Pinnacle Associates Ltd. Has $269,000 Stock Position in Texas Pacific Land Co. (NYSE:TPL)

Pinnacle Associates Ltd. lessened its holdings in shares of Texas Pacific Land Co. (NYSE:TPL) by 66.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 304 shares of the financial services provider’s stock after selling 608 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Texas Pacific Land were worth $269,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Texas Pacific Land by 199.8% during the first quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock worth $1,099,867,000 after purchasing an additional 1,267,123 shares during the period. Magnolia Capital Advisors LLC bought a new stake in Texas Pacific Land during the 2nd quarter worth approximately $131,014,000. Bank of New York Mellon Corp raised its holdings in Texas Pacific Land by 74.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock worth $149,920,000 after buying an additional 86,975 shares during the period. Principal Financial Group Inc. lifted its stake in Texas Pacific Land by 1,541.2% in the second quarter. Principal Financial Group Inc. now owns 64,319 shares of the financial services provider’s stock valued at $47,228,000 after buying an additional 60,400 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Texas Pacific Land in the third quarter valued at approximately $45,400,000. 59.94% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reaffirmed a “buy” rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research report on Monday, August 12th.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $1,172.62 on Monday. The company has a market cap of $26.95 billion, a PE ratio of 60.32 and a beta of 1.56. The stock has a 50-day simple moving average of $949.96 and a 200 day simple moving average of $793.50. Texas Pacific Land Co. has a 52-week low of $467.62 and a 52-week high of $1,189.91.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share for the quarter, missing the consensus estimate of $5.36 by ($0.38). The business had revenue of $172.33 million for the quarter, compared to the consensus estimate of $182.35 million. Texas Pacific Land had a return on equity of 41.29% and a net margin of 66.71%. During the same period in the prior year, the business earned $4.35 earnings per share.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a dividend of $1.17 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $4.68 annualized dividend and a yield of 0.40%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 24.07%.

About Texas Pacific Land

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.