New York State Teachers Retirement System Cuts Stake in Piper Sandler Companies (NYSE:PIPR)

New York State Teachers Retirement System lessened its position in Piper Sandler Companies (NYSE:PIPR) by 3.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 28,949 shares of the financial services provider’s stock after selling 1,100 shares during the period. New York State Teachers Retirement System owned about 0.16% of Piper Sandler Companies worth $8,683,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PIPR. State Street Corp increased its holdings in shares of Piper Sandler Companies by 0.3% in the 3rd quarter. State Street Corp now owns 682,430 shares of the financial services provider’s stock worth $193,680,000 after purchasing an additional 2,137 shares in the last quarter. FMR LLC boosted its holdings in shares of Piper Sandler Companies by 49.0% during the 3rd quarter. FMR LLC now owns 625,048 shares of the financial services provider’s stock valued at $177,395,000 after acquiring an additional 205,584 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Piper Sandler Companies by 2.0% in the third quarter. Geode Capital Management LLC now owns 377,586 shares of the financial services provider’s stock worth $107,184,000 after acquiring an additional 7,344 shares during the period. Stephens Investment Management Group LLC raised its holdings in shares of Piper Sandler Companies by 3.4% during the fourth quarter. Stephens Investment Management Group LLC now owns 214,554 shares of the financial services provider’s stock valued at $64,355,000 after purchasing an additional 6,970 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Piper Sandler Companies by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 205,226 shares of the financial services provider’s stock valued at $58,245,000 after purchasing an additional 2,689 shares during the period. Hedge funds and other institutional investors own 72.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. The Goldman Sachs Group lifted their target price on shares of Piper Sandler Companies from $298.00 to $330.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. StockNews.com cut Piper Sandler Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Finally, JMP Securities reissued a “market perform” rating on shares of Piper Sandler Companies in a research report on Monday, February 3rd.

Piper Sandler Companies Price Performance

Shares of Piper Sandler Companies stock opened at $309.33 on Wednesday. Piper Sandler Companies has a 1-year low of $182.84 and a 1-year high of $351.80. The company’s fifty day simple moving average is $308.44 and its 200-day simple moving average is $315.02. The stock has a market capitalization of $5.50 billion, a PE ratio of 30.27 and a beta of 1.46.

Piper Sandler Companies (NYSE:PIPR) last released its quarterly earnings results on Friday, January 31st. The financial services provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.99 by $0.81. Piper Sandler Companies had a return on equity of 17.00% and a net margin of 11.87%. During the same quarter last year, the firm earned $4.03 earnings per share. As a group, research analysts anticipate that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date is Tuesday, March 4th. Piper Sandler Companies’s payout ratio is 25.44%.

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.