Commerce Bank Cuts Stake in Texas Pacific Land Co. (NYSE:TPL)

Commerce Bank cut its stake in shares of Texas Pacific Land Co. (NYSE:TPL) by 7.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,375 shares of the financial services provider’s stock after selling 355 shares during the quarter. Commerce Bank’s holdings in Texas Pacific Land were worth $3,871,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of TPL. Capital Performance Advisors LLP purchased a new position in Texas Pacific Land in the third quarter worth about $25,000. Compagnie Lombard Odier SCmA bought a new stake in shares of Texas Pacific Land during the third quarter valued at approximately $44,000. Quest Partners LLC purchased a new position in Texas Pacific Land in the 3rd quarter worth approximately $50,000. American National Bank bought a new position in Texas Pacific Land in the 2nd quarter valued at approximately $42,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Texas Pacific Land during the 2nd quarter valued at $44,000. Institutional investors own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

Separately, BWS Financial reaffirmed a “buy” rating and set a $917.00 price target on shares of Texas Pacific Land in a report on Monday, August 12th.

Insider Buying and Selling

In related news, CAO Stephanie Buffington sold 210 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief accounting officer now directly owns 584 shares in the company, valued at approximately $810,784.72. The trade was a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders bought 117 shares of company stock valued at $123,524 over the last 90 days. Company insiders own 6.50% of the company’s stock.

Texas Pacific Land Stock Up 14.5 %

Shares of Texas Pacific Land stock opened at $1,734.95 on Friday. Texas Pacific Land Co. has a twelve month low of $467.62 and a twelve month high of $1,749.44. The company has a market cap of $39.87 billion, a price-to-earnings ratio of 89.02 and a beta of 1.56. The company’s 50 day moving average is $1,120.26 and its 200 day moving average is $876.68.

Texas Pacific Land Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $1.60 dividend. This is an increase from Texas Pacific Land’s previous quarterly dividend of $1.17. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend is Monday, December 2nd. Texas Pacific Land’s dividend payout ratio (DPR) is 24.01%.

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.