Bank of New York Mellon Corp boosted its holdings in Tiptree (NASDAQ:TIPT) by 28.2% in the 4th quarter, HoldingsChannel reports. The fund owned 117,156 shares of the financial services provider’s stock after acquiring an additional 25,787 shares during the quarter. Bank of New York Mellon Corp’s holdings in Tiptree were worth $697,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Wells Fargo & Company MN increased its position in shares of Tiptree by 67.6% in the third quarter. Wells Fargo & Company MN now owns 25,044 shares of the financial services provider’s stock valued at $156,000 after buying an additional 10,100 shares in the last quarter. State Street Corp increased its position in shares of Tiptree by 5.7% in the second quarter. State Street Corp now owns 397,363 shares of the financial services provider’s stock valued at $2,801,000 after buying an additional 21,556 shares in the last quarter. Finally, Tricadia Capital Management LLC increased its position in shares of Tiptree by 1.2% in the fourth quarter. Tricadia Capital Management LLC now owns 6,074,948 shares of the financial services provider’s stock valued at $36,146,000 after buying an additional 70,000 shares in the last quarter. Hedge funds and other institutional investors own 54.04% of the company’s stock.
TIPT has been the subject of a number of research analyst reports. BidaskClub upgraded Tiptree from a “sell” rating to a “hold” rating in a research report on Monday, March 26th. TheStreet upgraded Tiptree from a “d+” rating to a “c” rating in a research report on Tuesday, April 10th.
In other news, CEO Jonathan Ilany purchased 4,600 shares of the company’s stock in a transaction dated Friday, March 16th. The stock was acquired at an average price of $6.23 per share, for a total transaction of $28,658.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 35.53% of the company’s stock.
Shares of TIPT stock opened at $5.90 on Friday. Tiptree has a fifty-two week low of $5.35 and a fifty-two week high of $7.40.
Tiptree (NASDAQ:TIPT) last announced its quarterly earnings results on Wednesday, March 14th. The financial services provider reported ($0.08) earnings per share for the quarter. Tiptree had a net margin of 0.57% and a negative return on equity of 2.92%. The firm had revenue of $151.43 million during the quarter.
The company also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Monday, March 26th were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Friday, March 23rd.
Tiptree announced that its board has approved a share repurchase program on Monday, March 19th that authorizes the company to buyback $20.00 million in shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
Tiptree Company Profile
Tiptree Inc, through its subsidiaries, underwrites and administers specialty insurance products primarily in the United States. It operates through three segments: Specialty Insurance, Asset Management, and Mortgage. The company provides credit protection insurance, warranty and service contract products, and insurance programs that underwrite niche personal and commercial lines of insurance, as well as offers value-add services, including premium finance and business processing services.
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