Legal & General Group Plc Buys 270,583 Shares of Texas Pacific Land Corporation $TPL

Legal & General Group Plc lifted its stake in Texas Pacific Land Corporation (NYSE:TPL) by 209.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 399,676 shares of the financial services provider’s stock after acquiring an additional 270,583 shares during the period. Legal & General Group Plc owned approximately 0.58% of Texas Pacific Land worth $114,795,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Morningstar Investment Management LLC boosted its holdings in shares of Texas Pacific Land by 200.0% in the fourth quarter. Morningstar Investment Management LLC now owns 11,874 shares of the financial services provider’s stock worth $3,410,000 after acquiring an additional 7,916 shares during the period. Hantz Financial Services Inc. boosted its holdings in shares of Texas Pacific Land by 218.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,539 shares of the financial services provider’s stock worth $442,000 after acquiring an additional 1,056 shares during the period. Prospera Financial Services Inc boosted its holdings in shares of Texas Pacific Land by 207.0% in the fourth quarter. Prospera Financial Services Inc now owns 14,549 shares of the financial services provider’s stock worth $4,180,000 after acquiring an additional 9,810 shares during the period. Coldstream Capital Management Inc. boosted its holdings in shares of Texas Pacific Land by 230.6% in the fourth quarter. Coldstream Capital Management Inc. now owns 833 shares of the financial services provider’s stock worth $239,000 after acquiring an additional 581 shares during the period. Finally, Jefferies Financial Group Inc. boosted its holdings in shares of Texas Pacific Land by 152.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 25,266 shares of the financial services provider’s stock worth $7,257,000 after acquiring an additional 15,251 shares during the period. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $401.33 on Friday. The firm has a market capitalization of $27.68 billion, a price-to-earnings ratio of 54.98 and a beta of 0.66. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The stock has a fifty day moving average of $437.18 and a 200 day moving average of $389.97.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.04. The company had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Equities analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land’s payout ratio is currently 32.88%.

Wall Street Analyst Weigh In

TPL has been the subject of a number of analyst reports. KeyCorp raised their price target on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Finally, Zacks Research raised Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.