Inspire Investing LLC Buys Shares of 1,010 Texas Pacific Land Co. (NYSE:TPL)

Inspire Investing LLC purchased a new position in Texas Pacific Land Co. (NYSE:TPL) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,010 shares of the financial services provider’s stock, valued at approximately $742,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TPL. Vanguard Group Inc. boosted its position in Texas Pacific Land by 199.8% during the 1st quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock valued at $1,099,867,000 after acquiring an additional 1,267,123 shares in the last quarter. Pacific Heights Asset Management LLC grew its stake in Texas Pacific Land by 200.0% in the first quarter. Pacific Heights Asset Management LLC now owns 165,000 shares of the financial services provider’s stock valued at $95,454,000 after purchasing an additional 110,000 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Texas Pacific Land by 74.2% in the second quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock worth $149,920,000 after purchasing an additional 86,975 shares in the last quarter. Mad River Investors lifted its position in shares of Texas Pacific Land by 199.2% during the first quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock valued at $57,921,000 after buying an additional 66,663 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Texas Pacific Land by 1,541.2% in the 2nd 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. 59.94% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TPL has been the subject of a number of analyst reports. StockNews.com cut shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. BWS Financial reissued 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 Up 2.2 %

Shares of Texas Pacific Land stock opened at $935.40 on Friday. The company has a 50 day moving average price of $823.41 and a 200 day moving average price of $693.25. The firm has a market capitalization of $21.50 billion, a P/E ratio of 49.73 and a beta of 1.60. Texas Pacific Land Co. has a 52 week low of $467.62 and a 52 week high of $941.63.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, August 7th. The financial services provider reported $4.98 EPS for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.38). The company had revenue of $172.33 million during the quarter, compared to analyst estimates 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 quarter last year, the business earned $4.35 earnings per share. As a group, research analysts anticipate that Texas Pacific Land Co. will post 20.14 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were paid a $1.17 dividend. This represents a $4.68 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend was Tuesday, September 3rd. Texas Pacific Land’s dividend payout ratio (DPR) is presently 24.88%.

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.