Tompkins Financial (NYSEAMERICAN:TMP) Shares Gap Up Following Strong Earnings

Tompkins Financial Corporation (NYSEAMERICAN:TMP)’s stock price gapped up before the market opened on Monday following a stronger than expected earnings report. The stock had previously closed at $92.65, but opened at $101.63. Tompkins Financial shares last traded at $100.87, with a volume of 37,596 shares traded.

The financial services provider reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.22. The firm had revenue of $87.12 million for the quarter, compared to analysts’ expectations of $86.93 million. Tompkins Financial had a return on equity of 11.74% and a net margin of 30.13%.

Tompkins Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be issued a dividend of $0.70 per share. This is a boost from Tompkins Financial’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.80 annualized dividend and a dividend yield of 2.8%. Tompkins Financial’s payout ratio is presently 54.14%.

Analyst Ratings Changes

TMP has been the subject of several research reports. Keefe, Bruyette & Woods increased their price objective on shares of Tompkins Financial from $98.00 to $105.00 and gave the company an “outperform” rating in a research note on Monday. Piper Sandler reaffirmed a “neutral” rating and set a $87.00 target price (up from $82.00) on shares of Tompkins Financial in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $96.00.

Insider Buying and Selling

In other news, Director Ita M. Rahilly bought 1,164 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was purchased at an average cost of $85.90 per share, for a total transaction of $99,987.60. Following the completion of the transaction, the director owned 11,849 shares of the company’s stock, valued at $1,017,829.10. This trade represents a 10.89% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.52% of the company’s stock.

Institutional Trading of Tompkins Financial

Several hedge funds and other institutional investors have recently made changes to their positions in TMP. Hennion & Walsh Asset Management Inc. bought a new position in Tompkins Financial in the 2nd quarter valued at approximately $284,000. Bank of America Corp DE grew its holdings in Tompkins Financial by 20.4% during the 1st quarter. Bank of America Corp DE now owns 57,050 shares of the financial services provider’s stock worth $4,498,000 after acquiring an additional 9,684 shares during the last quarter. Rhino Investment Partners Inc increased its position in Tompkins Financial by 88.5% in the 1st quarter. Rhino Investment Partners Inc now owns 166,941 shares of the financial services provider’s stock valued at $13,162,000 after acquiring an additional 78,391 shares during the period. The Manufacturers Life Insurance Company increased its position in Tompkins Financial by 42.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 5,960 shares of the financial services provider’s stock valued at $470,000 after acquiring an additional 1,785 shares during the period. Finally, Quantinno Capital Management LP raised its stake in shares of Tompkins Financial by 22.9% during the first quarter. Quantinno Capital Management LP now owns 19,754 shares of the financial services provider’s stock valued at $1,557,000 after acquiring an additional 3,676 shares during the last quarter. 69.11% of the stock is currently owned by institutional investors.

Tompkins Financial Price Performance

The stock has a market cap of $1.43 billion, a P/E ratio of 8.16 and a beta of 0.74. The company’s 50 day moving average price is $90.76 and its 200-day moving average price is $83.79. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.47.

Tompkins Financial Company Profile

Tompkins Financial (NYSEAMERICAN:TMP) is a bank holding company headquartered in Ithaca, New York, that provides a diversified range of financial services. Through its principal banking subsidiary, Tompkins Trust Company, the firm offers commercial and consumer banking products including checking and savings accounts, mortgage loans, and credit facilities. Beyond traditional banking, Tompkins Financial delivers asset management, trust and estate planning, retirement services and investment advisory solutions.

In addition to its core banking operations, Tompkins Financial operates Tompkins Insurance Agencies, which offers property and casualty, life and health insurance coverages to individuals and businesses.