557,458 Shares in Turning Point Brands, Inc. $TPB Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 557,458 shares of Turning Point Brands in the second quarter, worth approximately $47.3 million and representing a 2.88% stake. Institutional investors and hedge funds collectively own 96.12% of the company.
• Analysts maintain a generally positive outlook, with four Buy ratings, one Hold and one Sell; the stock has a consensus rating of “Moderate Buy” and a $115.67 average price target.
• Turning Point Brands exceeded quarterly expectations, reporting $0.23 in EPS versus the $0.12 consensus and $142.96 million in revenue, up 22.6% year over year. The company also declared a quarterly dividend of $0.08 per share.

Bank of America Corp DE acquired a new stake in Turning Point Brands, Inc. (NYSE:TPB - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 557,458 shares of the company's stock, valued at approximately $47,278,000. Bank of America Corp DE owned about 2.88% of Turning Point Brands at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Turning Point Brands in the second quarter worth $137,273,000. First Trust Advisors LP boosted its holdings in shares of Turning Point Brands by 39.6% in the first quarter. First Trust Advisors LP now owns 689,905 shares of the company's stock valued at $59,877,000 after buying an additional 195,643 shares during the period. Copeland Capital Management LLC increased its position in shares of Turning Point Brands by 99.4% during the first quarter. Copeland Capital Management LLC now owns 407,208 shares of the company's stock worth $35,342,000 after acquiring an additional 203,020 shares in the last quarter. Mangrove Partners IM LLC increased its position in shares of Turning Point Brands by 1.6% during the fourth quarter. Mangrove Partners IM LLC now owns 265,205 shares of the company's stock worth $28,748,000 after acquiring an additional 4,214 shares in the last quarter. Finally, Madison Avenue Partners LP acquired a new stake in shares of Turning Point Brands during the fourth quarter worth $26,853,000. Institutional investors and hedge funds own 96.12% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on TPB shares. BTIG Research reaffirmed a "buy" rating on shares of Turning Point Brands in a research note on Monday, August 10th. Weiss Ratings reissued a "hold (c)" rating on shares of Turning Point Brands in a research note on Friday, August 28th. Wall Street Zen raised shares of Turning Point Brands from a "strong sell" rating to a "sell" rating in a research note on Monday, August 10th. Finally, Compass Point set a $116.00 target price on shares of Turning Point Brands in a research report on Monday, August 10th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Turning Point Brands presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.67.

Turning Point Brands Stock Performance

NYSE TPB opened at $68.35 on Monday. Turning Point Brands, Inc. has a 52-week low of $65.80 and a 52-week high of $146.90. The firm has a 50-day moving average of $79.95 and a 200-day moving average of $83.19. The company has a debt-to-equity ratio of 0.65, a quick ratio of 4.16 and a current ratio of 5.67. The stock has a market cap of $1.32 billion, a PE ratio of 29.33 and a beta of 0.94.

Turning Point Brands (NYSE:TPB - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.11. Turning Point Brands had a return on equity of 11.35% and a net margin of 8.78%.The business had revenue of $142.96 million during the quarter, compared to analysts' expectations of $129.56 million. During the same period last year, the firm posted $0.98 EPS. The firm's revenue for the quarter was up 22.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Turning Point Brands, Inc. will post 1.23 EPS for the current year.

Turning Point Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Friday, September 18th. Turning Point Brands's payout ratio is presently 13.73%.

About Turning Point Brands

Turning Point Brands, Inc is a consumer-products company focused on branded products for the tobacco, smoking-accessory and modern oral categories. Its portfolio includes rolling papers, wraps, smokeless tobacco, nicotine pouches and related products marketed under established brands.

The company's principal brands include Zig-Zag, which offers rolling papers, cones, wraps and smoking accessories; Stoker's, known for smokeless tobacco products; and FRE, a brand of nicotine pouches. Turning Point Brands also develops and distributes other alternative and specialty products through its brand portfolio.

Turning Point Brands sells its products primarily through convenience stores, tobacco and vape retailers, specialty retailers, distributors, e-commerce channels and other consumer outlets in the United States, with some products available internationally.

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