Turning Point Brands, Inc. $TPB Shares Acquired by M&T Bank Corp

M&T Bank Corp lifted its stake in shares of Turning Point Brands, Inc. (NYSE:TPB) by 712.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 19,499 shares of the company’s stock after buying an additional 17,099 shares during the quarter. M&T Bank Corp’s holdings in Turning Point Brands were worth $2,114,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Turning Point Brands by 22.6% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 71,587 shares of the company’s stock worth $7,760,000 after buying an additional 13,210 shares in the last quarter. Crown Advisors Management Inc. grew its position in shares of Turning Point Brands by 25.0% during the fourth quarter. Crown Advisors Management Inc. now owns 50,000 shares of the company’s stock worth $5,420,000 after buying an additional 10,000 shares in the last quarter. First Horizon Corp grew its position in shares of Turning Point Brands by 96.0% during the fourth quarter. First Horizon Corp now owns 492 shares of the company’s stock worth $53,000 after buying an additional 241 shares in the last quarter. CWM LLC grew its position in shares of Turning Point Brands by 6.2% during the fourth quarter. CWM LLC now owns 2,706 shares of the company’s stock worth $293,000 after buying an additional 157 shares in the last quarter. Finally, Capelight Capital Asset Management LP acquired a new stake in shares of Turning Point Brands during the fourth quarter worth approximately $1,951,000. Institutional investors and hedge funds own 96.12% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TPB. Wall Street Zen downgraded shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Weiss Ratings downgraded shares of Turning Point Brands from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, April 21st. Oppenheimer reaffirmed an “outperform” rating and issued a $130.00 price objective on shares of Turning Point Brands in a report on Wednesday, January 14th. Finally, Zacks Research downgraded shares of Turning Point Brands from a “hold” rating to a “strong sell” rating in a report on Monday, March 2nd. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Turning Point Brands currently has an average rating of “Hold” and a consensus price target of $116.67.

Insider Buying and Selling

In other Turning Point Brands news, CFO Andrew Flynn sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $97.57, for a total value of $195,140.00. Following the sale, the chief financial officer directly owned 9,443 shares in the company, valued at approximately $921,353.51. This trade represents a 17.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 5.40% of the stock is currently owned by corporate insiders.

Turning Point Brands Stock Performance

Turning Point Brands stock opened at $77.51 on Wednesday. The company has a market cap of $1.50 billion, a PE ratio of 24.76 and a beta of 1.02. The company has a fifty day moving average price of $92.90 and a two-hundred day moving average price of $101.75. The company has a debt-to-equity ratio of 0.79, a current ratio of 5.56 and a quick ratio of 4.12. Turning Point Brands, Inc. has a 12 month low of $58.79 and a 12 month high of $146.90.

Turning Point Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Friday, March 20th were issued a $0.08 dividend. This is a boost from Turning Point Brands’s previous quarterly dividend of $0.08. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Friday, March 20th. Turning Point Brands’s dividend payout ratio is presently 10.22%.

Turning Point Brands Profile

Turning Point Brands, Inc (NYSE: TPB) is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.

In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker’s.