CIBC Asset Management Inc Boosts Stock Holdings in Texas Pacific Land Co. (NYSE:TPL)

CIBC Asset Management Inc grew its position in Texas Pacific Land Co. (NYSE:TPL) by 5.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 797 shares of the financial services provider’s stock after buying an additional 41 shares during the quarter. CIBC Asset Management Inc’s holdings in Texas Pacific Land were worth $705,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in TPL. Magnolia Capital Advisors LLC acquired a new position in Texas Pacific Land during the second quarter worth about $131,014,000. Bank of New York Mellon Corp grew its position in shares of 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 valued at $149,920,000 after purchasing an additional 86,975 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of 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 purchasing an additional 60,400 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Texas Pacific Land during the third quarter worth approximately $45,400,000. Finally, California State Teachers Retirement System boosted its stake in Texas Pacific Land by 244.2% during the first quarter. California State Teachers Retirement System now owns 58,383 shares of the financial services provider’s stock worth $33,775,000 after buying an additional 41,422 shares during the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, BWS Financial reiterated a “buy” rating and set a $917.00 price target on shares of Texas Pacific Land in a report on Monday, August 12th.

Insider Activity at Texas Pacific Land

In other Texas Pacific Land news, CAO Stephanie Buffington sold 210 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total value of $291,549.30. Following the sale, the chief accounting officer now owns 584 shares of the company’s stock, valued at $810,784.72. This trade represents a 26.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders bought 117 shares of company stock worth $121,683 in the last three months. 6.50% of the stock is owned by company insiders.

Texas Pacific Land Stock Performance

Shares of TPL stock opened at $1,453.71 on Thursday. Texas Pacific Land Co. has a one year low of $467.62 and a one year high of $1,456.83. The firm’s 50 day moving average price is $1,087.38 and its 200-day moving average price is $864.11. The firm has a market cap of $33.40 billion, a P/E ratio of 74.59 and a beta of 1.56.

Texas Pacific Land Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Monday, December 2nd. This is an increase from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s payout ratio is currently 32.84%.

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.