Wells Fargo & Company MN Sells 7,373 Shares of Texas Pacific Land Co. (NYSE:TPL)

Wells Fargo & Company MN reduced its stake in Texas Pacific Land Co. (NYSE:TPL) by 18.5% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 32,489 shares of the financial services provider’s stock after selling 7,373 shares during the quarter. Wells Fargo & Company MN owned 0.14% of Texas Pacific Land worth $35,931,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in TPL. Vanguard Group Inc. boosted its stake in Texas Pacific Land by 12.5% in the fourth quarter. Vanguard Group Inc. now owns 2,350,380 shares of the financial services provider’s stock valued at $2,599,426,000 after acquiring an additional 260,278 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Texas Pacific Land by 34.5% in the 4th quarter. Geode Capital Management LLC now owns 622,115 shares of the financial services provider’s stock worth $693,023,000 after purchasing an additional 159,597 shares during the period. York GP Ltd. purchased a new position in Texas Pacific Land in the fourth quarter valued at approximately $101,859,000. Charles Schwab Investment Management Inc. grew its holdings in Texas Pacific Land by 31.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 179,635 shares of the financial services provider’s stock valued at $198,669,000 after purchasing an additional 43,217 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Texas Pacific Land in the fourth quarter worth $41,303,000. Institutional investors own 59.94% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Chris Steddum sold 214 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total value of $281,193.86. Following the sale, the chief financial officer now directly owns 3,502 shares of the company’s stock, valued at approximately $4,601,592.98. This represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Micheal W. Dobbs sold 1,150 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the transaction, the vice president now directly owns 1,393 shares of the company’s stock, valued at approximately $1,771,227.36. This represents a 45.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have purchased a total of 78 shares of company stock worth $102,694 over the last 90 days. Corporate insiders own 6.50% of the company’s stock.

Texas Pacific Land Price Performance

Shares of TPL opened at $1,179.64 on Friday. The firm has a market cap of $27.11 billion, a PE ratio of 59.82 and a beta of 1.44. Texas Pacific Land Co. has a 1 year low of $555.71 and a 1 year high of $1,769.14. The stock’s fifty day moving average price is $1,324.01 and its two-hundred day moving average price is $1,266.86.

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

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $6.40 dividend on an annualized basis and a yield of 0.54%. Texas Pacific Land’s payout ratio is 32.45%.

About Texas Pacific Land

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.