JPMorgan Chase & Co. Increases Stake in Turning Point Brands, Inc. (NYSE:TPB)

JPMorgan Chase & Co. boosted its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 15.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 142,251 shares of the company's stock after buying an additional 19,172 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.80% of Turning Point Brands worth $8,549,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stifel Financial Corp grew its position in shares of Turning Point Brands by 6.8% during the third quarter. Stifel Financial Corp now owns 25,646 shares of the company's stock valued at $1,107,000 after purchasing an additional 1,634 shares in the last quarter. Jane Street Group LLC raised its position in Turning Point Brands by 9.9% in the 3rd quarter. Jane Street Group LLC now owns 29,228 shares of the company's stock worth $1,261,000 after purchasing an additional 2,637 shares during the period. Barclays PLC lifted its stake in shares of Turning Point Brands by 298.6% during the 3rd quarter. Barclays PLC now owns 29,274 shares of the company's stock worth $1,262,000 after acquiring an additional 21,930 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Turning Point Brands by 3.9% during the third quarter. Geode Capital Management LLC now owns 405,613 shares of the company's stock valued at $17,506,000 after purchasing an additional 15,344 shares during the period. Finally, 272 Capital LP purchased a new stake in Turning Point Brands in the 3rd quarter valued at about $1,488,000. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

Turning Point Brands Stock Up 0.8 %

Shares of NYSE TPB traded up $0.43 during trading hours on Friday, hitting $57.72. 113,731 shares of the stock were exchanged, compared to its average volume of 159,362. The company has a market cap of $1.03 billion, a PE ratio of 22.90 and a beta of 0.70. Turning Point Brands, Inc. has a 12 month low of $26.67 and a 12 month high of $72.54. The company has a quick ratio of 1.78, a current ratio of 4.21 and a debt-to-equity ratio of 1.33. The firm has a fifty day moving average price of $61.76 and a 200-day moving average price of $57.61.

Turning Point Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 21st were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.52%. The ex-dividend date was Friday, March 21st. This is a positive change from Turning Point Brands's previous quarterly dividend of $0.07. Turning Point Brands's dividend payout ratio is currently 14.15%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TPB. StockNews.com lowered 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 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. Finally, Alliance Global Partners began coverage on shares of Turning Point Brands in a report on Monday, March 3rd. They set a "buy" rating and a $80.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus 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.