BlackRock Inc. Acquires Shares of 2,049,724 Tompkins Financial Corporation $TMP

Key Points

• BlackRock acquired 2,049,724 shares of Tompkins Financial during the second quarter, creating a position worth approximately $193.7 million and representing 14.25% of the company. Institutional investors collectively own 69.11% of TMP.
• Tompkins Financial exceeded quarterly earnings expectations, reporting $2.04 EPS versus the $1.82 consensus and revenue of $87.12 million. Analysts’ consensus rating remains “Hold,” with an average price target of $104.50.
• The company increased its quarterly dividend from $0.67 to $0.70 per share, equating to an annualized dividend of $2.80 and a yield of approximately 2.9%.

BlackRock Inc. bought a new position in shares of Tompkins Financial Corporation (NYSEAMERICAN:TMP - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 2,049,724 shares of the financial services provider's stock, valued at approximately $193,740,000. BlackRock Inc. owned 14.25% of Tompkins Financial at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Trust Co. of Vermont purchased a new position in Tompkins Financial in the second quarter valued at about $42,000. IFP Advisors Inc raised 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 purchasing an additional 1,191 shares during the period. Global Retirement Partners LLC bought a new stake in shares of Tompkins Financial in the 2nd quarter worth approximately $96,000. Kestra Advisory Services LLC purchased a new position in Tompkins Financial in the fourth quarter valued at approximately $118,000. Finally, Quantbot Technologies LP purchased a new position in Tompkins Financial in the second quarter valued at approximately $151,000. Institutional investors own 69.11% of the company's stock.

Wall Street Analysts Forecast Growth

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

Tompkins Financial Stock Down 0.2%

Shares of NYSEAMERICAN TMP opened at $97.36 on Friday. Tompkins Financial Corporation has a 52 week low of $61.88 and a 52 week high of $102.58. The business has a 50-day simple moving average of $96.22 and a two-hundred day simple moving average of $87.32. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.57. The company has a market cap of $1.40 billion, a P/E ratio of 7.97 and a beta of 0.74.

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

Tompkins Financial Increases Dividend

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