Texas Pacific Land Corporation $TPL Shares Purchased by M&T Bank Corp

M&T Bank Corp increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 20,072.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 155,529 shares of the financial services provider’s stock after acquiring an additional 154,758 shares during the quarter. M&T Bank Corp owned approximately 0.23% of Texas Pacific Land worth $44,671,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Texas Pacific Land by 7.9% during the 3rd quarter. Vanguard Group Inc. now owns 2,581,228 shares of the financial services provider’s stock valued at $2,409,938,000 after acquiring an additional 189,842 shares during the last quarter. State Street Corp grew its position in Texas Pacific Land by 1.9% in the third quarter. State Street Corp now owns 1,169,299 shares of the financial services provider’s stock worth $1,091,704,000 after acquiring an additional 22,296 shares during the period. Invesco Ltd. grew its position in Texas Pacific Land by 3.4% in the third quarter. Invesco Ltd. now owns 283,910 shares of the financial services provider’s stock worth $265,070,000 after acquiring an additional 9,389 shares during the period. York GP Ltd. grew its position in Texas Pacific Land by 195.1% in the fourth quarter. York GP Ltd. now owns 270,600 shares of the financial services provider’s stock worth $77,722,000 after acquiring an additional 178,900 shares during the period. Finally, Pacific Heights Asset Management LLC grew its position in Texas Pacific Land by 12.1% in the third quarter. Pacific Heights Asset Management LLC now owns 185,000 shares of the financial services provider’s stock worth $172,723,000 after acquiring an additional 20,000 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Texas Pacific Land Trading Up 0.5%

Shares of TPL opened at $439.99 on Thursday. The firm has a market cap of $30.33 billion, a P/E ratio of 63.07 and a beta of 0.76. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The company’s 50-day moving average price is $481.52 and its 200 day moving average price is $372.90.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.06. The firm had revenue of $211.60 million for the quarter, compared to analyst estimates of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. Equities research analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were issued a $0.60 dividend. This is an increase from Texas Pacific Land’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, March 2nd. This represents a $2.40 annualized dividend and a yield of 0.5%. Texas Pacific Land’s payout ratio is presently 34.38%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on TPL shares. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a research report on Friday, March 27th. Zacks Research upgraded Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 16th. Finally, KeyCorp boosted their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Texas Pacific Land has an average rating of “Moderate Buy” and a consensus target price of $639.00.

Insider Activity

In related news, CAO Stephanie Buffington sold 1,608 shares of the business’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was a 42.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Donna E. Epps acquired 895 shares of Texas Pacific Land stock in a transaction that occurred on Wednesday, February 25th. The stock was bought at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the acquisition, the director owned 2,921 shares in the company, valued at $1,491,024.45. This trade represents a 44.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 6.90% of the stock is currently owned by insiders.

Texas Pacific Land Profile

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.