ProShare Advisors LLC bought a new position in shares of Texas Pacific Land Co. (NYSE:TPL – Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 878 shares of the financial services provider’s stock, valued at approximately $645,000.
Several other large investors have also recently added to or reduced their stakes in TPL. Vanguard Group Inc. increased its stake 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 worth $1,099,867,000 after buying an additional 1,267,123 shares during the period. Pacific Heights Asset Management LLC increased its position in shares of Texas Pacific Land by 200.0% in the 1st 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 increased its position in shares of Texas Pacific Land by 74.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock valued at $149,920,000 after purchasing an additional 86,975 shares during the last quarter. Mad River Investors increased its position in shares of Texas Pacific Land by 199.2% in the 1st quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock valued at $57,921,000 after purchasing an additional 66,663 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position 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 purchasing an additional 60,400 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.
Texas Pacific Land Price Performance
NYSE TPL opened at $887.08 on Monday. The firm’s fifty day moving average price is $835.81 and its 200 day moving average price is $712.98. The company has a market capitalization of $20.39 billion, a price-to-earnings ratio of 47.16 and a beta of 1.60. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $959.50.
Texas Pacific Land Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a $1.17 dividend. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Tuesday, September 3rd. Texas Pacific Land’s dividend payout ratio (DPR) is 24.88%.
Analysts Set New Price Targets
A number of equities research analysts have commented on TPL shares. StockNews.com downgraded 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.
Get Our Latest Stock Analysis on TPL
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.
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