PNC Financial Services Group Inc. Decreases Stake in Texas Pacific Land Corporation $TPL

PNC Financial Services Group Inc. decreased its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 4.0% in the first quarter, Holdings Channel reports. The fund owned 146,982 shares of the financial services provider’s stock after selling 6,143 shares during the period. PNC Financial Services Group Inc.’s holdings in Texas Pacific Land were worth $69,752,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB boosted its position in shares of Texas Pacific Land by 363.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 69 shares during the last quarter. Summit Securities Group LLC raised 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 buying an additional 55 shares during the period. IFP Advisors Inc increased 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 worth $28,000 after acquiring an additional 63 shares during the last quarter. Quarry LP acquired a new stake in Texas Pacific Land during the third quarter worth $29,000. Finally, Eagle Bay Advisors LLC purchased a new position in shares of Texas Pacific Land during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Down 1.7%

NYSE TPL opened at $425.58 on Friday. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The business has a 50 day moving average price of $394.58 and a two-hundred day moving average price of $416.52. The stock has a market cap of $29.35 billion, a PE ratio of 58.30 and a beta of 0.58.

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

Texas Pacific Land Announces Dividend

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

Analysts Set New Price Targets

Several research firms have commented on TPL. Zacks Research downgraded Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 30th. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $639.00.

Insider Activity at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50. Following the sale, the chief financial officer owned 12,870 shares of the company’s stock, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company’s stock.

Texas Pacific Land 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.