Legal & General Group Plc Buys New Position in Texas Pacific Land Corporation $TPL

Legal & General Group Plc bought a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 350,454 shares of the financial services provider’s stock, valued at approximately $153,373,000. Legal & General Group Plc owned 0.51% of Texas Pacific Land as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its stake in shares of Texas Pacific Land by 143.0% in the 1st quarter. Bank of America Corp DE now owns 264,740 shares of the financial services provider’s stock valued at $125,635,000 after purchasing an additional 155,781 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Texas Pacific Land by 200.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock valued at $2,714,000 after purchasing an additional 6,307 shares in the last quarter. New York State Teachers Retirement System grew its stake in Texas Pacific Land by 184.1% during the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock worth $11,156,000 after purchasing an additional 25,170 shares during the period. Schwartz Investment Counsel Inc. increased its holdings in Texas Pacific Land by 209.7% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after purchasing an additional 321,683 shares in the last quarter. Finally, Jefferies Financial Group Inc. increased its holdings in Texas Pacific Land by 152.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 25,266 shares of the financial services provider’s stock worth $7,257,000 after purchasing an additional 15,251 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Analysts Set New Price Targets

TPL has been the topic of several recent analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research raised shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $639.00.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at $5,151,217.50. This represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Texas Pacific Land Price Performance

NYSE:TPL opened at $369.45 on Friday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company has a market cap of $25.48 billion, a PE ratio of 47.08 and a beta of 0.60. The firm has a 50-day moving average of $389.16 and a 200-day moving average of $424.15.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The business had revenue of $246.10 million for the quarter, compared to analysts’ expectations of $249.50 million. On average, equities research analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio (DPR) is presently 30.57%.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.