about $29,000. Los Angeles Capital Management LLC purchased a new position in shares of Texas Pacific Land in the fourth quarter worth about $31,000. Finally, Silicon Valley Capital Partners purchased a new position in shares of Texas Pacific Land in the third quarter worth about $33,000. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Stock Performance

TPL opened at $348.13 on Friday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The stock has a market capitalization of $24.01 billion, a PE ratio of 44.37 and a beta of 0.60. The business’s 50 day moving average price is $389.66 and its 200 day moving average price is $422.59.

Texas Pacific Land (NYSE:TPL) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The company had revenue of $246.10 million during the quarter, compared to analysts’ expectations of $249.50 million. As a group, equities research analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio (DPR) is presently 30.57%.

Analysts Set New Price Targets

TPL has been the subject of several research reports. Zacks Research raised shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $639.00.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total value 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. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Company Profile

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.