Victory Capital Management Inc. Reduces Stock Position in Piper Sandler Companies (NYSE:PIPR)

Victory Capital Management Inc. lessened its holdings in Piper Sandler Companies (NYSE:PIPR) by 60.0% during the first quarter, HoldingsChannel reports. The institutional investor owned 5,054 shares of the financial services provider’s stock after selling 7,576 shares during the quarter. Victory Capital Management Inc.’s holdings in Piper Sandler Companies were worth $1,252,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PIPR. Norges Bank bought a new position in Piper Sandler Companies in the fourth quarter valued at $68,696,000. GAMMA Investing LLC increased its stake in Piper Sandler Companies by 39,239.4% in the first quarter. GAMMA Investing LLC now owns 108,970 shares of the financial services provider’s stock valued at $26,988,000 after acquiring an additional 108,693 shares during the last quarter. Invesco Ltd. increased its stake in Piper Sandler Companies by 17.2% in the fourth quarter. Invesco Ltd. now owns 697,824 shares of the financial services provider’s stock valued at $209,312,000 after acquiring an additional 102,426 shares during the last quarter. Stephens Investment Management Group LLC increased its stake in Piper Sandler Companies by 16.8% in the first quarter. Stephens Investment Management Group LLC now owns 250,507 shares of the financial services provider’s stock valued at $62,041,000 after acquiring an additional 35,953 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Piper Sandler Companies in the fourth quarter valued at $7,464,000. Hedge funds and other institutional investors own 72.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on PIPR shares. JMP Securities reissued a “market perform” rating on shares of Piper Sandler Companies in a research note on Monday, May 5th. Wolfe Research raised Piper Sandler Companies from a “peer perform” rating to an “outperform” rating and set a $339.00 target price on the stock in a research note on Thursday, July 10th.

Piper Sandler Companies Stock Up 0.6%

Shares of NYSE:PIPR opened at $318.54 on Thursday. The company’s 50-day moving average is $279.27. Piper Sandler Companies has a 12-month low of $202.91 and a 12-month high of $351.80. The company has a market capitalization of $5.66 billion, a PE ratio of 27.84 and a beta of 1.48.

Piper Sandler Companies (NYSE:PIPR) last announced its quarterly earnings data on Friday, May 2nd. The financial services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.85 by $1.24. Piper Sandler Companies had a return on equity of 18.32% and a net margin of 13.20%. The firm had revenue of $357.27 million for the quarter, compared to analysts’ expectations of $366.99 million. During the same period last year, the firm earned $2.79 earnings per share. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. As a group, research analysts expect that Piper Sandler Companies will post 14.14 EPS for the current fiscal year.

Piper Sandler Companies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.82%. Piper Sandler Companies’s dividend payout ratio (DPR) is currently 22.73%.

Piper Sandler Companies Company Profile

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.