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

Bank of New York Mellon Corp trimmed its position 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 and Exchange Commission. The institutional investor owned 90,309 shares of the company’s stock after selling 31,422 shares during the quarter. Bank of New York Mellon Corp’s holdings in Turning Point Brands were worth $5,428,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TPB. Geode Capital Management LLC raised its stake in shares of Turning Point Brands by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 405,613 shares of the company’s stock valued at $17,506,000 after buying an additional 15,344 shares in the last quarter. First Sabrepoint Capital Management LP acquired a new stake in Turning Point Brands during the third quarter valued at approximately $7,517,000. Charles Schwab Investment Management Inc. boosted its holdings in Turning Point Brands by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 145,281 shares of the company’s stock valued at $6,269,000 after purchasing an additional 2,442 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Turning Point Brands by 84.5% in the 3rd 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 period. Finally, Access Investment Management LLC raised its holdings in shares of Turning Point Brands by 0.4% in the 4th quarter. Access Investment Management LLC now owns 122,125 shares of the company’s stock worth $7,340,000 after buying an additional 540 shares in the last quarter. 96.12% of the stock is owned by institutional investors.

Turning Point Brands Trading Down 0.4 %

TPB opened at $57.97 on Tuesday. Turning Point Brands, Inc. has a 1-year low of $26.45 and a 1-year high of $72.54. The stock has a market capitalization of $1.03 billion, a PE ratio of 23.00 and a beta of 0.75. 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 50-day moving average price of $62.73 and a two-hundred day moving average price of $54.93.

Turning Point Brands Increases Dividend

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. StockNews.com cut Turning Point Brands from a “buy” rating to a “hold” rating in a research report on Tuesday, March 11th. Roth Mkm reiterated a “buy” rating and set a $70.00 target price on shares of Turning Point Brands in a research report on Friday, January 10th. Industrial Alliance Securities set a $85.00 price target on shares of Turning Point Brands in a research report on Thursday, March 6th. Alliance Global Partners initiated coverage on shares of Turning Point Brands in a research note on Monday, March 3rd. They set a “buy” rating and a $80.00 price objective on the stock. Finally, Craig Hallum lifted their target price on shares of Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Turning Point Brands has an average rating of “Buy” and an average 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.