PNC Financial Services Group Inc. Acquires 102,667 Shares of Texas Pacific Land Corporation $TPL

PNC Financial Services Group Inc. raised its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 203.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 153,125 shares of the financial services provider’s stock after buying an additional 102,667 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Texas Pacific Land were worth $43,981,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 69 shares during the last quarter. Quarry LP purchased a new stake in shares of Texas Pacific Land in the third quarter valued at about $29,000. Eagle Bay Advisors LLC purchased a new stake in shares of Texas Pacific Land in the fourth quarter valued at about $31,000. Silicon Valley Capital Partners purchased a new stake in shares of Texas Pacific Land in the third quarter valued at about $33,000. Finally, Triumph Capital Management purchased a new stake in shares of Texas Pacific Land in the third quarter valued at about $36,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Analyst Ratings Changes

TPL has been the subject of several analyst reports. KeyCorp increased their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Finally, Zacks Research upgraded shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $639.00.

Texas Pacific Land Trading Down 1.2%

TPL stock opened at $397.60 on Friday. The firm has a 50 day moving average of $449.80 and a 200-day moving average of $386.95. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The firm has a market capitalization of $27.42 billion, a P/E ratio of 54.47 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The company had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Sell-side analysts predict that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is 32.88%.

Insider Buying and Selling

In other news, Director Donna E. Epps acquired 895 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was bought at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the transaction, the director owned 2,921 shares of the company’s stock, valued at $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Stephanie Buffington sold 1,608 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer owned 2,133 shares of the company’s stock, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.90% of the stock is currently owned by company insiders.

About Texas Pacific Land

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.