Turning Point Brands (NYSE:TPB) Reaches New 12-Month High After Dividend Announcement

Turning Point Brands, Inc. (NYSE:TPB)’s stock price reached a new 52-week high during trading on Thursday after the company announced a dividend. The stock traded as high as $32.73 and last traded at $32.35, with a volume of 57526 shares changing hands. The stock had previously closed at $29.19.

The newly announced dividend which will be paid on Friday, July 5th. Shareholders of record on Friday, June 14th will be given a $0.07 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.28 dividend on an annualized basis and a yield of 0.86%. Turning Point Brands’s payout ratio is 12.33%.

Analyst Upgrades and Downgrades

Separately, Benchmark boosted their price target on shares of Turning Point Brands from $34.00 to $45.00 and gave the company a “buy” rating in a report on Friday.

Turning Point Brands Price Performance

The stock has a 50 day moving average price of $27.77 and a two-hundred day moving average price of $25.05. The company has a debt-to-equity ratio of 2.02, a quick ratio of 1.68 and a current ratio of 2.67. The company has a market capitalization of $578.84 million, a PE ratio of 14.42 and a beta of 0.50.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.72 earnings per share for the quarter. Turning Point Brands had a return on equity of 39.00% and a net margin of 10.68%. The company had revenue of $97.10 million during the quarter, compared to the consensus estimate of $90.11 million. During the same period last year, the business earned $0.65 EPS. The business’s quarterly revenue was down 6.1% on a year-over-year basis.

Insider Transactions at Turning Point Brands

In other news, insider Plano Lorenzo De purchased 15,043 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was bought at an average cost of $27.97 per share, with a total value of $420,752.71. Following the purchase, the insider now directly owns 31,375 shares of the company’s stock, valued at $877,558.75. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Turning Point Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Turning Point Brands by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,314,680 shares of the company’s stock worth $30,356,000 after purchasing an additional 55,829 shares during the last quarter. American Century Companies Inc. increased its position in Turning Point Brands by 6.1% in the 3rd quarter. American Century Companies Inc. now owns 886,524 shares of the company’s stock worth $20,470,000 after buying an additional 51,131 shares during the period. Strategic Income Management LLC bought a new position in Turning Point Brands in the 3rd quarter worth approximately $809,000. Assenagon Asset Management S.A. increased its position in Turning Point Brands by 162.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 521,980 shares of the company’s stock worth $13,739,000 after buying an additional 323,157 shares during the period. Finally, Foundry Partners LLC increased its position in Turning Point Brands by 15.9% in the 4th quarter. Foundry Partners LLC now owns 219,574 shares of the company’s stock worth $5,779,000 after buying an additional 30,099 shares during the period. 96.12% of the stock is currently owned by institutional investors and hedge funds.

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.