Fifth Third Wealth Advisors LLC Takes Position in Texas Pacific Land Co. (NYSE:TPL)

Fifth Third Wealth Advisors LLC acquired a new position in Texas Pacific Land Co. (NYSE:TPL) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 555 shares of the financial services provider’s stock, valued at approximately $408,000.

Several other institutional investors have also recently made changes to their positions in TPL. Avantax Advisory Services Inc. raised its stake in shares of Texas Pacific Land by 204.2% during the 1st quarter. Avantax Advisory Services Inc. now owns 1,010 shares of the financial services provider’s stock valued at $584,000 after buying an additional 678 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Texas Pacific Land by 229.3% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,054 shares of the financial services provider’s stock valued at $8,709,000 after acquiring an additional 10,483 shares during the period. Van ECK Associates Corp boosted its position in Texas Pacific Land by 220.7% in the 1st quarter. Van ECK Associates Corp now owns 4,137 shares of the financial services provider’s stock worth $2,393,000 after purchasing an additional 2,847 shares in the last quarter. Sandbox Financial Partners LLC grew its stake in shares of Texas Pacific Land by 175.4% during the 1st quarter. Sandbox Financial Partners LLC now owns 2,181 shares of the financial services provider’s stock worth $1,262,000 after purchasing an additional 1,389 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings 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 valued at $6,802,000 after purchasing an additional 7,476 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on TPL. StockNews.com cut Texas Pacific Land from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. BWS Financial restated a “buy” rating and issued a $917.00 target price on shares of Texas Pacific Land in a research report on Monday, August 12th.

Texas Pacific Land Stock Performance

Shares of TPL stock traded down $0.45 during trading hours on Thursday, reaching $824.91. The company had a trading volume of 2,503 shares, compared to its average volume of 105,714. The stock has a fifty day moving average of $787.03 and a 200-day moving average of $644.12. The company has a market capitalization of $18.96 billion, a price-to-earnings ratio of 43.86 and a beta of 1.63. Texas Pacific Land Co. has a 12-month low of $467.62 and a 12-month high of $854.66.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.38). The company had revenue of $172.33 million during the quarter, compared to analysts’ expectations of $182.35 million. Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. During the same quarter last year, the company earned $4.35 earnings per share. On average, analysts forecast that Texas Pacific Land Co. will post 20.14 EPS for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be given a $1.17 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $4.68 annualized dividend and a yield of 0.57%. Texas Pacific Land’s payout ratio is 24.88%.

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.