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Turning Point Brands raises dividend by 8%

EditorNatashya Angelica
Published 02/28/2024, 04:33 PM
© Reuters.

LOUISVILLE - Turning Point Brands, Inc. (NYSE: NYSE:TPB), a company specializing in the manufacture, marketing, and distribution of alternative smoking products and consumables, has announced an increase in its quarterly dividend.

The board of directors has declared a regular quarterly dividend of $0.07 per common share, marking an 8% raise from the dividend declared in November 2023.

The newly declared dividend is set to be paid on April 12, 2024, to shareholders who are on record as of the close of business on March 22, 2024. This decision reflects the company's ongoing commitment to delivering value to its shareholders.

Turning Point Brands is known for its prominent Zig-Zag® and Stoker's® brands, which have established the company as a significant player in the market for alternative smoking accessories and consumables. Its products are widely available across more than 215,000 retail outlets in North America.

The increase in the dividend payout is a clear indicator of Turning Point Brands' financial health and its confidence in sustained business performance. It is also a sign of the company's prudent capital management strategy, aiming to balance reinvestment in the business with returning capital to shareholders.

Investors and market watchers often view dividend announcements as a signal of a company's stability and outlook on future earnings. Turning Point Brands' announcement is likely to be received positively in the market, as it suggests management's optimism about the company's financial prospects.

This information is based on a press release statement from Turning Point Brands, Inc. and does not include any promotional content or endorsements. The focus remains on the factual report of the company's dividend increase, without speculation on broader industry impacts or trends.

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