Texas Pacific Land Co. (NYSE:TPL) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its stake in Texas Pacific Land Co. (NYSE:TPL) by 0.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 45,490 shares of the financial services provider’s stock after selling 212 shares during the period. PNC Financial Services Group Inc.’s holdings in Texas Pacific Land were worth $40,247,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Texas Pacific Land during the 3rd quarter valued at about $395,000. Caprock Group LLC acquired a new position in Texas Pacific Land in the 3rd quarter valued at about $234,000. Quest Partners LLC purchased a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $50,000. Gilbert & Cook Inc. grew its stake in shares of Texas Pacific Land by 114.6% in the 3rd quarter. Gilbert & Cook Inc. now owns 3,966 shares of the financial services provider’s stock valued at $3,509,000 after buying an additional 2,118 shares during the period. Finally, RiverPark Advisors LLC increased its holdings in shares of Texas Pacific Land by 6.8% during the 3rd quarter. RiverPark Advisors LLC now owns 787 shares of the financial services provider’s stock worth $696,000 after buying an additional 50 shares during the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, CAO Stephanie Buffington sold 210 shares of the stock in a transaction dated 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 owns 584 shares of the company’s stock, valued at approximately $810,784.72. This represents a 26.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders purchased 117 shares of company stock valued at $121,683. Company insiders own 6.50% of the company’s stock.

Texas Pacific Land Trading Up 2.4 %

Shares of TPL opened at $1,453.71 on Thursday. The firm has a market cap of $33.40 billion, a P/E ratio of 74.59 and a beta of 1.56. The company’s 50-day moving average price is $1,087.38 and its 200 day moving average price is $864.11. Texas Pacific Land Co. has a 12-month low of $467.62 and a 12-month high of $1,456.83.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $1.60 dividend. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $1.17. This represents a $6.40 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Monday, December 2nd. Texas Pacific Land’s dividend payout ratio is currently 32.84%.

About Texas Pacific Land

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.