Citigroup Inc. Increases Stock Position in Texas Pacific Land Co. (NYSE:TPL)

Citigroup Inc. increased its position in shares of Texas Pacific Land Co. (NYSE:TPL) by 18.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,318 shares of the financial services provider’s stock after buying an additional 3,717 shares during the period. Citigroup Inc. owned about 0.11% of Texas Pacific Land worth $21,515,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Magnolia Capital Advisors LLC acquired a new stake in Texas Pacific Land in the second quarter valued at $131,014,000. Bank of New York Mellon Corp raised its stake in shares of Texas Pacific Land by 74.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock valued at $149,920,000 after purchasing an additional 86,975 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Texas Pacific Land by 1,541.2% during the second quarter. Principal Financial Group Inc. now owns 64,319 shares of the financial services provider’s stock worth $47,228,000 after purchasing an additional 60,400 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Texas Pacific Land in the third quarter worth about $45,400,000. Finally, California State Teachers Retirement System increased its holdings in Texas Pacific Land by 244.2% in the first quarter. California State Teachers Retirement System now owns 58,383 shares of the financial services provider’s stock valued at $33,775,000 after buying an additional 41,422 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Buying and Selling

In other news, CAO Stephanie Buffington sold 210 shares of Texas Pacific Land stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the transaction, the chief accounting officer now owns 584 shares in the company, valued at approximately $810,784.72. The trade was a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders acquired 114 shares of company stock worth $123,503. Corporate insiders own 6.50% of the company’s stock.

Texas Pacific Land Price Performance

NYSE TPL opened at $1,572.43 on Wednesday. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $1,769.14. The firm has a market capitalization of $36.13 billion, a PE ratio of 80.68 and a beta of 1.56. The company’s 50 day simple moving average is $1,135.75 and its 200 day simple moving average is $888.07.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $1.17. This represents a $6.40 annualized dividend and a yield of 0.41%. Texas Pacific Land’s dividend payout ratio is currently 32.84%.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reiterated a “buy” rating and issued a $917.00 price target on shares of Texas Pacific Land in a report on Monday, August 12th.

About Texas Pacific Land

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.