BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 485 Shares of Texas Pacific Land Co. (NYSE:TPL)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its holdings in Texas Pacific Land Co. (NYSE:TPL) by 13.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,260 shares of the financial services provider’s stock after selling 485 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Texas Pacific Land were worth $2,884,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bank of New York Mellon Corp raised its position in Texas Pacific Land by 74.2% in the second quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock worth $149,920,000 after purchasing an additional 86,975 shares in the last quarter. Magnolia Capital Advisors LLC bought a new stake in shares of Texas Pacific Land in the 2nd quarter valued at approximately $131,014,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Texas Pacific Land by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 136,418 shares of the financial services provider’s stock worth $120,694,000 after buying an additional 1,984 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Texas Pacific Land by 8.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 126,156 shares of the financial services provider’s stock worth $92,632,000 after buying an additional 9,878 shares during the period. Finally, Douglass Winthrop Advisors LLC boosted its stake in Texas Pacific Land by 3.5% in the 3rd quarter. Douglass Winthrop Advisors LLC now owns 99,198 shares of the financial services provider’s stock valued at $87,764,000 after buying an additional 3,363 shares in the last quarter. 59.94% of the stock is owned by institutional investors.

Insider Transactions at Texas Pacific Land

In related news, CAO Stephanie Buffington sold 210 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the transaction, the chief accounting officer now owns 584 shares in the company, valued at $810,784.72. This represents a 26.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders have acquired 114 shares of company stock worth $130,247. Insiders own 6.50% of the company’s stock.

Wall Street Analyst Weigh In

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

Texas Pacific Land Trading Down 11.6 %

NYSE TPL opened at $1,387.92 on Thursday. Texas Pacific Land Co. has a 1-year low of $467.62 and a 1-year high of $1,769.14. The company has a 50 day moving average of $1,216.05 and a 200-day moving average of $929.31. The firm has a market cap of $31.89 billion, a price-to-earnings ratio of 71.21 and a beta of 1.62.

Texas Pacific Land Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $1.60 dividend. This is an increase from Texas Pacific Land’s previous quarterly dividend of $1.17. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $6.40 annualized dividend and a yield of 0.46%. Texas Pacific Land’s payout ratio is presently 32.84%.

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.