Norris Financial Group LLC Acquires New Stake in Turning Point Brands, Inc. $TPB

Norris Financial Group LLC bought a new position in shares of Turning Point Brands, Inc. (NYSE:TPB) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 47,824 shares of the company’s stock, valued at approximately $4,151,000. Turning Point Brands makes up approximately 1.4% of Norris Financial Group LLC’s investment portfolio, making the stock its 24th largest holding.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its stake in Turning Point Brands by 66.9% during the 1st quarter. Bank of America Corp DE now owns 290,813 shares of the company’s stock valued at $25,240,000 after purchasing an additional 116,543 shares in the last quarter. Riposte Capital LLC lifted its holdings in shares of Turning Point Brands by 50.0% in the first quarter. Riposte Capital LLC now owns 150,000 shares of the company’s stock valued at $13,018,000 after buying an additional 50,000 shares during the period. Royal Bank of Canada boosted its stake in Turning Point Brands by 23.9% during the first quarter. Royal Bank of Canada now owns 16,811 shares of the company’s stock valued at $1,459,000 after buying an additional 3,243 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Turning Point Brands by 3.3% during the first quarter. The Manufacturers Life Insurance Company now owns 8,784 shares of the company’s stock worth $762,000 after acquiring an additional 282 shares during the period. Finally, Maverick Capital Ltd. raised its position in Turning Point Brands by 79.2% in the first quarter. Maverick Capital Ltd. now owns 38,832 shares of the company’s stock worth $3,370,000 after acquiring an additional 17,157 shares in the last quarter. 96.12% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Turning Point Brands

In related news, CAO Brian Wigginton sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $91.67, for a total transaction of $366,680.00. Following the transaction, the chief accounting officer directly owned 9,230 shares of the company’s stock, valued at approximately $846,114.10. The trade was a 30.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.40% of the company’s stock.

Turning Point Brands Stock Performance

Shares of TPB stock opened at $76.42 on Friday. Turning Point Brands, Inc. has a 1-year low of $65.80 and a 1-year high of $146.90. The company has a current ratio of 5.87, a quick ratio of 4.05 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 25.99 and a beta of 0.92. The stock’s fifty day simple moving average is $83.18 and its 200-day simple moving average is $94.64.

Turning Point Brands (NYSE:TPB) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.08. Turning Point Brands had a return on equity of 16.54% and a net margin of 11.53%.The firm had revenue of $124.28 million during the quarter, compared to the consensus estimate of $115.67 million. During the same period in the prior year, the business earned $0.91 EPS. The business’s revenue for the quarter was up 16.8% on a year-over-year basis. On average, sell-side analysts predict that Turning Point Brands, Inc. will post 1.39 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, September 18th. Turning Point Brands’s dividend payout ratio is 10.88%.

Analyst Upgrades and Downgrades

TPB has been the subject of a number of research analyst reports. Weiss Ratings downgraded shares of Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Wall Street Zen upgraded shares of Turning Point Brands from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Needham & Company LLC raised shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Friday, May 8th. Compass Point set a $103.00 price target on shares of Turning Point Brands in a research report on Tuesday, July 21st. Finally, BTIG Research assumed coverage on Turning Point Brands in a report on Tuesday, July 21st. They issued a “buy” rating and a $103.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $113.50.

Turning Point Brands Company Profile

Turning Point Brands, Inc (NYSE: TPB) is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.

In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker’s.