Assenagon Asset Management S.A. Has $736,000 Holdings in Texas Pacific Land Corporation $TPL

Assenagon Asset Management S.A. increased its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 332.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,562 shares of the financial services provider’s stock after buying an additional 1,969 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Texas Pacific Land were worth $736,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TPL. Citizens Financial Group Inc. RI raised its stake in shares of Texas Pacific Land by 1.7% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 704 shares of the financial services provider’s stock worth $657,000 after purchasing an additional 12 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after buying an additional 12 shares during the last quarter. PFG Investments LLC grew its stake in shares of Texas Pacific Land by 3.6% in the 3rd quarter. PFG Investments LLC now owns 373 shares of the financial services provider’s stock valued at $348,000 after buying an additional 13 shares in the last quarter. Truist Financial Corp increased its holdings in Texas Pacific Land by 0.6% in the third quarter. Truist Financial Corp now owns 2,195 shares of the financial services provider’s stock worth $2,050,000 after buying an additional 14 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in Texas Pacific Land by 9.1% in the third quarter. Jones Financial Companies Lllp now owns 168 shares of the financial services provider’s stock worth $160,000 after buying an additional 14 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CAO Stephanie Buffington sold 1,608 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the sale, the chief accounting officer directly owned 2,133 shares of the company’s stock, valued at approximately $1,072,899. This represents a 42.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donna E. Epps bought 895 shares of the company’s stock in a transaction that occurred on Wednesday, February 25th. The shares were bought at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the transaction, the director directly owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This trade represents a 44.18% increase in their position. The disclosure for this purchase is available in the SEC filing. 6.90% of the stock is owned by insiders.

Texas Pacific Land Stock Performance

Shares of NYSE:TPL opened at $438.96 on Thursday. The company has a market cap of $30.26 billion, a P/E ratio of 62.92 and a beta of 0.76. The stock’s 50-day moving average is $460.12 and its 200-day moving average is $360.38. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The business had revenue of $211.60 million during the quarter, compared to analysts’ expectations of $204.00 million.

Texas Pacific Land Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.5%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, March 2nd. Texas Pacific Land’s dividend payout ratio is presently 34.38%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. KeyCorp lifted their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a report on Friday, March 27th. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Finally, Zacks Research upgraded Texas Pacific Land to a “hold” rating in a report on Wednesday, December 3rd. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Texas Pacific Land has a consensus rating of “Hold” and a consensus target price of $639.00.

Texas Pacific Land Company 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.