Truist Financial Corp Grows Position in Texas Pacific Land Corporation $TPL

Truist Financial Corp grew its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,181 shares of the financial services provider’s stock after buying an additional 13 shares during the period. Truist Financial Corp’s holdings in Texas Pacific Land were worth $2,304,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Greenleaf Trust increased its position in Texas Pacific Land by 48.6% during the second quarter. Greenleaf Trust now owns 330 shares of the financial services provider’s stock worth $349,000 after buying an additional 108 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Texas Pacific Land by 10.5% during the second quarter. Janney Montgomery Scott LLC now owns 19,543 shares of the financial services provider’s stock worth $20,646,000 after buying an additional 1,864 shares in the last quarter. V Square Quantitative Management LLC increased its position in Texas Pacific Land by 119.3% during the second quarter. V Square Quantitative Management LLC now owns 296 shares of the financial services provider’s stock worth $313,000 after buying an additional 161 shares in the last quarter. Western Financial Corp CA increased its position in Texas Pacific Land by 20.4% during the second quarter. Western Financial Corp CA now owns 975 shares of the financial services provider’s stock worth $1,030,000 after buying an additional 165 shares in the last quarter. Finally, Formidable Asset Management LLC grew its position in shares of Texas Pacific Land by 17.1% in the second quarter. Formidable Asset Management LLC now owns 609 shares of the financial services provider’s stock valued at $643,000 after purchasing an additional 89 shares during the period. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a research report on Saturday, September 27th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold”.

Insider Transactions at Texas Pacific Land

In other news, Director Eric L. Oliver purchased 100 shares of the stock in a transaction on Thursday, August 21st. The stock was purchased at an average price of $881.27 per share, with a total value of $88,127.00. Following the completion of the transaction, the director owned 393,600 shares in the company, valued at approximately $346,867,872. The trade was a 0.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Trading Down 2.1%

TPL stock opened at $890.97 on Friday. The stock has a 50-day moving average price of $917.60 and a two-hundred day moving average price of $1,086.01. Texas Pacific Land Corporation has a 12-month low of $845.56 and a 12-month high of $1,769.14. The company has a market cap of $20.47 billion, a PE ratio of 44.42 and a beta of 1.12.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.48 by ($0.43). Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%. The firm had revenue of $187.54 million for the quarter, compared to analysts’ expectations of $198.00 million.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Tuesday, September 2nd. Texas Pacific Land’s payout ratio is 31.90%.

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.