Tiptree Financial (NASDAQ:TIPT) Trading 5.8% Higher - Here's What Happened

Tiptree Financial Inc. (NASDAQ:TIPT - Get Free Report)'s share price was up 5.8% on Friday . The stock traded as high as $23.89 and last traded at $23.79. Approximately 128,453 shares changed hands during trading, an increase of 20% from the average daily volume of 107,289 shares. The stock had previously closed at $22.49.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Tiptree Financial from a "buy" rating to a "hold" rating in a research note on Monday, May 5th.

Tiptree Financial Stock Performance

The stock has a market capitalization of $884.25 million, a price-to-earnings ratio of 19.65 and a beta of 1.15. The firm's fifty day simple moving average is $22.28 and its 200 day simple moving average is $21.66.

Tiptree Financial (NASDAQ:TIPT - Get Free Report) last announced its earnings results on Wednesday, April 30th. The financial services provider reported $0.49 EPS for the quarter. The firm had revenue of $497.43 million for the quarter. Tiptree Financial had a net margin of 2.45% and a return on equity of 13.87%.

Tiptree Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 12th were issued a dividend of $0.06 per share. The ex-dividend date was Monday, May 12th. This represents a $0.24 annualized dividend and a yield of 1.02%. Tiptree Financial's dividend payout ratio (DPR) is currently 20.00%.

Institutional Trading of Tiptree Financial

Several hedge funds have recently bought and sold shares of the stock. Voya Investment Management LLC raised its holdings in Tiptree Financial by 28.4% during the 1st quarter. Voya Investment Management LLC now owns 27,981 shares of the financial services provider's stock worth $674,000 after buying an additional 6,186 shares during the period. Strs Ohio acquired a new stake in shares of Tiptree Financial in the first quarter valued at approximately $99,000. Empowered Funds LLC raised its holdings in shares of Tiptree Financial by 1.9% in the first quarter. Empowered Funds LLC now owns 120,640 shares of the financial services provider's stock valued at $2,906,000 after purchasing an additional 2,227 shares during the last quarter. Voleon Capital Management LP raised its holdings in shares of Tiptree Financial by 12.7% in the first quarter. Voleon Capital Management LP now owns 23,521 shares of the financial services provider's stock valued at $567,000 after purchasing an additional 2,650 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Tiptree Financial by 43.3% in the first quarter. Millennium Management LLC now owns 167,964 shares of the financial services provider's stock valued at $4,046,000 after purchasing an additional 50,738 shares during the last quarter. 37.78% of the stock is currently owned by institutional investors and hedge funds.

Tiptree Financial Company Profile

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.