PNC Financial Services Group Inc. Decreases Stake in Texas Pacific Land Co. (NYSE:TPL)

PNC Financial Services Group Inc. lowered its stake in Texas Pacific Land Co. (NYSE:TPL) by 1.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,940 shares of the financial services provider’s stock after selling 550 shares during the period. PNC Financial Services Group Inc. owned 0.20% of Texas Pacific Land worth $49,702,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Caprock Group LLC raised its holdings in shares of Texas Pacific Land by 3.0% in the fourth quarter. Caprock Group LLC now owns 273 shares of the financial services provider’s stock worth $302,000 after buying an additional 8 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Texas Pacific Land by 21.1% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 69 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 12 shares during the last quarter. Glenmede Trust Co. NA raised its holdings in shares of Texas Pacific Land by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 441 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 13 shares during the last quarter. M&T Bank Corp raised its holdings in shares of Texas Pacific Land by 2.1% during the fourth quarter. M&T Bank Corp now owns 941 shares of the financial services provider’s stock worth $1,041,000 after purchasing an additional 19 shares during the last quarter. Finally, Peloton Wealth Strategists raised its holdings in shares of Texas Pacific Land by 1.8% during the third quarter. Peloton Wealth Strategists now owns 1,271 shares of the financial services provider’s stock worth $1,125,000 after purchasing an additional 23 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $1,376.19 on Monday. The firm has a fifty day moving average price of $1,326.06 and a 200 day moving average price of $1,192.68. Texas Pacific Land Co. has a 1 year low of $503.08 and a 1 year high of $1,769.14. The stock has a market cap of $31.63 billion, a PE ratio of 69.79 and a beta of 1.69.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share (EPS) for the quarter. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%. The firm had revenue of $185.78 million during the quarter.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $1.60 per share. The ex-dividend date is Monday, March 3rd. This represents a $6.40 annualized dividend and a yield of 0.47%. Texas Pacific Land’s dividend payout ratio is presently 32.45%.

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.