Tompkins Financial (NYSEAMERICAN:TMP) Sets New 1-Year High on Strong Earnings

Key Points

• Tompkins Financial hit a new 52-week high after reporting stronger-than-expected quarterly results, with shares trading as high as $97.71. The stock jumped from its prior close of $92.65 on the earnings beat.
• The company posted $2.04 EPS, topping analyst estimates of $1.82, while revenue of $87.12 million also slightly exceeded expectations. Tompkins Financial reported a return on equity of 11.27% and a net margin of 28.93%.
• Analysts remain cautious overall, with a consensus Hold rating and a $87.00 price target, even after Piper Sandler raised its target from $82 to $87. Separately, a company director bought additional shares, and institutional investors continue to hold a large portion of the stock.

Tompkins Financial Corporation (NYSEAMERICAN:TMP - Get Free Report) shares reached a new 52-week high during trading on Friday following a better than expected earnings announcement. The company traded as high as $97.71 and last traded at $97.8150, with a volume of 6608 shares changing hands. The stock had previously closed at $92.65.

The financial services provider reported $2.04 EPS for the quarter, beating analysts' consensus estimates of $1.82 by $0.22. Tompkins Financial had a return on equity of 11.27% and a net margin of 28.93%.The company had revenue of $87.12 million during the quarter, compared to analysts' expectations of $86.93 million.

Analysts Set New Price Targets

Separately, Piper Sandler reiterated a "neutral" rating and issued a $87.00 price objective (up from $82.00) on shares of Tompkins Financial in a research note on Tuesday, April 28th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $87.00.

Insiders Place Their Bets

In related news, Director Ita M. Rahilly bought 1,164 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were bought at an average cost of $85.90 per share, for a total transaction of $99,987.60. Following the completion of the transaction, the director owned 11,849 shares of the company's stock, valued at approximately $1,017,829.10. This trade represents a 10.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.52% of the company's stock.

Institutional Trading of Tompkins Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Hennion & Walsh Asset Management Inc. bought a new position in Tompkins Financial in the 2nd quarter worth $284,000. Bank of America Corp DE lifted its position in shares of Tompkins Financial by 20.4% in the first quarter. Bank of America Corp DE now owns 57,050 shares of the financial services provider's stock valued at $4,498,000 after acquiring an additional 9,684 shares in the last quarter. Rhino Investment Partners Inc boosted its stake in shares of Tompkins Financial by 88.5% in the first quarter. Rhino Investment Partners Inc now owns 166,941 shares of the financial services provider's stock worth $13,162,000 after acquiring an additional 78,391 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Tompkins Financial by 42.8% during the first quarter. The Manufacturers Life Insurance Company now owns 5,960 shares of the financial services provider's stock worth $470,000 after purchasing an additional 1,785 shares in the last quarter. Finally, Quantinno Capital Management LP raised its stake in Tompkins Financial by 22.9% during the 1st quarter. Quantinno Capital Management LP now owns 19,754 shares of the financial services provider's stock valued at $1,557,000 after purchasing an additional 3,676 shares during the period. 69.11% of the stock is owned by hedge funds and other institutional investors.

Tompkins Financial Price Performance

The firm has a 50 day moving average of $90.07 and a 200-day moving average of $83.41. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.47. The company has a market cap of $1.40 billion, a P/E ratio of 8.36 and a beta of 0.74.

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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