Bank of New York Mellon Corp Has $5.43 Million Stake in Turning Point Brands, Inc. (NYSE:TPB)

Bank of New York Mellon Corp lowered its holdings in Turning Point Brands, Inc. (NYSE:TPB) by 25.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,309 shares of the company’s stock after selling 31,422 shares during the period. Bank of New York Mellon Corp owned approximately 0.51% of Turning Point Brands worth $5,428,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. First Sabrepoint Capital Management LP purchased a new position in shares of Turning Point Brands during the 3rd quarter valued at $7,517,000. JPMorgan Chase & Co. boosted its position in Turning Point Brands by 84.5% during the third quarter. JPMorgan Chase & Co. now owns 123,079 shares of the company’s stock valued at $5,311,000 after purchasing an additional 56,364 shares during the last quarter. 272 Capital LP purchased a new position in Turning Point Brands in the third quarter valued at about $1,488,000. Pekin Hardy Strauss Inc. acquired a new position in Turning Point Brands in the 3rd quarter worth about $1,260,000. Finally, Barclays PLC raised its stake in shares of Turning Point Brands by 298.6% during the 3rd quarter. Barclays PLC now owns 29,274 shares of the company’s stock worth $1,262,000 after purchasing an additional 21,930 shares in the last quarter. Institutional investors and hedge funds own 96.12% of the company’s stock.

Turning Point Brands Price Performance

Shares of Turning Point Brands stock opened at $57.97 on Tuesday. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33. The firm has a fifty day simple moving average of $62.73 and a 200-day simple moving average of $54.93. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 23.00 and a beta of 0.75. Turning Point Brands, Inc. has a 1-year low of $26.45 and a 1-year high of $72.54.

Turning Point Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 21st will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.52%. This is a boost from Turning Point Brands’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Friday, March 21st. Turning Point Brands’s dividend payout ratio is 14.15%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TPB shares. StockNews.com cut Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, March 11th. Craig Hallum boosted their target price on shares of Turning Point Brands from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Alliance Global Partners assumed coverage on shares of Turning Point Brands in a report on Monday, March 3rd. They set a “buy” rating and a $80.00 price target on the stock. Industrial Alliance Securities set a $85.00 price objective on shares of Turning Point Brands in a report on Thursday, March 6th. Finally, Roth Mkm restated a “buy” rating and set a $70.00 target price on shares of Turning Point Brands in a report on Friday, January 10th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Turning Point Brands currently has a consensus rating of “Buy” and a consensus target price of $73.33.

About Turning Point Brands

Turning Point Brands, Inc, together with its subsidiaries, manufactures, markets, and distributes branded consumer products. The company operates through three segments: Zig-Zag Products, Stoker’s Products, and Creative Distribution Solutions. Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products, as well as lighters and other accessories under the Zig-Zag brand.