Texas Pacific Land Co. (NYSE:TPL) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its position in shares of Texas Pacific Land Co. (NYSE:TPL) by 55.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 33,923 shares of the financial services provider’s stock after selling 42,166 shares during the quarter. JPMorgan Chase & Co. owned 0.15% of Texas Pacific Land worth $30,013,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Franklin Resources Inc. boosted its position in shares of Texas Pacific Land by 74.0% during the 3rd quarter. Franklin Resources Inc. now owns 14,367 shares of the financial services provider’s stock valued at $12,711,000 after purchasing an additional 6,109 shares in the last quarter. Synovus Financial Corp acquired a new stake in Texas Pacific Land during the third quarter valued at approximately $208,000. Tidal Investments LLC boosted its holdings in Texas Pacific Land by 143.8% during the third quarter. Tidal Investments LLC now owns 5,319 shares of the financial services provider’s stock worth $4,706,000 after buying an additional 3,137 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its position in Texas Pacific Land by 17.8% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 6,050 shares of the financial services provider’s stock worth $5,353,000 after buying an additional 915 shares during the last quarter. Finally, Coldstream Capital Management Inc. bought a new position in shares of Texas Pacific Land in the third quarter valued at $211,000. Institutional investors own 59.94% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Stephanie Buffington sold 210 shares of Texas Pacific Land stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $1,388.33, for a total value of $291,549.30. Following the transaction, the chief accounting officer now directly owns 584 shares of the company’s stock, valued at $810,784.72. This trade represents a 26.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last quarter, insiders have purchased 92 shares of company stock worth $118,601. Company insiders own 6.50% of the company’s stock.

Texas Pacific Land Stock Up 2.9 %

TPL opened at $1,262.25 on Wednesday. The firm has a market cap of $29.00 billion, a PE ratio of 64.76 and a beta of 1.68. The business has a fifty day simple moving average of $1,311.18 and a 200-day simple moving average of $1,023.35. Texas Pacific Land Co. has a fifty-two week low of $467.62 and a fifty-two week high of $1,769.14.

Texas Pacific Land Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a $1.60 dividend. The ex-dividend date was Monday, December 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 0.51%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s dividend payout ratio (DPR) is currently 32.84%.

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.