Bank of New York Mellon Corp Acquires 86,975 Shares of Texas Pacific Land Co. (NYSE:TPL)

Bank of New York Mellon Corp increased its holdings in shares of Texas Pacific Land Co. (NYSE:TPL) by 74.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,176 shares of the financial services provider’s stock after purchasing an additional 86,975 shares during the period. Bank of New York Mellon Corp owned approximately 0.89% of Texas Pacific Land worth $149,920,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Signaturefd LLC lifted its stake in Texas Pacific Land by 30.8% in the 4th quarter. Signaturefd LLC now owns 34 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 8 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its position in shares of Texas Pacific Land by 200.0% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 45 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 30 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Texas Pacific Land by 315.4% during the 1st quarter. GAMMA Investing LLC now owns 54 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 41 shares during the last quarter. American National Bank acquired a new position in shares of Texas Pacific Land during the 2nd quarter worth approximately $42,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Texas Pacific Land during the 2nd quarter worth approximately $44,000. Institutional investors own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

TPL has been the topic of several recent analyst reports. StockNews.com lowered Texas Pacific Land from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. BWS Financial reaffirmed a “buy” rating and set a $917.00 price target on shares of Texas Pacific Land in a research report on Monday, August 12th.

Texas Pacific Land Price Performance

TPL opened at $861.98 on Tuesday. The business has a fifty day simple moving average of $793.53 and a 200 day simple moving average of $654.15. The company has a market capitalization of $19.81 billion, a PE ratio of 45.83 and a beta of 1.63. Texas Pacific Land Co. has a 1 year low of $467.62 and a 1 year high of $870.28.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.36 by ($0.38). The firm had revenue of $172.33 million during the quarter, compared to the consensus estimate of $182.35 million. Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. During the same quarter last year, the firm earned $4.35 earnings per share. Equities analysts anticipate that Texas Pacific Land Co. will post 20.14 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $1.17 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.54%. Texas Pacific Land’s payout ratio is 24.88%.

Texas Pacific Land Company 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.