Texas Pacific Land Co. (NYSE:TPL) Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its holdings in Texas Pacific Land Co. (NYSE:TPL) by 7.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,784 shares of the financial services provider’s stock after purchasing an additional 3,113 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.20% of Texas Pacific Land worth $41,392,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Capital Performance Advisors LLP acquired a new position in Texas Pacific Land in the third quarter valued at about $25,000. American National Bank purchased a new stake in shares of Texas Pacific Land in the 2nd quarter valued at approximately $42,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Texas Pacific Land in the 2nd quarter worth approximately $44,000. Compagnie Lombard Odier SCmA purchased a new position in shares of Texas Pacific Land during the 3rd quarter worth approximately $44,000. Finally, Signaturefd LLC increased its holdings in Texas Pacific Land by 16.9% in the 3rd quarter. Signaturefd LLC now owns 90 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 13 shares during the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Stephanie Buffington sold 210 shares of Texas Pacific Land stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total value of $291,549.30. Following the completion of the transaction, the chief accounting officer now owns 584 shares in the company, valued at approximately $810,784.72. This trade represents a 26.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have acquired a total of 117 shares of company stock worth $118,351 in the last ninety days. 6.50% of the stock is owned by corporate insiders.

Texas Pacific Land Price Performance

NYSE TPL opened at $1,359.94 on Friday. The company has a market cap of $31.25 billion, a P/E ratio of 69.78 and a beta of 1.56. Texas Pacific Land Co. has a 1-year low of $467.62 and a 1-year high of $1,421.22. The stock has a 50-day moving average of $1,049.39 and a two-hundred day moving average of $844.11.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $1.60 per share. This is an increase from Texas Pacific Land’s previous quarterly dividend of $1.17. This represents a $6.40 annualized dividend and a yield of 0.47%. The ex-dividend date is Monday, December 2nd. Texas Pacific Land’s dividend payout ratio is presently 24.01%.

Wall Street Analysts Forecast Growth

Separately, BWS Financial restated a “buy” rating and set a $917.00 price target on shares of Texas Pacific Land in a research note on Monday, August 12th.

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.