PNC Financial Services Group Inc. Sells 6,143 Shares of Texas Pacific Land Corporation $TPL

PNC Financial Services Group Inc. decreased its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 4.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 146,982 shares of the financial services provider’s stock after selling 6,143 shares during the quarter. PNC Financial Services Group Inc. owned 0.21% of Texas Pacific Land worth $69,752,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Texas Pacific Land by 39.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock worth $2,570,000 after acquiring an additional 545 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Texas Pacific Land by 74.1% during the first 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 in the last quarter. Woodline Partners LP boosted its position in shares of Texas Pacific Land by 40.8% in the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock worth $2,109,000 after purchasing an additional 461 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Texas Pacific Land by 21.4% in the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 12 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Texas Pacific Land by 2,177.5% in the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider’s stock worth $4,812,000 after purchasing an additional 4,355 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Zacks Research cut shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 30th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Texas Pacific Land presently has a consensus rating of “Reduce” and an average target price of $639.00.

Texas Pacific Land Price Performance

Shares of NYSE:TPL opened at $425.58 on Friday. The firm has a market capitalization of $29.35 billion, a PE ratio of 58.30 and a beta of 0.58. The business has a 50 day simple moving average of $394.58 and a two-hundred day simple moving average of $416.52. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Equities research analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land’s payout ratio is 32.88%.

Insider Activity

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by insiders.

Texas Pacific Land Profile

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.