Sumitomo Mitsui Trust Group Inc. Boosts Stock Position in Texas Pacific Land Co. (NYSE:TPL)

Sumitomo Mitsui Trust Group Inc. raised its holdings in Texas Pacific Land Co. (NYSE:TPL) by 7.1% during the third quarter, Holdings Channel reports. The institutional investor owned 46,784 shares of the financial services provider’s stock after buying an additional 3,113 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Texas Pacific Land were worth $41,392,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of TPL. Avantax Advisory Services Inc. lifted its stake in Texas Pacific Land by 204.2% during the first quarter. Avantax Advisory Services Inc. now owns 1,010 shares of the financial services provider’s stock worth $584,000 after purchasing an additional 678 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Texas Pacific Land by 174.6% during the 1st quarter. Russell Investments Group Ltd. now owns 11,757 shares of the financial services provider’s stock worth $6,802,000 after buying an additional 7,476 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Texas Pacific Land by 56.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 14,497 shares of the financial services provider’s stock worth $10,645,000 after buying an additional 5,255 shares during the last quarter. Marietta Wealth Management LLC acquired a new position in shares of Texas Pacific Land in the 2nd quarter valued at $2,926,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Texas Pacific Land by 522.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 741 shares of the financial services provider’s stock valued at $429,000 after buying an additional 622 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Texas Pacific Land Stock Down 0.1 %

TPL opened at $1,359.94 on Friday. Texas Pacific Land Co. has a 52 week low of $467.62 and a 52 week high of $1,421.22. The business’s 50 day moving average is $1,049.39 and its two-hundred day moving average is $844.11. The firm has a market cap of $31.25 billion, a price-to-earnings ratio of 69.78 and a beta of 1.56.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.47%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. The ex-dividend date of this dividend is Monday, December 2nd. Texas Pacific Land’s payout ratio is presently 24.01%.

Insider Activity at Texas Pacific Land

In related news, CAO Stephanie Buffington sold 210 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders acquired a total of 117 shares of company stock worth $118,351 in the last 90 days. 6.50% of the stock is owned by insiders.

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.