Turning Point Brands, Inc. (NYSE:TPB) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its position in Turning Point Brands, Inc. (NYSE:TPB) by 25.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 7,371 shares of the company’s stock after selling 2,488 shares during the period. PNC Financial Services Group Inc.’s holdings in Turning Point Brands were worth $438,000 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. Virtus Fund Advisers LLC purchased a new stake in shares of Turning Point Brands during the 4th quarter valued at $48,000. Sunbelt Securities Inc. acquired a new stake in shares of Turning Point Brands in the 4th quarter valued at about $96,000. Tower Research Capital LLC TRC grew its position in shares of Turning Point Brands by 29.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the company’s stock valued at $142,000 after buying an additional 532 shares during the last quarter. Baird Financial Group Inc. bought a new stake in shares of Turning Point Brands during the 4th quarter valued at about $201,000. Finally, Prescott General Partners LLC bought a new position in Turning Point Brands in the 4th quarter worth about $210,000. 96.12% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Brittani Cushman sold 7,500 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $74.36, for a total transaction of $557,700.00. Following the transaction, the senior vice president owned 34,687 shares in the company, valued at $2,579,325.32. This represents a 17.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Brian Wigginton sold 10,800 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.67, for a total transaction of $817,236.00. Following the transaction, the chief accounting officer owned 10,171 shares in the company, valued at approximately $769,639.57. This trade represents a 51.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,300 shares of company stock worth $8,291,282 in the last quarter. Corporate insiders own 6.60% of the company’s stock.

Turning Point Brands Trading Down 0.6%

Shares of NYSE:TPB opened at $99.28 on Friday. Turning Point Brands, Inc. has a twelve month low of $38.05 and a twelve month high of $102.90. The firm has a market cap of $1.79 billion, a P/E ratio of 41.54 and a beta of 0.66. The company has a 50 day moving average of $79.19 and a 200-day moving average of $69.58. The company has a current ratio of 4.22, a quick ratio of 2.64 and a debt-to-equity ratio of 1.30.

Turning Point Brands (NYSE:TPB) last released its earnings results on Wednesday, August 6th. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.79 by $0.19. Turning Point Brands had a net margin of 10.34% and a return on equity of 25.32%. The business had revenue of $116.63 million during the quarter, compared to analyst estimates of $107.30 million. During the same period in the prior year, the business earned $0.68 earnings per share. The business’s quarterly revenue was up 25.1% on a year-over-year basis. As a group, analysts anticipate that Turning Point Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 19th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, September 19th. Turning Point Brands’s dividend payout ratio is 12.55%.

Wall Street Analysts Forecast Growth

Several research firms have commented on TPB. Needham & Company LLC began coverage on shares of Turning Point Brands in a research report on Friday, August 1st. They issued a “hold” rating for the company. Wall Street Zen lowered shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Oppenheimer upped their price target on shares of Turning Point Brands from $85.00 to $98.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Turning Point Brands presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.83.

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.