Essex Financial Services Inc. Sells 1,653 Shares of Texas Pacific Land Co. (NYSE:TPL)

Essex Financial Services Inc. decreased its stake in shares of Texas Pacific Land Co. (NYSE:TPL) by 9.4% in the third quarter, Holdings Channel.com reports. The fund owned 15,885 shares of the financial services provider’s stock after selling 1,653 shares during the period. Texas Pacific Land comprises about 0.7% of Essex Financial Services Inc.’s holdings, making the stock its 23rd biggest position. Essex Financial Services Inc.’s holdings in Texas Pacific Land were worth $14,054,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Texas Pacific Land by 199.8% during the 1st quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock valued at $1,099,867,000 after purchasing an additional 1,267,123 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Texas Pacific Land by 74.2% during the second 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 buying an additional 86,975 shares during the last quarter. Magnolia Capital Advisors LLC bought a new position in Texas Pacific Land during the second quarter valued at approximately $131,014,000. Dimensional Fund Advisors LP increased its stake in Texas Pacific Land by 8.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 126,156 shares of the financial services provider’s stock worth $92,632,000 after acquiring an additional 9,878 shares during the last quarter. Finally, Mad River Investors raised its holdings in shares of Texas Pacific Land by 199.2% during the 1st quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock worth $57,921,000 after acquiring an additional 66,663 shares in the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Texas Pacific Land Trading Up 0.7 %

Shares of NYSE:TPL opened at $1,098.01 on Friday. The company has a market cap of $25.23 billion, a price-to-earnings ratio of 56.48 and a beta of 1.60. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $1,106.87. The company has a 50-day moving average price of $919.63 and a 200 day moving average price of $774.52.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.36 by ($0.38). The company had revenue of $172.33 million during the quarter, compared to the consensus estimate of $182.35 million. Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. During the same period in the previous year, the business earned $4.35 earnings per share.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $1.17 per share. This represents a $4.68 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend was Tuesday, September 3rd. Texas Pacific Land’s payout ratio is 24.07%.

About Texas Pacific Land

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.