Tower Bridge Advisors Sells 242 Shares of Texas Pacific Land Co. (NYSE:TPL)

Tower Bridge Advisors cut its holdings in Texas Pacific Land Co. (NYSE:TPL) by 5.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,327 shares of the financial services provider’s stock after selling 242 shares during the period. Tower Bridge Advisors’ holdings in Texas Pacific Land were worth $4,785,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TPL. Assenagon Asset Management S.A. bought a new stake in shares of Texas Pacific Land in the 3rd quarter worth about $331,000. State of Alaska Department of Revenue boosted its stake in shares of Texas Pacific Land by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 2,170 shares of the financial services provider’s stock worth $1,919,000 after purchasing an additional 145 shares during the period. abrdn plc boosted its stake in shares of Texas Pacific Land by 15.0% during the 3rd quarter. abrdn plc now owns 4,565 shares of the financial services provider’s stock worth $4,039,000 after purchasing an additional 597 shares during the period. New York State Teachers Retirement System boosted its stake in shares of Texas Pacific Land by 6.1% during the 3rd quarter. New York State Teachers Retirement System now owns 12,731 shares of the financial services provider’s stock worth $11,264,000 after purchasing an additional 731 shares during the period. Finally, First Trust Direct Indexing L.P. purchased a new position in shares of Texas Pacific Land during the 3rd quarter worth about $312,000. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Trading Up 5.5 %

TPL stock opened at $1,430.68 on Friday. Texas Pacific Land Co. has a 12 month low of $493.40 and a 12 month high of $1,769.14. The company has a 50-day moving average price of $1,306.15 and a 200 day moving average price of $1,169.21. The stock has a market cap of $32.88 billion, a PE ratio of 72.55 and a beta of 1.68.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $5.14 EPS for the quarter. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%. The firm had revenue of $185.78 million during the quarter.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.45%. Texas Pacific Land’s dividend payout ratio is presently 32.45%.

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.