Lord Abbett & CO. LLC Has $85.03 Million Stake in Piper Sandler Companies (NYSE:PIPR)

Lord Abbett & CO. LLC cut its stake in shares of Piper Sandler Companies (NYSE:PIPR) by 3.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 299,593 shares of the financial services provider’s stock after selling 11,772 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Piper Sandler Companies were worth $85,027,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in PIPR. Blue Trust Inc. grew its stake in shares of Piper Sandler Companies by 194.7% during the second quarter. Blue Trust Inc. now owns 112 shares of the financial services provider’s stock worth $26,000 after buying an additional 74 shares during the last quarter. nVerses Capital LLC grew its position in Piper Sandler Companies by 100.0% during the 2nd quarter. nVerses Capital LLC now owns 200 shares of the financial services provider’s stock worth $46,000 after acquiring an additional 100 shares during the last quarter. USA Financial Formulas acquired a new position in Piper Sandler Companies in the 3rd quarter worth about $77,000. CWM LLC increased its holdings in Piper Sandler Companies by 22.5% in the 3rd quarter. CWM LLC now owns 310 shares of the financial services provider’s stock worth $88,000 after purchasing an additional 57 shares in the last quarter. Finally, KBC Group NV raised its position in Piper Sandler Companies by 20.9% in the third quarter. KBC Group NV now owns 550 shares of the financial services provider’s stock valued at $156,000 after purchasing an additional 95 shares during the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PIPR has been the subject of several recent research reports. StockNews.com downgraded Piper Sandler Companies from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. JMP Securities reiterated a “market perform” rating on shares of Piper Sandler Companies in a report on Tuesday, September 17th.

Piper Sandler Companies Stock Performance

NYSE:PIPR opened at $318.96 on Friday. Piper Sandler Companies has a fifty-two week low of $162.50 and a fifty-two week high of $351.80. The company has a 50 day simple moving average of $335.19 and a two-hundred day simple moving average of $303.62. The company has a market capitalization of $5.67 billion, a PE ratio of 34.08 and a beta of 1.43.

Piper Sandler Companies (NYSE:PIPR) last released its earnings results on Friday, October 25th. The financial services provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.04. Piper Sandler Companies had a net margin of 10.84% and a return on equity of 16.06%. The business had revenue of $359.57 million for the quarter, compared to analyst estimates of $365.07 million. Research analysts predict that Piper Sandler Companies will post 11.49 EPS for the current year.

Piper Sandler Companies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 22nd were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.82%. Piper Sandler Companies’s payout ratio is 27.78%.

About Piper Sandler Companies

Piper Sandler Companies operates as an investment bank and institutional securities firm that serves corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States and internationally. It offers investment banking services and institutional sales, trading, and research services for various equity and fixed income products; advisory services, such as mergers and acquisitions, equity and debt private placements, and debt and restructuring advisory; raises capital through equity and debt financings; underwrites municipal issuances; and municipal financial advisory and loan placement services, as well as various over-the-counter derivative products.