Sumitomo Mitsui Trust Group Inc. Sells 9,329 Shares of Texas Pacific Land Corporation $TPL

Sumitomo Mitsui Trust Group Inc. cut its position in Texas Pacific Land Corporation (NYSE:TPL) by 7.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 124,402 shares of the financial services provider’s stock after selling 9,329 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.18% of Texas Pacific Land worth $59,036,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TPL. Resona Asset Management Co. Ltd. grew its holdings in shares of Texas Pacific Land by 1.3% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 18,293 shares of the financial services provider’s stock valued at $8,656,000 after buying an additional 227 shares during the period. SwitchPoint Financial Planning LLC raised its stake in Texas Pacific Land by 2.2% during the 1st quarter. SwitchPoint Financial Planning LLC now owns 1,158 shares of the financial services provider’s stock worth $550,000 after buying an additional 25 shares during the period. Clare Market Investments LLC bought a new position in Texas Pacific Land during the first quarter worth about $14,429,000. Burney Co. bought a new position in Texas Pacific Land during the first quarter worth about $308,000. Finally, Hodges Capital Management Inc. grew its stake in Texas Pacific Land by 1.0% in the first quarter. Hodges Capital Management Inc. now owns 105,315 shares of the financial services provider’s stock valued at $49,978,000 after acquiring an additional 1,048 shares during the period. 59.94% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TPL has been the subject of several recent analyst reports. Zacks Research downgraded Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Finally, Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Texas Pacific Land has an average rating of “Reduce” and a consensus target price of $639.00.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50. Following the sale, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

Texas Pacific Land Trading Up 1.8%

Shares of Texas Pacific Land stock traded up $6.92 during trading on Friday, reaching $397.69. The stock had a trading volume of 229,152 shares, compared to its average volume of 418,561. The company has a market capitalization of $27.43 billion, a price-to-earnings ratio of 54.48 and a beta of 0.58. The stock has a fifty day moving average price of $392.89 and a two-hundred day moving average price of $407.90. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. On average, equities analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is currently 32.88%.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.