Bank of New York Mellon Corp Invests $11.46 Million in Tompkins Financial Corporation $TMP

Key Points

• Bank of New York Mellon acquired 121,234 shares of Tompkins Financial, worth approximately $11.46 million, giving it an 0.84% stake. Institutional investors collectively own 69.11% of the company.
• Analysts have a consensus “Hold” rating, with a $104.50 price target; recent targets were raised to $104–$105. The stock recently opened at $95.55.
• Tompkins Financial exceeded quarterly earnings expectations, reporting $2.04 EPS versus the $1.82 estimate, and increased its quarterly dividend to $0.70, representing a 2.9% annualized yield.

Bank of New York Mellon Corp acquired a new position in Tompkins Financial Corporation (NYSEAMERICAN:TMP - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 121,234 shares of the financial services provider's stock, valued at approximately $11,459,000. Bank of New York Mellon Corp owned about 0.84% of Tompkins Financial at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. IFP Advisors Inc increased its holdings in shares of Tompkins Financial by 59,550.0% in the 4th quarter. IFP Advisors Inc now owns 1,193 shares of the financial services provider's stock worth $87,000 after buying an additional 1,191 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Tompkins Financial in the fourth quarter valued at $118,000. Eurizon Capital SGR S.p.A. bought a new position in Tompkins Financial in the fourth quarter valued at $171,000. Quantbot Technologies LP purchased a new stake in Tompkins Financial during the second quarter valued at about $151,000. Finally, Cross Staff Investments Inc purchased a new stake in Tompkins Financial during the fourth quarter valued at about $206,000. 69.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TMP has been the subject of a number of research reports. Piper Sandler upped their price objective on Tompkins Financial from $87.00 to $104.00 and gave the stock a "neutral" rating in a report on Monday, August 3rd. Keefe, Bruyette & Woods raised their price objective on Tompkins Financial from $98.00 to $105.00 and gave the company an "outperform" rating in a report on Monday, July 27th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Tompkins Financial currently has an average rating of "Hold" and a consensus price target of $104.50.

Tompkins Financial Price Performance

Shares of Tompkins Financial stock opened at $95.55 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.95 and a quick ratio of 0.95. Tompkins Financial Corporation has a one year low of $61.88 and a one year high of $102.58. The business's 50 day simple moving average is $96.60 and its two-hundred day simple moving average is $87.57. The stock has a market capitalization of $1.37 billion, a P/E ratio of 7.83 and a beta of 0.73.

Tompkins Financial (NYSEAMERICAN:TMP - Get Free Report) last issued its earnings results on Friday, July 24th. The financial services provider reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.22. Tompkins Financial had a net margin of 30.13% and a return on equity of 11.52%. The firm had revenue of $87.12 million for the quarter, compared to analysts' expectations of $86.93 million. Analysts forecast that Tompkins Financial Corporation will post 7.75 EPS for the current year.

Tompkins Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, August 7th. This is a boost from Tompkins Financial's previous quarterly dividend of $0.67. This represents a $2.80 annualized dividend and a dividend yield of 2.9%. Tompkins Financial's payout ratio is 56.57%.

About Tompkins Financial

Tompkins Financial NYSEAMERICAN: TMP is a bank holding company headquartered in Ithaca, New York, that provides a diversified range of financial services. Through its principal banking subsidiary, Tompkins Trust Company, the firm offers commercial and consumer banking products including checking and savings accounts, mortgage loans, and credit facilities. Beyond traditional banking, Tompkins Financial delivers asset management, trust and estate planning, retirement services and investment advisory solutions.

In addition to its core banking operations, Tompkins Financial operates Tompkins Insurance Agencies, which offers property and casualty, life and health insurance coverages to individuals and businesses.

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