Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
The principal stock exchange on which Turning Point Brands, Inc.’s common stock (par value $0.01 per share) is listed is the New York Stock Exchange under the symbol “TPB.” At March 4, 2022, there were 145 holders
of record of Turning Point Brands, Inc.’s common stock.
Dividends. On November 9, 2017, our Board of Directors approved the initiation of a cash dividend to shareholders. The initial quarterly dividend of $0.04 per common share
was paid on December 15, 2017 to shareholders of record at the close of business on November 27, 2017. The most recent dividend of $0.055 per common share, an increase of approximately 38% compared to the initial dividend, was paid on January 7,
2022, to shareholders of record at the close of business on December 17, 2021. Future dividend amounts will be considered after reviewing financial results and capital needs and will be declared at the
discretion of the Company’s board of directors.
Performance graph. The graph below compares the cumulative total shareholder return of Turning Point Brands, Inc.’s common stock since our initial public offering on May 11,
2016, with the Russell 3000 Index and the S&P Small Cap 600 Consumer Staples Index. The information presented assumes an initial investment of $100 on May 11, 2016, and that all dividends were reinvested. The cumulative returns shown
represent the value that these investments would have had on December 31, 2021.
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Issuer purchases of equity securities.
On February 25, 2020, the Company’s Board of Directors approved a $50.0 million share repurchase program, which is intended for opportunistic execution based upon a variety of factors including market dynamics. On
October 25, 2021, the Board increased the approved share repurchase program by $30.7 million bringing the authority at the time back to $50 million (including approximately $19.3 million available for repurchases under the Board’s previous
authorization). As of December 31, 2021, we had $31.8 million of remaining authority under the repurchase program. This share repurchase program has no expiration date and is subject to the ongoing discretion of the Board. All repurchases to date
under our stock repurchase programs have been made through open market transactions, but in the future, we may also purchase shares through privately negotiated transactions or 10b5-1 repurchase plans. On February 24, 2022, the Board increased
the approved share repurchase program by $24.6 million bringing total authority at that time to $50 million.
The following table includes information regarding purchases of our common stock made by us during the quarter ended December 31, 2021 in connection with the repurchase program described above:
Period
Total Number
of Shares
Purchased
Average
Price Paid
per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
Maximum Number
(or Approximate
Dollar Value)
of Shares that
May Yet Be
Purchased Under the
Plans or Programs
October 1 to October 31
-
$
-
-
$
50,028,385
November 1 to November 30
253,000
$
39.30
253,000
$
40,085,485
December 1 to December 31
224,707
$
36.73
224,707
$
31,831,997
Total
477,707
477,707
Item 6. Selected Financial Data
Reserved
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