The Manufacturers Life Insurance Company Decreases Stock Holdings in Texas Pacific Land Co. (NYSE:TPL)

The Manufacturers Life Insurance Company trimmed its holdings in Texas Pacific Land Co. (NYSE:TPL) by 24.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,430 shares of the financial services provider’s stock after selling 4,045 shares during the period. The Manufacturers Life Insurance Company owned 0.05% of Texas Pacific Land worth $10,997,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Magnolia Capital Advisors LLC purchased a new stake in shares of Texas Pacific Land in the 2nd quarter valued at approximately $131,014,000. Bank of New York Mellon Corp increased its holdings in shares of Texas Pacific Land by 74.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock valued at $149,920,000 after acquiring an additional 86,975 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Texas Pacific Land by 1,541.2% during the second quarter. Principal Financial Group Inc. now owns 64,319 shares of the financial services provider’s stock worth $47,228,000 after purchasing an additional 60,400 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Texas Pacific Land during the 3rd quarter worth $45,400,000. Finally, Rhumbline Advisers lifted its holdings in shares of Texas Pacific Land by 132.7% in the 2nd quarter. Rhumbline Advisers now owns 61,532 shares of the financial services provider’s stock valued at $45,181,000 after purchasing an additional 35,084 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Activity at Texas Pacific Land

In related news, CAO Stephanie Buffington sold 210 shares of the 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 transaction, the chief accounting officer now directly owns 584 shares in the company, valued at approximately $810,784.72. This represents a 26.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have acquired 114 shares of company stock valued at $128,124. Insiders own 6.50% of the company’s stock.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $1,496.69 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 fifty day moving average of $1,192.55 and a two-hundred day moving average of $916.29. The company has a market cap of $34.39 billion, a P/E ratio of 76.79 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 given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 0.43%. 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. Texas Pacific Land’s payout ratio is presently 24.01%.

Analyst Ratings Changes

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

Texas Pacific Land Company 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.