Franklin Resources Inc. Grows Stock Position in Texas Pacific Land Co. (NYSE:TPL)

Franklin Resources Inc. increased its stake in shares of Texas Pacific Land Co. (NYSE:TPL) by 74.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,367 shares of the financial services provider’s stock after purchasing an additional 6,109 shares during the quarter. Franklin Resources Inc.’s holdings in Texas Pacific Land were worth $12,711,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Synovus Financial Corp acquired a new stake in shares of Texas Pacific Land in the 3rd quarter worth $208,000. Tidal Investments LLC lifted its position in Texas Pacific Land by 143.8% in the third quarter. Tidal Investments LLC now owns 5,319 shares of the financial services provider’s stock valued at $4,706,000 after purchasing an additional 3,137 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in Texas Pacific Land by 17.8% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 6,050 shares of the financial services provider’s stock worth $5,353,000 after purchasing an additional 915 shares during the period. Coldstream Capital Management Inc. acquired a new position in Texas Pacific Land during the 3rd quarter worth approximately $211,000. Finally, Geode Capital Management LLC raised its stake in shares of Texas Pacific Land by 21.5% during the 3rd quarter. Geode Capital Management LLC now owns 462,518 shares of the financial services provider’s stock worth $411,943,000 after buying an additional 81,974 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $1,133.12 on Friday. The stock’s 50 day moving average price is $1,288.56 and its 200 day moving average price is $977.54. Texas Pacific Land Co. has a 1-year low of $467.62 and a 1-year high of $1,769.14. The company has a market cap of $26.03 billion, a PE ratio of 58.14 and a beta of 1.62.

Texas Pacific Land Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a dividend of $1.60 per share. The ex-dividend date was Monday, December 2nd. This is a boost 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 0.56%. Texas Pacific Land’s dividend payout ratio is 32.84%.

Insider Activity

In other news, CAO Stephanie Buffington sold 210 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the sale, the chief accounting officer now owns 584 shares of the company’s stock, valued at $810,784.72. The trade was a 26.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased 111 shares of company stock worth $135,317 in the last 90 days. 6.50% of the stock is currently owned by corporate insiders.

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.