Corebridge Financial Inc. Sells 17,515 Shares of Texas Pacific Land Co. (NYSE:TPL)

Corebridge Financial Inc. cut its holdings in shares of Texas Pacific Land Co. (NYSE:TPL) by 77.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,990 shares of the financial services provider’s stock after selling 17,515 shares during the period. Corebridge Financial Inc.’s holdings in Texas Pacific Land were worth $5,519,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TPL. Hilltop Holdings Inc. increased its position in Texas Pacific Land by 290.3% during the 3rd quarter. Hilltop Holdings Inc. now owns 1,815 shares of the financial services provider’s stock valued at $1,606,000 after purchasing an additional 1,350 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Texas Pacific Land by 63.5% during the 3rd quarter. Quantinno Capital Management LP now owns 2,976 shares of the financial services provider’s stock valued at $2,634,000 after purchasing an additional 1,156 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Texas Pacific Land by 5.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 8,888 shares of the financial services provider’s stock valued at $7,864,000 after buying an additional 431 shares during the period. Everence Capital Management Inc. bought a new position in Texas Pacific Land in the fourth quarter worth about $641,000. Finally, Miracle Mile Advisors LLC purchased a new stake in Texas Pacific Land in the fourth quarter worth about $8,545,000. Institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $1,307.86 on Friday. Texas Pacific Land Co. has a fifty-two week low of $555.71 and a fifty-two week high of $1,769.14. The stock has a market cap of $30.06 billion, a price-to-earnings ratio of 66.32 and a beta of 1.69. The stock’s 50 day simple moving average is $1,348.93 and its two-hundred day simple moving average is $1,242.51.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share for the quarter. The company had revenue of $185.78 million for the quarter. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $1.60 dividend. The ex-dividend date was Monday, March 3rd. This represents a $6.40 annualized dividend and a dividend yield of 0.49%. Texas Pacific Land’s payout ratio is 32.45%.

Insider Activity at Texas Pacific Land

In other news, VP Micheal W. Dobbs sold 1,150 shares of Texas Pacific Land stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the completion of the transaction, the vice president now directly owns 1,393 shares in the company, valued at approximately $1,771,227.36. This trade represents a 45.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Chris Steddum sold 214 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total value of $281,193.86. Following the completion of the sale, the chief financial officer now directly owns 3,502 shares in the company, valued at approximately $4,601,592.98. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders acquired a total of 68 shares of company stock valued at $91,008 in the last three months. Company insiders own 6.50% of the company’s stock.

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.