M&T Bank Corp Increases Stake in Turning Point Brands, Inc. $TPB

Key Points

• M&T Bank Corp increased its stake in Turning Point Brands by 712.5% in Q4 to 19,499 shares (about $2.11M), representing roughly 0.10% of the company amid overall institutional ownership of ~96.1%.
• Chief Financial Officer Andrew Flynn sold 2,000 shares at an average price of $97.57 on March 4, reducing his holding by 17.48% to 9,443 shares; insiders now own about 5.4% of the stock.
• Turning Point Brands pays a quarterly dividend of $0.08 (annualized $0.32, yield ~0.4%) and has mixed analyst coverage with a consensus rating of Hold and an average price target of $116.67.

M&T Bank Corp lifted its stake in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 712.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,499 shares of the company's stock after acquiring an additional 17,099 shares during the period. M&T Bank Corp owned 0.10% of Turning Point Brands worth $2,114,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. First Horizon Corp purchased a new position in shares of Turning Point Brands during the 3rd quarter worth about $25,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Turning Point Brands during the 3rd quarter worth about $28,000. Advisory Services Network LLC purchased a new position in shares of Turning Point Brands during the 3rd quarter worth about $28,000. Huntington National Bank lifted its holdings in shares of Turning Point Brands by 54.9% during the 3rd quarter. Huntington National Bank now owns 457 shares of the company's stock worth $45,000 after acquiring an additional 162 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Turning Point Brands by 33.4% during the 4th quarter. GAMMA Investing LLC now owns 491 shares of the company's stock worth $53,000 after acquiring an additional 123 shares during the period. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Turning Point Brands news, CFO Andrew Flynn sold 2,000 shares of the company's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $97.57, for a total value of $195,140.00. Following the completion of the transaction, the chief financial officer directly owned 9,443 shares of the company's stock, valued at $921,353.51. This represents a 17.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 5.40% of the stock is currently owned by insiders.

Turning Point Brands Stock Performance

NYSE:TPB opened at $77.51 on Wednesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 5.56 and a quick ratio of 4.12. The firm has a 50-day moving average of $92.90 and a two-hundred day moving average of $101.75. The stock has a market cap of $1.50 billion, a P/E ratio of 24.76 and a beta of 1.02. Turning Point Brands, Inc. has a 1-year low of $58.79 and a 1-year high of $146.90.

Turning Point Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Friday, March 20th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Friday, March 20th. This is an increase from Turning Point Brands's previous quarterly dividend of $0.08. Turning Point Brands's dividend payout ratio is currently 10.22%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Zacks Research lowered shares of Turning Point Brands from a "hold" rating to a "strong sell" rating in a report on Monday, March 2nd. Weiss Ratings lowered shares of Turning Point Brands from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, April 21st. Oppenheimer restated an "outperform" rating and issued a $130.00 price target on shares of Turning Point Brands in a report on Wednesday, January 14th. Finally, Wall Street Zen lowered shares of Turning Point Brands from a "buy" rating to a "hold" rating in a report on Saturday, January 17th. Three 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's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $116.67.

Turning Point Brands Company 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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