PNC Financial Services Group Inc. Cuts Stock Holdings in Texas Pacific Land Co. (NYSE:TPL)

PNC Financial Services Group Inc. reduced its position in Texas Pacific Land Co. (NYSE:TPL) by 0.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,490 shares of the financial services provider’s stock after selling 212 shares during the period. PNC Financial Services Group Inc. owned about 0.20% of Texas Pacific Land worth $40,247,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Texas Pacific Land in the third quarter worth about $395,000. Caprock Group LLC purchased a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $234,000. Quest Partners LLC acquired a new position in Texas Pacific Land in the 3rd quarter worth about $50,000. Gilbert & Cook Inc. boosted its position in Texas Pacific Land by 114.6% during the third quarter. Gilbert & Cook Inc. now owns 3,966 shares of the financial services provider’s stock worth $3,509,000 after purchasing an additional 2,118 shares in the last quarter. Finally, RiverPark Advisors LLC grew its holdings in Texas Pacific Land by 6.8% in the third quarter. RiverPark Advisors LLC now owns 787 shares of the financial services provider’s stock valued at $696,000 after purchasing an additional 50 shares during the period. 59.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Texas Pacific Land Stock Up 2.4 %

TPL stock opened at $1,453.71 on Thursday. Texas Pacific Land Co. has a 52 week low of $467.62 and a 52 week high of $1,456.83. The firm has a 50-day simple moving average of $1,087.38 and a 200-day simple moving average of $864.11. The stock has a market capitalization of $33.40 billion, a P/E ratio of 74.59 and a beta of 1.56.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $1.60 per share. The ex-dividend date is Monday, December 2nd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.44%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s dividend payout ratio is presently 32.84%.

Insider Activity

In other news, CAO Stephanie Buffington sold 210 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $1,388.33, for a total value of $291,549.30. Following the completion of the sale, the chief accounting officer now directly owns 584 shares in the company, valued at $810,784.72. This represents a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have bought a total of 117 shares of company stock worth $121,683 over the last quarter. 6.50% of the stock is currently owned by corporate insiders.

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.