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Many real estate investment trusts (REITs) are rallying off of lows hit last fall, but only a few are making new highs.
Tiptree Inc. TIPT is one of those outperforming others in the sector and the rest of the market as a whole. This specialty mortgage REIT has moved from $10 in late September to this week’s high of $15.50.
That’s a greater than 50% gain in about four months — an extraordinary accomplishment in any sector.
Greenwich, Connecticut-based Tiptree is on the smaller side of the real estate investment trust sector with a market capitalization of just over $540 million. In comparison, the largest mortgage REIT traded on the New York Stock Exchange, Annaly Capital Management Inc. NLY, has a market capitalization of $10.54 billion.
On its website, Tiptree calls itself “a leading underwriter and administrator of specialty program insurance and capital-light warranty product offerings.” The security is relatively lightly traded with an average daily volume of 70,960 shares.
Tiptree’s funds from operations increased by 203% over the past 12 months and 3.6% over the last five years. The REIT trades at 1.44 times its book value and pays a dividend of 1.04%.
The daily price chart is here:
You can see the new high price after a steady rally from the late September lows. The REIT is trading well above both its 50-day moving average (the blue line) and its 200-day moving average (the red line). The relative strength indicator below the price chart signals a negative divergence.
Tiptree’s weekly price chart looks like this:
The REIT still has a way to go to completely reclaim the late 2021 high of 17. Tiptree is trending upward above both the 50-week moving average and the 200-week moving average.
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Chart courtesy of StockCharts
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Image and article originally from www.benzinga.com. Read the original article here.