M&T Bank Corp Has $2.75 Million Holdings in Turning Point Brands, Inc. (NYSE:TPB)

M&T Bank Corp trimmed its position in shares of Turning Point Brands, Inc. (NYSE:TPB) by 24.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,832 shares of the company’s stock after selling 20,336 shares during the period. M&T Bank Corp owned approximately 0.36% of Turning Point Brands worth $2,754,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Federated Hermes Inc. boosted its position in shares of Turning Point Brands by 245.9% during the 2nd quarter. Federated Hermes Inc. now owns 154,708 shares of the company’s stock worth $4,965,000 after acquiring an additional 109,983 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Turning Point Brands by 21.1% during the second quarter. Renaissance Technologies LLC now owns 302,697 shares of the company’s stock worth $9,714,000 after purchasing an additional 52,800 shares during the last quarter. 272 Capital LP acquired a new stake in shares of Turning Point Brands in the 3rd quarter valued at $1,488,000. Pekin Hardy Strauss Inc. acquired a new stake in shares of Turning Point Brands in the 3rd quarter valued at $1,260,000. Finally, Millennium Management LLC raised its holdings in shares of Turning Point Brands by 14.1% during the 2nd quarter. Millennium Management LLC now owns 178,367 shares of the company’s stock worth $5,724,000 after buying an additional 22,035 shares in the last quarter. 96.12% of the stock is owned by institutional investors.

Analyst Ratings Changes

TPB has been the topic of several research analyst reports. Roth Mkm began coverage on Turning Point Brands in a research note on Thursday, September 19th. They issued a “buy” rating and a $50.00 price objective on the stock. Oppenheimer started coverage on Turning Point Brands in a research note on Thursday, November 14th. They set an “outperform” rating and a $65.00 price target on the stock. Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a report on Friday, November 8th. Benchmark increased their price target on Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Craig Hallum increased their price objective on shares of Turning Point Brands from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $63.75.

Turning Point Brands Stock Down 3.1 %

Shares of NYSE:TPB opened at $60.46 on Friday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.78 and a current ratio of 4.21. Turning Point Brands, Inc. has a 52-week low of $21.98 and a 52-week high of $66.18. The business’s 50 day simple moving average is $52.72 and its two-hundred day simple moving average is $42.24. The firm has a market cap of $1.07 billion, a P/E ratio of 24.02 and a beta of 0.66.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.01. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The business had revenue of $105.62 million for the quarter, compared to analysts’ expectations of $100.71 million. During the same period last year, the business earned $0.69 EPS. The business’s revenue was up 3.8% on a year-over-year basis. As a group, research analysts forecast that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 20th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.28 annualized dividend and a dividend yield of 0.46%. Turning Point Brands’s dividend payout ratio is currently 11.11%.

Turning Point Brands Profile

Turning Point Brands, Inc, together with its subsidiaries, manufactures, markets, and distributes branded consumer products. The company operates through three segments: Zig-Zag Products, Stoker’s Products, and Creative Distribution Solutions. Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products, as well as lighters and other accessories under the Zig-Zag brand.