Synovus Financial Corp Takes $208,000 Position in Texas Pacific Land Co. (NYSE:TPL)

Synovus Financial Corp bought a new position in Texas Pacific Land Co. (NYSE:TPL) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 235 shares of the financial services provider’s stock, valued at approximately $208,000.

A number of other institutional investors have also recently bought and sold shares of TPL. New York State Teachers Retirement System bought a new position in shares of Texas Pacific Land during the 2nd quarter worth about $8,811,000. Herold Advisors Inc. bought a new position in Texas Pacific Land during the second quarter worth about $242,000. Retirement Systems of Alabama bought a new position in Texas Pacific Land during the second quarter worth about $16,876,000. Spirit of America Management Corp NY boosted its holdings in Texas Pacific Land by 20.0% during the second quarter. Spirit of America Management Corp NY now owns 1,350 shares of the financial services provider’s stock valued at $991,000 after purchasing an additional 225 shares in the last quarter. Finally, Bank of New York Mellon Corp grew 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 period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $1,096.33 on Friday. The business has a 50 day simple moving average of $1,288.56 and a 200 day simple moving average of $977.54. The company has a market capitalization of $25.19 billion, a PE ratio of 56.25 and a beta of 1.62. Texas Pacific Land Co. has a one year low of $467.62 and a one year high of $1,769.14.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, December 2nd. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.58%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 32.84%.

Insider Activity

In other news, CAO Stephanie Buffington sold 210 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief accounting officer now directly owns 584 shares of the company’s stock, valued at $810,784.72. The trade was a 26.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have bought 110 shares of company stock worth $134,208. 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.