Turning Point Brands (NYSE:TPB) Reaches New 12-Month High Following Dividend Announcement

Turning Point Brands, Inc. (NYSE:TPB)’s stock price reached a new 52-week high during trading on Thursday after the company announced a dividend. The stock traded as high as $40.57 and last traded at $39.39, with a volume of 13467 shares traded. The stock had previously closed at $37.72.

The newly announced dividend which will be paid on Friday, October 4th. Investors of record on Friday, September 13th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.28 annualized dividend and a yield of 0.75%. Turning Point Brands’s dividend payout ratio (DPR) is presently 12.33%.

Analyst Ratings Changes

TPB has been the topic of several research analyst reports. Benchmark restated a “buy” rating and issued a $45.00 price objective on shares of Turning Point Brands in a research note on Friday. StockNews.com upgraded Turning Point Brands from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 17th.

Turning Point Brands Stock Down 2.6 %

The stock has a market cap of $656.17 million, a P/E ratio of 16.41 and a beta of 0.62. The company has a quick ratio of 1.59, a current ratio of 2.55 and a debt-to-equity ratio of 1.90. The firm has a 50 day simple moving average of $34.09 and a 200-day simple moving average of $29.79.

Turning Point Brands (NYSE:TPB) last announced its earnings results on Thursday, May 2nd. The company reported $0.72 earnings per share for the quarter. The company had revenue of $97.06 million for the quarter. Turning Point Brands had a return on equity of 37.47% and a net margin of 11.36%.

Insider Transactions at Turning Point Brands

In other news, CRO Summer Frein bought 2,260 shares of the stock in a transaction dated Thursday, June 13th. The shares were bought at an average price of $30.96 per share, for a total transaction of $69,969.60. Following the completion of the purchase, the executive now owns 17,203 shares in the company, valued at $532,604.88. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Lawrence Wexler sold 4,695 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $31.57, for a total transaction of $148,221.15. Following the sale, the director now owns 367,701 shares of the company’s stock, valued at $11,608,320.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Summer Frein purchased 2,260 shares of Turning Point Brands stock in a transaction that occurred on Thursday, June 13th. The shares were bought at an average cost of $30.96 per share, for a total transaction of $69,969.60. Following the transaction, the executive now directly owns 17,203 shares of the company’s stock, valued at $532,604.88. The disclosure for this purchase can be found here. 5.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Turning Point Brands

A number of large investors have recently added to or reduced their stakes in TPB. Rhumbline Advisers boosted its holdings in shares of Turning Point Brands by 7.5% in the 2nd quarter. Rhumbline Advisers now owns 25,422 shares of the company’s stock valued at $816,000 after purchasing an additional 1,780 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Turning Point Brands by 8.9% in the 2nd quarter. Principal Financial Group Inc. now owns 8,456 shares of the company’s stock valued at $271,000 after purchasing an additional 693 shares in the last quarter. Access Investment Management LLC boosted its holdings in shares of Turning Point Brands by 0.6% in the 2nd quarter. Access Investment Management LLC now owns 121,385 shares of the company’s stock valued at $3,895,000 after purchasing an additional 745 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Turning Point Brands by 5.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 134,855 shares of the company’s stock valued at $4,327,000 after purchasing an additional 6,519 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Turning Point Brands during the 2nd quarter valued at $129,000. Institutional investors and hedge funds own 96.12% of the company’s stock.

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.