Invesco LLC Has $464,000 Stake in Texas Pacific Land Co. (NYSE:TPL)

Invesco LLC reduced its stake in Texas Pacific Land Co. (NYSE:TPL) by 2.8% during the third quarter, HoldingsChannel reports. The firm owned 525 shares of the financial services provider’s stock after selling 15 shares during the quarter. Invesco LLC’s holdings in Texas Pacific Land were worth $464,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Texas Pacific Land by 199.8% in the 1st quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock worth $1,099,867,000 after purchasing an additional 1,267,123 shares in the last quarter. Magnolia Capital Advisors LLC bought a new position in Texas Pacific Land in the 2nd quarter valued at approximately $131,014,000. Bank of New York Mellon Corp boosted its position in Texas Pacific Land by 74.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock worth $149,920,000 after buying an additional 86,975 shares during the period. Principal Financial Group Inc. grew its holdings in Texas Pacific Land by 1,541.2% during the 2nd quarter. Principal Financial Group Inc. now owns 64,319 shares of the financial services provider’s stock worth $47,228,000 after acquiring an additional 60,400 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Texas Pacific Land during the third quarter valued at $45,400,000. Institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Trading Up 0.6 %

NYSE TPL traded up $6.62 on Friday, hitting $1,172.62. 112,345 shares of the company were exchanged, compared to its average volume of 81,478. The stock has a fifty day moving average of $949.96 and a 200-day moving average of $792.07. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $1,189.91. The company has a market cap of $26.95 billion, a PE ratio of 60.30 and a beta of 1.56.

Texas Pacific Land (NYSE:TPL) last announced its quarterly 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 the consensus estimate of $182.35 million. During the same quarter in the previous year, the company posted $4.35 EPS.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were paid a $1.17 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $4.68 annualized dividend and a dividend yield of 0.40%. Texas Pacific Land’s payout ratio is 24.07%.

Analysts Set New Price Targets

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

About Texas Pacific Land

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.