Tompkins Financial (NYSEAMERICAN:TMP) Shares Gap Up on Better-Than-Expected Earnings

Shares of Tompkins Financial Corporation (NYSEAMERICAN:TMP) gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. 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 changing hands.

The financial services provider reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $0.22. Tompkins Financial had a net margin of 30.13% and a return on equity of 11.74%. The company had revenue of $87.12 million for the quarter, compared to analyst estimates of $86.93 million.

Tompkins Financial Increases Dividend

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

Analyst Upgrades and Downgrades

Separately, Piper Sandler reiterated a “neutral” rating and issued a $87.00 price target (up from $82.00) on shares of Tompkins Financial in a research report on Tuesday, April 28th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $87.00.

Insider Transactions at Tompkins Financial

In other news, Director Ita M. Rahilly purchased 1,164 shares of the stock in a transaction on Tuesday, May 26th. The stock was purchased at an average price of $85.90 per share, for a total transaction of $99,987.60. Following the acquisition, the director owned 11,849 shares in the company, valued at $1,017,829.10. This trade represents a 10.89% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.52% of the company’s stock.

Institutional Investors Weigh In On Tompkins Financial

Large investors have recently modified their holdings of the company. IFP Advisors Inc raised its stake in Tompkins Financial by 59,550.0% during the fourth quarter. IFP Advisors Inc now owns 1,193 shares of the financial services provider’s stock worth $87,000 after buying an additional 1,191 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Tompkins Financial during the 4th quarter worth about $118,000. Quantbot Technologies LP acquired a new stake in Tompkins Financial during the 2nd quarter worth about $151,000. Eurizon Capital SGR S.p.A. acquired a new stake in Tompkins Financial during the 4th quarter worth about $171,000. Finally, Raymond James Financial Inc. bought a new position in shares of Tompkins Financial in the 2nd quarter worth about $204,000. 69.11% of the stock is currently owned by institutional investors and hedge funds.

Tompkins Financial Stock Performance

The stock has a market capitalization of $1.45 billion, a P/E ratio of 8.28 and a beta of 0.74. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average price of $90.45 and a two-hundred day moving average price of $83.60.

About Tompkins Financial

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.