First Dallas Securities Inc. Has $23.29 Million Stock Position in Texas Pacific Land Co. (NYSE:TPL)

First Dallas Securities Inc. cut its stake in Texas Pacific Land Co. (NYSE:TPL) by 7.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,328 shares of the financial services provider’s stock after selling 2,216 shares during the period. Texas Pacific Land makes up about 9.7% of First Dallas Securities Inc.’s portfolio, making the stock its 2nd biggest holding. First Dallas Securities Inc. owned approximately 0.11% of Texas Pacific Land worth $23,294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hilltop Holdings Inc. increased its holdings in Texas Pacific Land by 290.3% in the 3rd quarter. Hilltop Holdings Inc. now owns 1,815 shares of the financial services provider’s stock worth $1,606,000 after purchasing an additional 1,350 shares in the last quarter. Biltmore Family Office LLC bought a new position in shares of Texas Pacific Land in the third quarter valued at approximately $337,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Texas Pacific Land by 56.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 14,497 shares of the financial services provider’s stock worth $10,645,000 after acquiring an additional 5,255 shares during the period. Marietta Wealth Management LLC bought a new stake in shares of Texas Pacific Land in the second quarter valued at $2,926,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Texas Pacific Land in the third quarter valued at $304,000. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Price Performance

TPL opened at $1,324.60 on Tuesday. Texas Pacific Land Co. has a one year low of $467.62 and a one year high of $1,769.14. The business has a 50 day simple moving average of $1,252.58 and a two-hundred day simple moving average of $950.08. The firm has a market capitalization of $30.44 billion, a price-to-earnings ratio of 67.96 and a beta of 1.62.

Texas Pacific Land Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 0.48%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. The ex-dividend date of this dividend is Monday, December 2nd. Texas Pacific Land’s dividend payout ratio is presently 32.84%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, CAO Stephanie Buffington sold 210 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the completion of the transaction, the chief accounting officer now owns 584 shares in the company, valued at $810,784.72. This trade represents a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders have purchased 117 shares of company stock valued at $136,481. 6.50% of the stock is owned by company insiders.

Texas Pacific Land 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.