Vanguard Group Inc. Has $510.29 Million Stock Position in Piper Sandler Companies (NYSE:PIPR)

Vanguard Group Inc. reduced its stake in Piper Sandler Companies (NYSE:PIPR) by 0.2% during the first quarter, Holdings Channel.com reports. The fund owned 2,060,460 shares of the financial services provider’s stock after selling 3,130 shares during the period. Vanguard Group Inc. owned approximately 0.12% of Piper Sandler Companies worth $510,294,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Piper Sandler Companies in the first quarter worth approximately $215,000. Oppenheimer Asset Management Inc. increased its holdings in Piper Sandler Companies by 1.4% in the first quarter. Oppenheimer Asset Management Inc. now owns 6,704 shares of the financial services provider’s stock worth $1,660,000 after purchasing an additional 93 shares in the last quarter. GAMMA Investing LLC increased its holdings in Piper Sandler Companies by 58.8% in the first quarter. GAMMA Investing LLC now owns 440 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 163 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Piper Sandler Companies by 0.6% in the first quarter. Bank of New York Mellon Corp now owns 156,751 shares of the financial services provider’s stock worth $38,821,000 after purchasing an additional 992 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in Piper Sandler Companies by 11.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,015 shares of the financial services provider’s stock worth $499,000 after purchasing an additional 210 shares in the last quarter. 72.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PIPR has been the subject of a number of research analyst reports. JMP Securities reiterated a “market perform” rating on shares of Piper Sandler Companies in a report on Monday, May 5th. Wall Street Zen upgraded Piper Sandler Companies from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Finally, Wolfe Research upgraded Piper Sandler Companies from a “peer perform” rating to an “outperform” rating and set a $339.00 target price for the company in a report on Thursday, July 10th.

Insider Transactions at Piper Sandler Companies

In other news, General Counsel John W. Geelan sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $322.69, for a total transaction of $645,380.00. Following the completion of the sale, the general counsel owned 12,645 shares in the company, valued at $4,080,415.05. The trade was a 13.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jonathan J. Doyle sold 3,536 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $316.84, for a total value of $1,120,346.24. Following the sale, the insider owned 132,910 shares of the company’s stock, valued at approximately $42,111,204.40. This represents a 2.59% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,136 shares of company stock worth $8,380,342. Insiders own 2.70% of the company’s stock.

Piper Sandler Companies Stock Performance

Shares of PIPR stock opened at $331.55 on Friday. The company has a market capitalization of $5.87 billion, a P/E ratio of 27.98 and a beta of 1.50. The business has a 50 day simple moving average of $295.00. Piper Sandler Companies has a fifty-two week low of $202.91 and a fifty-two week high of $351.80.

Piper Sandler Companies (NYSE:PIPR) last released its quarterly earnings data on Friday, August 1st. The financial services provider reported $2.95 EPS for the quarter, beating the consensus estimate of $1.99 by $0.96. The firm had revenue of $405.39 million during the quarter, compared to the consensus estimate of $349.40 million. Piper Sandler Companies had a return on equity of 18.67% and a net margin of 13.18%. The company’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.52 earnings per share. On average, research analysts predict that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.70 per share. This is a positive change from Piper Sandler Companies’s previous quarterly dividend of $0.65. This represents a $2.80 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Friday, August 29th. Piper Sandler Companies’s dividend payout ratio is presently 21.94%.

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.