Wedmont Private Capital Buys 64 Shares of Texas Pacific Land Co. (NYSE:TPL)

Wedmont Private Capital grew its stake in shares of Texas Pacific Land Co. (NYSE:TPL) by 26.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 307 shares of the financial services provider’s stock after purchasing an additional 64 shares during the period. Wedmont Private Capital’s holdings in Texas Pacific Land were worth $379,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Texas Pacific Land by 12.5% during the 4th quarter. Vanguard Group Inc. now owns 2,350,380 shares of the financial services provider’s stock valued at $2,599,426,000 after purchasing an additional 260,278 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Texas Pacific Land by 34.5% during the 4th quarter. Geode Capital Management LLC now owns 622,115 shares of the financial services provider’s stock valued at $693,023,000 after purchasing an additional 159,597 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Texas Pacific Land by 241,048.0% during the 1st quarter. GAMMA Investing LLC now owns 361,722 shares of the financial services provider’s stock valued at $479,278,000 after purchasing an additional 361,572 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Texas Pacific Land by 203.4% during the 4th quarter. Invesco Ltd. now owns 299,578 shares of the financial services provider’s stock valued at $331,321,000 after purchasing an additional 200,841 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Texas Pacific Land by 21.8% during the 4th quarter. Northern Trust Corp now owns 224,768 shares of the financial services provider’s stock valued at $248,584,000 after purchasing an additional 40,185 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Price Performance

Shares of NYSE TPL opened at $1,097.88 on Wednesday. Texas Pacific Land Co. has a 1 year low of $706.86 and a 1 year high of $1,769.14. The stock has a market cap of $25.24 billion, a P/E ratio of 55.67 and a beta of 1.12. The firm has a 50-day moving average of $1,261.46 and a 200 day moving average of $1,303.08.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.27 by ($0.03). Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%. The business had revenue of $195.98 million for the quarter, compared to analysts’ expectations of $211.00 million.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 0.58%. Texas Pacific Land’s dividend payout ratio (DPR) is currently 32.02%.

Insider Activity at Texas Pacific Land

In related news, VP Micheal W. Dobbs sold 1,150 shares of Texas Pacific Land stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the completion of the transaction, the vice president now directly owns 1,393 shares of the company’s stock, valued at $1,771,227.36. This trade represents a 45.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Chris Steddum sold 214 shares of Texas Pacific Land stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the transaction, the chief financial officer now directly owns 3,502 shares of the company’s stock, valued at approximately $4,601,592.98. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders acquired a total of 190 shares of company stock valued at $242,037 in the last three months. Company insiders own 6.50% of the company’s stock.

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.