Texas Pacific Land Co. (NYSE:TPL) Shares Sold by Prospera Financial Services Inc

Prospera Financial Services Inc trimmed its position in Texas Pacific Land Co. (NYSE:TPL) by 41.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 5,314 shares of the financial services provider’s stock after selling 3,723 shares during the period. Prospera Financial Services Inc’s holdings in Texas Pacific Land were worth $4,706,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TPL. Vanguard Group Inc. increased its holdings in shares of Texas Pacific Land by 199.8% in the first quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock valued at $1,099,867,000 after purchasing an additional 1,267,123 shares during the period. Magnolia Capital Advisors LLC acquired a new position in Texas Pacific Land in the 2nd quarter worth approximately $131,014,000. Bank of New York Mellon Corp raised its position 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 last quarter. Principal Financial Group Inc. lifted its stake in Texas Pacific Land by 1,541.2% during 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 acquiring an additional 60,400 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in shares of Texas Pacific Land in the 3rd quarter valued at $45,400,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

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

Texas Pacific Land Stock Up 1.4 %

Texas Pacific Land stock opened at $1,417.82 on Wednesday. The business’s 50-day moving average price is $1,074.10 and its 200 day moving average price is $859.95. The firm has a market cap of $32.58 billion, a price-to-earnings ratio of 72.75 and a beta of 1.56. Texas Pacific Land Co. has a 52 week low of $467.62 and a 52 week high of $1,421.66.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 0.45%. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $1.17. The ex-dividend date of this dividend is Monday, December 2nd. Texas Pacific Land’s payout ratio is 24.01%.

Insider Buying and Selling

In other news, CAO Stephanie Buffington sold 210 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the sale, the chief accounting officer now directly owns 584 shares in the company, valued at $810,784.72. This trade represents a 26.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have bought 114 shares of company stock valued at $117,463. Corporate insiders own 6.50% of the company’s stock.

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.