Texas Pacific Land Co. (NYSE:TPL) Stake Trimmed by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its position in shares of Texas Pacific Land Co. (NYSE:TPL) by 1.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 4,427 shares of the financial services provider’s stock after selling 72 shares during the period. Thrivent Financial for Lutherans’ holdings in Texas Pacific Land were worth $3,917,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in 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 worth $149,920,000 after purchasing an additional 86,975 shares during the period. Magnolia Capital Advisors LLC bought a new position in shares of Texas Pacific Land in the 2nd quarter valued at approximately $131,014,000. Dimensional Fund Advisors LP lifted its holdings in Texas Pacific Land by 8.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 126,156 shares of the financial services provider’s stock worth $92,632,000 after purchasing an additional 9,878 shares during the last quarter. Principal Financial Group Inc. boosted its position in Texas Pacific Land by 1,541.2% during the second quarter. Principal Financial Group Inc. now owns 64,319 shares of the financial services provider’s stock worth $47,228,000 after purchasing an additional 60,400 shares during the period. Finally, Rhumbline Advisers grew its holdings in Texas Pacific Land by 132.7% during the second quarter. Rhumbline Advisers now owns 61,532 shares of the financial services provider’s stock valued at $45,181,000 after purchasing an additional 35,084 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Up 14.2 %

Shares of NYSE:TPL opened at $1,730.00 on Monday. The company has a market cap of $39.76 billion, a price-to-earnings ratio of 88.76 and a beta of 1.56. The business has a 50 day moving average price of $1,120.26 and a 200 day moving average price of $881.05. Texas Pacific Land Co. has a twelve month low of $467.62 and a twelve month high of $1,749.44.

Texas Pacific Land Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $1.60 per share. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. This represents a $6.40 annualized dividend and a yield of 0.37%. The ex-dividend date is Monday, December 2nd. Texas Pacific Land’s dividend payout ratio is presently 24.01%.

Insider Activity at Texas Pacific Land

In other Texas Pacific Land news, CAO Stephanie Buffington sold 210 shares of Texas Pacific Land stock in a transaction on Tuesday, November 12th. The shares were 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 owns 584 shares in the company, valued at $810,784.72. The trade was a 26.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders purchased 114 shares of company stock worth $120,929. Company insiders own 6.50% of the company’s stock.

Wall Street Analyst Weigh In

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

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.