Janney Montgomery Scott LLC lessened its stake in Texas Pacific Land Co. (NYSE:TPL – Free Report) by 0.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,264 shares of the financial services provider’s stock after selling 23 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Texas Pacific Land were worth $5,553,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in TPL. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Texas Pacific Land by 10.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 675 shares of the financial services provider’s stock valued at $913,000 after buying an additional 66 shares during the period. American Century Companies Inc. raised its position in shares of Texas Pacific Land by 41.6% during the 1st quarter. American Century Companies Inc. now owns 729 shares of the financial services provider’s stock worth $986,000 after acquiring an additional 214 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Texas Pacific Land by 3.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 881 shares of the financial services provider’s stock worth $1,191,000 after acquiring an additional 26 shares in the last quarter. Citigroup Inc. raised its position in shares of Texas Pacific Land by 23.0% during the 1st quarter. Citigroup Inc. now owns 2,903 shares of the financial services provider’s stock worth $3,925,000 after acquiring an additional 543 shares in the last quarter. Finally, MetLife Investment Management LLC acquired a new stake in shares of Texas Pacific Land during the 1st quarter worth about $515,000. Hedge funds and other institutional investors own 61.47% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have recently weighed in on TPL. Stifel Nicolaus cut their target price on Texas Pacific Land from $1,399.00 to $1,378.00 in a research report on Monday, May 22nd. StockNews.com started coverage on Texas Pacific Land in a research report on Thursday, May 18th. They set a “hold” rating on the stock.
Texas Pacific Land Stock Up 1.7 %
Texas Pacific Land (NYSE:TPL – Get Free Report) last released its quarterly earnings results on Wednesday, May 3rd. The financial services provider reported $11.24 EPS for the quarter, missing the consensus estimate of $13.21 by ($1.97). The firm had revenue of $146.36 million for the quarter, compared to analyst estimates of $154.54 million. Texas Pacific Land had a return on equity of 58.62% and a net margin of 65.28%. Equities analysts expect that Texas Pacific Land Co. will post 48.7 EPS for the current fiscal year.
Texas Pacific Land Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 8th were issued a $3.25 dividend. This represents a $13.00 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend was Wednesday, June 7th. Texas Pacific Land’s payout ratio is currently 23.06%.
About Texas Pacific Land
Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company's Land and Resource Management segment manages surface acres of land. This segment also holds own 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 located in the western part of Texas.
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