Pinnacle Associates Ltd. Has $269,000 Stake in Texas Pacific Land Co. (NYSE:TPL)

Pinnacle Associates Ltd. lowered its holdings in Texas Pacific Land Co. (NYSE:TPL) by 66.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 304 shares of the financial services provider’s stock after selling 608 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Texas Pacific Land were worth $269,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in TPL. Vanguard Group Inc. lifted its position in Texas Pacific Land by 199.8% during the 1st quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock worth $1,099,867,000 after buying an additional 1,267,123 shares in the last quarter. Magnolia Capital Advisors LLC acquired a new position in shares of Texas Pacific Land during the second quarter worth approximately $131,014,000. Bank of New York Mellon Corp grew its stake in shares of Texas Pacific Land by 74.2% during the second 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 stake in shares of 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 valued at $47,228,000 after purchasing an additional 60,400 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Texas Pacific Land in the third quarter valued at approximately $45,400,000. Institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Trading Up 0.6 %

Texas Pacific Land stock opened at $1,172.62 on Monday. Texas Pacific Land Co. has a 1 year low of $467.62 and a 1 year high of $1,189.91. The company’s 50-day moving average is $949.96 and its two-hundred day moving average is $793.50. The company has a market cap of $26.95 billion, a PE ratio of 60.32 and a beta of 1.56.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, August 7th. The financial services provider reported $4.98 EPS for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.38). The business had revenue of $172.33 million for the quarter, compared to analyst estimates of $182.35 million. Texas Pacific Land had a return on equity of 41.29% and a net margin of 66.71%. During the same period in the prior year, the firm posted $4.35 EPS.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were issued a $1.17 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $4.68 dividend on an annualized basis and a yield of 0.40%. Texas Pacific Land’s dividend payout ratio is presently 24.07%.

Wall Street Analyst Weigh In

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

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.