Bank of America Corp DE Purchases 116,543 Shares of Turning Point Brands, Inc. $TPB

Key Points

• Bank of America increased its Turning Point Brands stake by 66.9% in the first quarter, adding 116,543 shares to own 290,813 shares valued at approximately $25.2 million. Institutional investors collectively own 96.12% of TPB.
• 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 declared a quarterly dividend of $0.08 per share, equivalent to a 0.4% annual yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $115.67, compared with the reported share price of $85.32.

Bank of America Corp DE boosted its position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 66.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 290,813 shares of the company's stock after buying an additional 116,543 shares during the quarter. Bank of America Corp DE owned approximately 1.50% of Turning Point Brands worth $25,240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Turning Point Brands by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,198 shares of the company's stock worth $606,000 after purchasing an additional 459 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Turning Point Brands by 1,428.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 4,586 shares of the company's stock worth $347,000 after buying an additional 4,286 shares during the period. First Trust Advisors LP grew its stake in Turning Point Brands by 150.8% in the 2nd quarter. First Trust Advisors LP now owns 141,995 shares of the company's stock valued at $10,759,000 after buying an additional 85,378 shares in the last quarter. Baird Financial Group Inc. purchased a new position in Turning Point Brands in the 2nd quarter valued at approximately $220,000. Finally, Qube Research & Technologies Ltd raised its holdings in Turning Point Brands by 21.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 182,812 shares of the company's stock valued at $13,852,000 after acquiring an additional 32,109 shares during the period. 96.12% of the stock is currently owned by institutional investors.

Turning Point Brands Trading Down 2.3%

Shares of TPB opened at $85.32 on Tuesday. The firm's 50 day simple moving average is $82.65 and its 200 day simple moving average is $91.89. The company has a market capitalization of $1.65 billion, a P/E ratio of 36.62 and a beta of 0.91. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.67 and a quick ratio of 4.16. Turning Point Brands, Inc. has a 1-year low of $65.80 and a 1-year high of $146.90.

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

Turning Point Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be given a $0.08 dividend. The ex-dividend date is Friday, September 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Turning Point Brands's payout ratio is presently 13.73%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TPB. Wall Street Zen raised Turning Point Brands from a "strong sell" rating to a "sell" rating in a report on Monday, August 10th. Compass Point set a $116.00 price target on Turning Point Brands in a research report on Monday, August 10th. BTIG Research reissued a "buy" rating on shares of Turning Point Brands in a report on Monday, August 10th. Weiss Ratings lowered shares of Turning Point Brands from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. Finally, Needham & Company LLC raised shares of Turning Point Brands from a "hold" rating to a "buy" rating and set a $125.00 target price on the stock in a report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $115.67.

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.

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