Toronto Dominion Bank trimmed its position in Texas Pacific Land Co. (NYSE:TPL – Free Report) by 7.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,893 shares of the financial services provider’s stock after selling 158 shares during the quarter. Toronto Dominion Bank’s holdings in Texas Pacific Land were worth $3,218,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Raymond James Financial Services Advisors Inc. grew its position in shares of Texas Pacific Land by 10.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 675 shares of the financial services provider’s stock valued at $913,000 after buying an additional 66 shares during the last quarter. American Century Companies Inc. grew its position in shares of Texas Pacific Land by 41.6% in the 1st quarter. American Century Companies Inc. now owns 729 shares of the financial services provider’s stock valued at $986,000 after buying an additional 214 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of Texas Pacific Land by 3.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 881 shares of the financial services provider’s stock valued at $1,191,000 after buying an additional 26 shares during the last quarter. Citigroup Inc. grew its position in shares of Texas Pacific Land by 23.0% in the 1st quarter. Citigroup Inc. now owns 2,903 shares of the financial services provider’s stock valued at $3,925,000 after buying an additional 543 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new position in shares of Texas Pacific Land in the 1st quarter valued at $515,000. 60.40% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research analysts recently commented on TPL shares. StockNews.com assumed coverage on shares of Texas Pacific Land in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. Stifel Nicolaus raised their price objective on shares of Texas Pacific Land from $1,371.00 to $1,622.00 in a research report on Friday, August 11th.
Texas Pacific Land Stock Performance
Shares of Texas Pacific Land stock opened at $1,908.33 on Friday. Texas Pacific Land Co. has a 1 year low of $1,266.21 and a 1 year high of $2,739.00. The company has a market capitalization of $14.65 billion, a P/E ratio of 35.31 and a beta of 1.82. The company’s fifty day moving average is $1,601.80 and its two-hundred day moving average is $1,574.11.
Texas Pacific Land (NYSE:TPL – Get Free Report) last issued its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $13.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $11.11 by $1.94. The company had revenue of $160.61 million for the quarter, compared to the consensus estimate of $143.24 million. Texas Pacific Land had a net margin of 64.00% and a return on equity of 51.89%. As a group, equities analysts expect that Texas Pacific Land Co. will post 49.83 earnings per share for the current year.
Texas Pacific Land Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a $3.25 dividend. This represents a $13.00 annualized dividend and a dividend yield of 0.68%. The ex-dividend date is Thursday, August 31st. Texas Pacific Land’s payout ratio is 24.05%.
About Texas Pacific Land
Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company's Land and Resource Management segment manages surface acres of land. This segment also holds own 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 located in the western part of Texas.
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