Texas Pacific Land Corporation $TPL Shares Bought by Truist Financial Corp

Truist Financial Corp raised its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 188.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 6,338 shares of the financial services provider’s stock after buying an additional 4,143 shares during the period. Truist Financial Corp’s holdings in Texas Pacific Land were worth $1,820,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after purchasing an additional 4,975,738 shares in the last quarter. State Street Corp grew its holdings in Texas Pacific Land by 1.9% during the 3rd quarter. State Street Corp now owns 1,169,299 shares of the financial services provider’s stock worth $1,091,704,000 after acquiring an additional 22,296 shares in the last quarter. UBS Group AG grew its holdings in Texas Pacific Land by 232.4% during the 4th quarter. UBS Group AG now owns 456,034 shares of the financial services provider’s stock worth $130,982,000 after acquiring an additional 318,842 shares in the last quarter. Invesco Ltd. grew its holdings in Texas Pacific Land by 3.4% during the 3rd quarter. Invesco Ltd. now owns 283,910 shares of the financial services provider’s stock worth $265,070,000 after acquiring an additional 9,389 shares in the last quarter. Finally, York GP Ltd. grew its holdings in Texas Pacific Land by 195.1% during the 4th quarter. York GP Ltd. now owns 270,600 shares of the financial services provider’s stock worth $77,722,000 after acquiring an additional 178,900 shares in the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $388.39 on Friday. The firm’s 50-day moving average is $463.34 and its 200-day moving average is $384.01. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The company has a market cap of $26.79 billion, a P/E ratio of 53.20 and a beta of 0.66.

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

Texas Pacific Land Dividend Announcement

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

Insiders Place Their Bets

In related news, CAO Stephanie Buffington sold 1,608 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. This represents a 42.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donna E. Epps acquired 895 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were bought at an average price of $510.45 per share, with a total value of $456,852.75. Following the completion of the purchase, the director owned 2,921 shares in the company, valued at $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 6.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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