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:TPBFree Report) 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.

Read Our Latest Report on TPB

About Turning Point Brands

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Turning Point Brands (NYSE:TPB)

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