Turning Point Brands (NYSE:TPB) Sets New 1-Year High Following Dividend Announcement

Turning Point Brands, Inc. (NYSE:TPB) reached a new 52-week high during mid-day trading on Thursday following a dividend announcement from the company. The company traded as high as $32.73 and last traded at $32.35, with a volume of 57526 shares changing hands. The stock had previously closed at $29.19.

The newly announced dividend which will be paid on Friday, July 5th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.28 annualized dividend and a dividend yield of 0.86%. Turning Point Brands’s payout ratio is 12.33%.

Wall Street Analysts Forecast Growth

Separately, Benchmark upped their price target on Turning Point Brands from $34.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday.

Turning Point Brands Trading Up 0.5 %

The stock has a market cap of $578.84 million, a PE ratio of 14.42 and a beta of 0.50. The firm has a 50-day moving average price of $27.77 and a 200-day moving average price of $25.05. The company has a debt-to-equity ratio of 2.02, a quick ratio of 1.68 and a current ratio of 2.67.

Turning Point Brands (NYSE:TPB) last issued its earnings results on Wednesday, February 28th. The company reported $0.72 earnings per share (EPS) for the quarter. Turning Point Brands had a net margin of 10.68% and a return on equity of 39.00%. The business had revenue of $97.10 million during the quarter, compared to analysts’ expectations of $90.11 million. During the same period in the previous year, the company earned $0.65 earnings per share. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year.

Insider Activity at Turning Point Brands

In other Turning Point Brands news, insider Plano Lorenzo De bought 15,043 shares of Turning Point Brands stock in a transaction on Thursday, March 14th. The stock was acquired at an average price of $27.97 per share, with a total value of $420,752.71. Following the acquisition, the insider now owns 31,375 shares in the company, valued at $877,558.75. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.20% of the stock is currently owned by insiders.

Institutional Trading of Turning Point Brands

Large investors have recently made changes to their positions in the stock. Foundry Partners LLC boosted its holdings in Turning Point Brands by 11.6% in the third quarter. Foundry Partners LLC now owns 189,475 shares of the company’s stock worth $4,375,000 after purchasing an additional 19,735 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Turning Point Brands by 99.1% in the fourth quarter. SG Americas Securities LLC now owns 26,052 shares of the company’s stock worth $686,000 after acquiring an additional 12,970 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of Turning Point Brands by 162.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 521,980 shares of the company’s stock worth $13,739,000 after acquiring an additional 323,157 shares during the period. Exchange Traded Concepts LLC purchased a new stake in Turning Point Brands during the fourth quarter valued at $422,000. Finally, Vanguard Group Inc. lifted its holdings in Turning Point Brands by 4.4% in the third quarter. Vanguard Group Inc. now owns 1,314,680 shares of the company’s stock valued at $30,356,000 after acquiring an additional 55,829 shares during the period. 96.12% of the stock is currently owned by institutional investors.

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.