Fifth Third Bancorp Reduces Stock Position in Texas Pacific Land Co. (NYSE:TPL)

Fifth Third Bancorp lessened its stake in Texas Pacific Land Co. (NYSE:TPL) by 84.7% in the second quarter, HoldingsChannel reports. The firm owned 93 shares of the financial services provider’s stock after selling 513 shares during the period. Fifth Third Bancorp’s holdings in Texas Pacific Land were worth $68,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in TPL. Avantax Advisory Services Inc. grew its holdings in shares of Texas Pacific Land by 204.2% in the first quarter. Avantax Advisory Services Inc. now owns 1,010 shares of the financial services provider’s stock worth $584,000 after acquiring an additional 678 shares during the period. 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 first 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 during 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 valued at $1,262,000 after purchasing an additional 1,389 shares during the period. Finally, Russell Investments Group Ltd. increased 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 valued at $6,802,000 after purchasing an additional 7,476 shares during the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TPL has been the topic of a number of research reports. StockNews.com downgraded shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th. BWS Financial reiterated 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 Up 0.3 %

Shares of TPL opened at $861.98 on Tuesday. The business has a 50-day simple moving average of $793.53 and a two-hundred day simple moving average of $654.15. Texas Pacific Land Co. has a 52 week low of $467.62 and a 52 week high of $870.28. The stock has a market cap of $19.81 billion, a price-to-earnings ratio of 45.83 and a beta of 1.63.

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

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $1.17 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $4.68 annualized dividend and a dividend yield of 0.54%. 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.