Cynosure Group LLC Has $1.77 Million Position in Texas Pacific Land Co. (NYSE:TPL)

Cynosure Group LLC trimmed its position in Texas Pacific Land Co. (NYSE:TPL) by 29.5% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 1,996 shares of the financial services provider’s stock after selling 835 shares during the period. Cynosure Group LLC’s holdings in Texas Pacific Land were worth $1,766,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Magnolia Capital Advisors LLC acquired a new position in shares of Texas Pacific Land during the second quarter valued at $131,014,000. Bank of New York Mellon Corp boosted its stake 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. Principal Financial Group Inc. grew its position in shares of 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 worth $47,228,000 after buying an additional 60,400 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Texas Pacific Land during the third quarter worth approximately $45,400,000. Finally, California State Teachers Retirement System lifted its holdings in Texas Pacific Land by 244.2% in the first quarter. California State Teachers Retirement System now owns 58,383 shares of the financial services provider’s stock valued at $33,775,000 after buying an additional 41,422 shares during the period. 59.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Texas Pacific Land news, CAO Stephanie Buffington sold 210 shares of Texas Pacific Land 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 SEC, which is available through the SEC website. Insiders have acquired 114 shares of company stock worth $123,503 in the last 90 days. Corporate insiders own 6.50% of the company’s stock.

Texas Pacific Land Stock Performance

TPL opened at $1,572.43 on Wednesday. The firm’s fifty day moving average is $1,135.75 and its two-hundred day moving average is $888.07. The firm has a market cap of $36.13 billion, a PE ratio of 80.68 and a beta of 1.56. Texas Pacific Land Co. has a twelve month low of $467.62 and a twelve month high of $1,769.14.

Texas Pacific Land Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.41%. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s dividend payout ratio (DPR) is currently 24.01%.

Texas Pacific Land Company 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.