Tiptree Financial (NASDAQ:TIPT) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of Tiptree Financial (NASDAQ:TIPT) from a hold rating to a sell rating in a report released on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings lowered Tiptree Financial from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, September 8th. One equities research analyst has rated the stock with a Hold rating. Based on data from MarketBeat, Tiptree Financial presently has an average rating of “Hold”.

Tiptree Financial Stock Performance

TIPT opened at $17.04 on Friday. The firm has a 50 day moving average price of $17.43 and a 200 day moving average price of $17.38. The company has a market cap of $634.57 million, a PE ratio of 1.57 and a beta of 0.95. Tiptree Financial has a 1 year low of $15.49 and a 1 year high of $19.33.

Tiptree Financial (NASDAQ:TIPT) last announced its quarterly earnings results on Wednesday, October 28th. The financial services provider reported $0.14 earnings per share for the quarter. The business had revenue of $11.05 million for the quarter.

Tiptree Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 16th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, November 16th. Tiptree Financial’s dividend payout ratio is presently 2.22%.

Hedge Funds Weigh In On Tiptree Financial

Several institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp acquired a new position in Tiptree Financial in the second quarter worth about $1,846,000. BlackRock Inc. bought a new stake in Tiptree Financial in the second quarter valued at about $38,881,000. Empowered Funds LLC acquired a new stake in Tiptree Financial during the second quarter valued at approximately $2,297,000. Raffles Associates LP acquired a new stake in Tiptree Financial during the second quarter valued at approximately $1,000,000. Finally, Gabelli Funds LLC lifted its holdings in Tiptree Financial by 329.4% during the 1st quarter. Gabelli Funds LLC now owns 314,668 shares of the financial services provider’s stock worth $5,324,000 after buying an additional 241,389 shares during the last quarter. 37.78% of the stock is currently owned by hedge funds and other institutional investors.

About Tiptree Financial

Tiptree Inc (NASDAQ: TIPT) is a diversified holding company focused primarily on insurance and specialty finance. Through its insurance operations, the company provides specialty property and casualty insurance products, warranty and service contract programs, and related risk-management solutions.

Tiptree’s insurance business, operated primarily through Fortegra, serves consumers, businesses, retailers, manufacturers, and other distribution partners. Its offerings include specialty insurance, credit-related protection, motor vehicle products, travel protection, and extended service contracts.