Baird Financial Group Inc. Lowers Stake in Texas Pacific Land Co. (NYSE:TPL)

Baird Financial Group Inc. reduced its position in Texas Pacific Land Co. (NYSE:TPL) by 2.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 5,044 shares of the financial services provider’s stock after selling 152 shares during the period. Baird Financial Group Inc.’s holdings in Texas Pacific Land were worth $5,578,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of TPL. Barclays PLC grew its position in shares of Texas Pacific Land by 6.1% during the third quarter. Barclays PLC now owns 19,892 shares of the financial services provider’s stock worth $17,600,000 after purchasing an additional 1,152 shares in the last quarter. Franklin Resources Inc. grew its holdings in Texas Pacific Land by 74.0% during the 3rd quarter. Franklin Resources Inc. now owns 14,367 shares of the financial services provider’s stock valued at $12,711,000 after buying an additional 6,109 shares in the last quarter. Sage Capital Advisors llc bought a new stake in shares of Texas Pacific Land during the fourth quarter valued at approximately $221,000. Czech National Bank purchased a new position in shares of Texas Pacific Land in the fourth quarter worth $4,518,000. Finally, Wedmont Private Capital lifted its holdings in shares of Texas Pacific Land by 16.8% in the fourth quarter. Wedmont Private Capital now owns 243 shares of the financial services provider’s stock worth $269,000 after buying an additional 35 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Performance

TPL opened at $1,302.95 on Friday. The stock has a market capitalization of $29.95 billion, a price-to-earnings ratio of 66.07 and a beta of 1.20. Texas Pacific Land Co. has a fifty-two week low of $578.56 and a fifty-two week high of $1,769.14. The company has a fifty day moving average of $1,298.70 and a 200 day moving average of $1,310.51.

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

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 $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend is Monday, June 2nd. Texas Pacific Land’s dividend payout ratio is presently 32.45%.

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 stock was sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the completion of the transaction, the vice president now owns 1,393 shares in the company, valued at approximately $1,771,227.36. This trade represents a 45.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Chris Steddum sold 214 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total value of $281,193.86. Following the sale, the chief financial officer now owns 3,502 shares in the company, 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 have acquired a total of 100 shares of company stock valued at $130,700 over the last 90 days. 6.50% of the stock is owned by corporate insiders.

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.