Tiptree (NASDAQ:TIPT) Cut to Buy at StockNews.com

StockNews.com downgraded shares of Tiptree (NASDAQ:TIPT) from a strong-buy rating to a buy rating in a research report released on Friday morning.

Tiptree Trading Down 1.1 %

Tiptree stock opened at $20.19 on Friday. Tiptree has a 52 week low of $14.96 and a 52 week high of $21.50. The stock has a market cap of $742.79 million, a price-to-earnings ratio of 20.81 and a beta of 1.30. The company’s 50-day moving average price is $19.62 and its two-hundred day moving average price is $18.10.

Tiptree Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be given a $0.06 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $0.24 dividend on an annualized basis and a yield of 1.19%. Tiptree’s dividend payout ratio (DPR) is 24.74%.

Hedge Funds Weigh In On Tiptree

Hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Tiptree in the second quarter valued at $48,000. Copeland Capital Management LLC acquired a new stake in Tiptree in the 3rd quarter valued at about $56,000. The Manufacturers Life Insurance Company bought a new position in shares of Tiptree during the 2nd quarter valued at about $176,000. BNP Paribas Financial Markets boosted its position in shares of Tiptree by 25.6% during the 1st quarter. BNP Paribas Financial Markets now owns 12,652 shares of the financial services provider’s stock valued at $219,000 after purchasing an additional 2,576 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Tiptree in the 2nd quarter worth approximately $231,000. 37.78% of the stock is currently owned by institutional investors and hedge funds.

About Tiptree

Tiptree Inc, through its subsidiaries, provides specialty insurance products and related services primarily in the United States. It operates through two segments: Insurance and Mortgage. The company offers niche; commercial lines insurance products, including professional liability, general liability, contractual liability protection, property and other short-tail, and alternative risks insurance products; and personal lines insurance products, such as credit protection surrounding loan payments.