Tower Bridge Advisors Sells 231 Shares of Texas Pacific Land Co. (NYSE:TPL)

Tower Bridge Advisors reduced its position in shares of Texas Pacific Land Co. (NYSE:TPL) by 4.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 4,569 shares of the financial services provider’s stock after selling 231 shares during the quarter. Tower Bridge Advisors’ holdings in Texas Pacific Land were worth $4,042,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in TPL. Vanguard Group Inc. increased its position in Texas Pacific Land by 199.8% in the 1st quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock valued at $1,099,867,000 after acquiring an additional 1,267,123 shares during the period. Magnolia Capital Advisors LLC bought a new stake in shares of Texas Pacific Land in the second quarter worth $131,014,000. Bank of New York Mellon Corp increased its holdings in Texas Pacific Land by 74.2% in the second quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock valued at $149,920,000 after purchasing an additional 86,975 shares during the period. Principal Financial Group Inc. raised its position in Texas Pacific Land by 1,541.2% during the 2nd quarter. Principal Financial Group Inc. now owns 64,319 shares of the financial services provider’s stock worth $47,228,000 after purchasing an additional 60,400 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Texas Pacific Land during the 3rd quarter worth about $45,400,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $1,359.94 on Friday. Texas Pacific Land Co. has a 52 week low of $467.62 and a 52 week high of $1,421.22. The firm’s fifty day moving average is $1,049.39 and its 200-day moving average is $845.98. The firm has a market cap of $31.25 billion, a P/E ratio of 69.78 and a beta of 1.56.

Texas Pacific Land Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 0.47%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s dividend payout ratio is 24.01%.

Insiders Place Their Bets

In other Texas Pacific Land news, CAO Stephanie Buffington sold 210 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the transaction, the chief accounting officer now directly owns 584 shares in the company, valued at approximately $810,784.72. This represents a 26.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders acquired 117 shares of company stock worth $118,351. Company insiders own 6.50% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, BWS Financial reissued a “buy” rating and issued a $917.00 price target on shares of Texas Pacific Land in a research note on Monday, August 12th.

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.