Fifth Third Bancorp Has $294,000 Stock Position in Texas Pacific Land Corporation (NYSE:TPL)

Fifth Third Bancorp raised its stake in Texas Pacific Land Corporation (NYSE:TPL) by 105.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222 shares of the financial services provider’s stock after buying an additional 114 shares during the period. Fifth Third Bancorp’s holdings in Texas Pacific Land were worth $294,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its position in Texas Pacific Land by 40.1% in the first quarter. SG Americas Securities LLC now owns 608 shares of the financial services provider’s stock valued at $806,000 after buying an additional 174 shares in the last quarter. GAMMA Investing LLC boosted its position in Texas Pacific Land by 82.0% in the first quarter. GAMMA Investing LLC now owns 273 shares of the financial services provider’s stock valued at $362,000 after buying an additional 123 shares in the last quarter. Pallas Capital Advisors LLC acquired a new position in shares of Texas Pacific Land during the first quarter worth $280,000. Farther Finance Advisors LLC lifted its holdings in shares of Texas Pacific Land by 3.3% during the first quarter. Farther Finance Advisors LLC now owns 344 shares of the financial services provider’s stock worth $465,000 after purchasing an additional 11 shares during the period. Finally, RDA Financial Network acquired a new position in shares of Texas Pacific Land during the first quarter worth $220,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Texas Pacific Land Stock Performance

Shares of NYSE:TPL opened at $1,079.75 on Thursday. The firm has a market cap of $24.82 billion, a PE ratio of 54.01 and a beta of 1.12. The firm’s fifty day moving average is $1,252.85 and its 200-day moving average is $1,283.85. Texas Pacific Land Corporation has a 52 week low of $724.75 and a 52 week high of $1,769.14.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $5.24 EPS for the quarter, missing analysts’ consensus estimates of $5.27 by ($0.03). Texas Pacific Land had a return on equity of 40.04% and a net margin of 63.24%. The business had revenue of $195.98 million for the quarter, compared to analyst estimates of $211.00 million.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date was Monday, June 2nd. Texas Pacific Land’s dividend payout ratio is presently 32.02%.

Texas Pacific Land 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.