Victory Capital Management Inc. Purchases 5,042 Shares of Texas Pacific Land Corporation $TPL

Victory Capital Management Inc. grew its position in Texas Pacific Land Corporation (NYSE:TPL) by 67.4% during the third quarter, Holdings Channel reports. The institutional investor owned 12,527 shares of the financial services provider’s stock after acquiring an additional 5,042 shares during the quarter. Victory Capital Management Inc.’s holdings in Texas Pacific Land were worth $11,696,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Texas Pacific Land by 39.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock valued at $2,570,000 after acquiring an additional 545 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Texas Pacific Land by 74.1% during the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock valued at $1,211,000 after purchasing an additional 389 shares during the last quarter. Woodline Partners LP lifted its holdings in shares of Texas Pacific Land by 40.8% during the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock valued at $2,109,000 after purchasing an additional 461 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Texas Pacific Land by 34.7% in the 2nd quarter. ProShare Advisors LLC now owns 5,194 shares of the financial services provider’s stock worth $5,487,000 after purchasing an additional 1,338 shares in the last quarter. Finally, National Pension Service grew its stake in Texas Pacific Land by 0.4% during the 2nd quarter. National Pension Service now owns 32,435 shares of the financial services provider’s stock worth $34,264,000 after buying an additional 142 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TPL. KeyCorp upped their target price on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, December 29th. Wall Street Zen lowered shares of Texas Pacific Land from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, Zacks Research raised shares of Texas Pacific Land to a “hold” rating in a research report on Wednesday, December 3rd. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Price Performance

Shares of TPL stock opened at $524.76 on Thursday. The business has a fifty day moving average of $400.09 and a 200 day moving average of $338.63. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The firm has a market capitalization of $36.18 billion, a price-to-earnings ratio of 75.22 and a beta of 0.83.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The business had revenue of $211.60 million for the quarter, compared to the consensus estimate of $204.00 million.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a $0.60 dividend. This is an increase from Texas Pacific Land’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Monday, March 2nd. Texas Pacific Land’s payout ratio is currently 34.38%.

Insider Activity at Texas Pacific Land

In other Texas Pacific Land news, Director Donna E. Epps bought 895 shares of the firm’s stock in a transaction that occurred on 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 directly owned 2,921 shares of the company’s stock, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the company’s stock in a transaction 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 sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was 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 corporate 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.