Turning Point Brands, Inc. (NYSE:TPB) Holdings Cut by M&T Bank Corp

M&T Bank Corp decreased its stake in Turning Point Brands, Inc. (NYSE:TPB) by 5.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,468 shares of the company’s stock after selling 3,364 shares during the quarter. M&T Bank Corp owned approximately 0.34% of Turning Point Brands worth $3,634,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of TPB. Aigen Investment Management LP acquired a new position in shares of Turning Point Brands during the 3rd quarter worth $221,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Turning Point Brands during the 3rd quarter worth $326,000. Moran Wealth Management LLC acquired a new position in shares of Turning Point Brands during the 3rd quarter worth $236,000. Charles Schwab Investment Management Inc. increased its stake in shares of Turning Point Brands by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 145,281 shares of the company’s stock worth $6,269,000 after purchasing an additional 2,442 shares during the last quarter. Finally, Pekin Hardy Strauss Inc. acquired a new position in shares of Turning Point Brands during the 3rd quarter worth $1,260,000. Institutional investors and hedge funds own 96.12% of the company’s stock.

Turning Point Brands Stock Performance

NYSE TPB opened at $61.55 on Friday. The company has a debt-to-equity ratio of 1.33, a current ratio of 4.21 and a quick ratio of 1.78. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 24.43 and a beta of 0.74. The company’s fifty day moving average is $62.90 and its two-hundred day moving average is $54.02. Turning Point Brands, Inc. has a 52-week low of $26.35 and a 52-week high of $72.54.

Turning Point Brands Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 21st will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.49%. This is a positive change from Turning Point Brands’s previous quarterly dividend of $0.07. The ex-dividend date is Friday, March 21st. Turning Point Brands’s dividend payout ratio (DPR) is currently 11.90%.

Analyst Ratings Changes

TPB has been the topic of several analyst reports. StockNews.com upgraded shares of Turning Point Brands from a “hold” rating to a “buy” rating in a research note on Monday, March 3rd. Roth Mkm reiterated a “buy” rating and issued a $70.00 target price on shares of Turning Point Brands in a research note on Friday, January 10th. Oppenheimer started coverage on shares of Turning Point Brands in a research note on Thursday, November 14th. They issued an “outperform” rating and a $65.00 target price on the stock. Benchmark raised their target price on shares of 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, Alliance Global Partners started coverage on shares of Turning Point Brands in a research note on Monday, March 3rd. They issued a “buy” rating and a $80.00 target price on the stock. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Turning Point Brands currently has a consensus rating of “Buy” and an average price target of $71.00.

Turning Point Brands Company 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.