Corebridge Financial Inc. Decreases Stock Position in Texas Pacific Land Co. (NYSE:TPL)

Corebridge Financial Inc. trimmed its holdings in shares of Texas Pacific Land Co. (NYSE:TPL) by 77.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 4,990 shares of the financial services provider’s stock after selling 17,515 shares during the quarter. Corebridge Financial Inc.’s holdings in Texas Pacific Land were worth $5,519,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of TPL. Assetmark Inc. purchased a new stake in shares of Texas Pacific Land during the fourth quarter valued at $29,000. Atala Financial Inc purchased a new stake in shares of Texas Pacific Land during the 4th quarter valued at about $31,000. Quest Partners LLC bought a new stake in shares of Texas Pacific Land in the third quarter worth approximately $50,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Texas Pacific Land during the fourth quarter valued at approximately $66,000. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in Texas Pacific Land by 21.1% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 69 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 12 shares during the period. Institutional investors own 59.94% of the company’s stock.

Insider Buying and Selling

In other news, VP Micheal W. Dobbs sold 1,150 shares of Texas Pacific Land stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the transaction, the vice president now owns 1,393 shares in the company, valued at $1,771,227.36. This trade represents a 45.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Chris Steddum sold 214 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total value of $281,193.86. Following the completion of the sale, the chief financial officer now owns 3,502 shares of the company’s stock, valued at $4,601,592.98. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 68 shares of company stock valued at $91,008. 6.50% of the stock is owned by insiders.

Texas Pacific Land Trading Down 1.8 %

NYSE:TPL opened at $1,307.86 on Friday. The company has a market cap of $30.06 billion, a PE ratio of 66.32 and a beta of 1.69. The company has a 50 day simple moving average of $1,348.93 and a two-hundred day simple moving average of $1,242.51. Texas Pacific Land Co. has a 12 month low of $555.71 and a 12 month high of $1,769.14.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $5.14 EPS for the quarter. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%. The company had revenue of $185.78 million during the quarter.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 0.49%. The ex-dividend date was Monday, March 3rd. Texas Pacific Land’s dividend payout ratio (DPR) is presently 32.45%.

Texas Pacific Land Profile

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.