Bank of New York Mellon Corp reduced its stake in shares of Tiptree Inc (NASDAQ:TIPT) by 2.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,798 shares of the financial services provider’s stock after selling 3,391 shares during the quarter. Bank of New York Mellon Corp owned 0.35% of Tiptree worth $761,000 at the end of the most recent quarter.
Separately, Wells Fargo & Company MN grew its stake in shares of Tiptree by 5.2% during the second quarter. Wells Fargo & Company MN now owns 43,677 shares of the financial services provider’s stock valued at $275,000 after buying an additional 2,175 shares during the last quarter. Institutional investors and hedge funds own 34.14% of the company’s stock.
Shares of NASDAQ:TIPT opened at $7.21 on Friday. The stock’s 50-day moving average price is $7.12 and its 200-day moving average price is $6.49. Tiptree Inc has a 12-month low of $5.01 and a 12-month high of $7.80. The stock has a market capitalization of $246.01 million, a P/E ratio of 44.50 and a beta of 0.02.
A number of brokerages have recently issued reports on TIPT. ValuEngine cut Tiptree from a “buy” rating to a “hold” rating in a research note on Tuesday, September 10th. BidaskClub raised Tiptree from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 19th.
In related news, Chairman Michael Gene Barnes acquired 7,887 shares of Tiptree stock in a transaction dated Wednesday, August 14th. The shares were purchased at an average cost of $6.54 per share, with a total value of $51,580.98. Following the completion of the purchase, the chairman now owns 7,977,783 shares of the company’s stock, valued at $52,174,700.82. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders have bought 94,171 shares of company stock worth $629,548 over the last ninety days. Insiders own 25.56% of the company’s stock.
Tiptree Inc, through its subsidiaries, underwrites and administers specialty insurance products primarily in the United States. The company provides credit protection insurance, warranty and service contract products, and niche commercial and consumer insurance programs, as well as offers value-add services, including premium finance and business processing services.
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