Fiduciary Trust Co Sells 570 Shares of Texas Pacific Land Co. (NYSE:TPL)

Fiduciary Trust Co trimmed its stake in Texas Pacific Land Co. (NYSE:TPL) by 27.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,500 shares of the financial services provider’s stock after selling 570 shares during the quarter. Fiduciary Trust Co’s holdings in Texas Pacific Land were worth $1,659,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in Texas Pacific Land by 19.9% during the fourth quarter. JPMorgan Chase & Co. now owns 40,670 shares of the financial services provider’s stock worth $44,979,000 after buying an additional 6,747 shares during the last quarter. Miracle Mile Advisors LLC bought a new position in Texas Pacific Land during the fourth quarter worth about $8,545,000. Brave Asset Management Inc. increased its position in Texas Pacific Land by 87.1% during the fourth quarter. Brave Asset Management Inc. now owns 537 shares of the financial services provider’s stock worth $594,000 after buying an additional 250 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Texas Pacific Land by 12.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 16,502 shares of the financial services provider’s stock valued at $18,251,000 after buying an additional 1,891 shares during the period. Finally, Fisher Asset Management LLC acquired a new stake in shares of Texas Pacific Land in the fourth quarter valued at approximately $380,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Texas Pacific Land Trading Up 1.2 %

TPL stock opened at $1,302.95 on Friday. The business’s 50 day simple moving average is $1,298.70 and its 200 day simple moving average is $1,312.08. Texas Pacific Land Co. has a 1-year low of $578.56 and a 1-year high of $1,769.14. The firm has a market capitalization of $29.95 billion, a PE ratio of 66.07 and a beta of 1.20.

Texas Pacific Land (NYSE:TPL) last posted its 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). The company had revenue of $195.98 million for the quarter, compared to analyst estimates of $211.00 million. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a dividend of $1.60 per share. The ex-dividend date is Monday, June 2nd. This represents a $6.40 annualized dividend and a yield of 0.49%. Texas Pacific Land’s payout ratio is currently 32.45%.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 214 shares of the firm’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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Micheal W. Dobbs sold 1,150 shares of the stock in a transaction that occurred on 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 sale, the vice president now directly owns 1,393 shares in the company, valued at $1,771,227.36. This represents a 45.22 % decrease in their position. The disclosure for this sale can be found here. Insiders bought 100 shares of company stock worth $130,700 in the last ninety days. 6.50% of the stock is owned by company insiders.

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.