Captrust Financial Advisors Trims Holdings in Texas Pacific Land Co. (NYSE:TPL)

Captrust Financial Advisors cut its stake in Texas Pacific Land Co. (NYSE:TPL) by 7.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,411 shares of the financial services provider’s stock after selling 117 shares during the quarter. Captrust Financial Advisors’ holdings in Texas Pacific Land were worth $1,561,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in TPL. Vanguard Group Inc. grew its position in shares of Texas Pacific Land by 12.5% in the fourth 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. Invesco Ltd. grew its position in shares of Texas Pacific Land by 203.4% in the fourth 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. Geode Capital Management LLC grew its position in shares of Texas Pacific Land by 34.5% in the fourth 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. Price T Rowe Associates Inc. MD grew its position in shares of Texas Pacific Land by 943.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 121,055 shares of the financial services provider’s stock valued at $133,883,000 after purchasing an additional 109,455 shares in the last quarter. Finally, York GP Ltd. purchased a new position in shares of Texas Pacific Land in the fourth quarter valued at $101,859,000. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Up 3.0%

Texas Pacific Land stock opened at $1,381.64 on Wednesday. Texas Pacific Land Co. has a 52 week low of $578.56 and a 52 week high of $1,769.14. The business has a 50-day simple moving average of $1,299.71 and a 200 day simple moving average of $1,315.79. The stock has a market cap of $31.76 billion, a price-to-earnings ratio of 70.06 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 EPS for the quarter, missing the consensus estimate of $5.27 by ($0.03). Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%. The business had revenue of $195.98 million for the quarter, compared to analysts’ expectations of $211.00 million.

Texas Pacific Land Dividend Announcement

The firm also recently announced 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. This represents a $6.40 annualized dividend and a yield of 0.46%. The ex-dividend date is Monday, June 2nd. Texas Pacific Land’s payout ratio is 32.02%.

Insider Buying and Selling

In related news, VP Micheal W. Dobbs sold 1,150 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was 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 in the company, valued at $1,771,227.36. The trade was a 45.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Chris Steddum sold 214 shares of Texas Pacific Land stock in a transaction dated Friday, March 14th. The stock was 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 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 position. The disclosure for this sale can be found here. Insiders acquired a total of 104 shares of company stock worth $135,964 over the last ninety 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.