Fifth Third Bancorp Has $4.01 Million Stock Holdings in Texas Pacific Land Corporation $TPL

Fifth Third Bancorp lifted its stake in Texas Pacific Land Corporation (NYSE:TPL) by 1,593.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,452 shares of the financial services provider’s stock after purchasing an additional 7,953 shares during the period. Fifth Third Bancorp’s holdings in Texas Pacific Land were worth $4,011,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of TPL. EverSource Wealth Advisors LLC grew its stake in shares of Texas Pacific Land by 21.4% during 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 during the period. Sei Investments Co. increased its holdings in shares of Texas Pacific Land by 1.1% in the third quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider’s stock worth $1,782,000 after acquiring an additional 20 shares in the last quarter. Larson Financial Group LLC raised its holdings in Texas Pacific Land by 5.4% during the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider’s stock worth $383,000 after buying an additional 21 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Texas Pacific Land by 1.3% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider’s stock valued at $1,789,000 after acquiring an additional 24 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in Texas Pacific Land by 0.5% in the 3rd quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider’s stock worth $4,374,000 after purchasing an additional 24 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

TPL has been the topic of a number of research reports. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Zacks Research lowered Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $639.00.

Insider Activity at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the sale, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. This represents a 19.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $415.88 on Friday. The firm has a market cap of $28.68 billion, a price-to-earnings ratio of 56.97 and a beta of 0.58. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The firm’s 50-day simple moving average is $392.52 and its 200 day simple moving average is $412.05.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The company had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $233.00 million. Sell-side analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.60 per share. The ex-dividend date was Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio (DPR) is currently 32.88%.

About Texas Pacific Land

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.