Zurcher Kantonalbank Zurich Cantonalbank Sells 375 Shares of Piper Sandler Companies (NYSE:PIPR)

Zurcher Kantonalbank Zurich Cantonalbank decreased its holdings in shares of Piper Sandler Companies (NYSE:PIPR) by 11.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,014 shares of the financial services provider’s stock after selling 375 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Piper Sandler Companies were worth $746,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Piper Sandler Companies during the first quarter valued at about $215,000. Oppenheimer Asset Management Inc. increased its stake in Piper Sandler Companies by 1.4% during the first quarter. Oppenheimer Asset Management Inc. now owns 6,704 shares of the financial services provider’s stock valued at $1,660,000 after acquiring an additional 93 shares during the period. GAMMA Investing LLC raised its holdings in Piper Sandler Companies by 58.8% in the 1st quarter. GAMMA Investing LLC now owns 440 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 163 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of 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 valued at $38,821,000 after purchasing an additional 992 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its position 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 during the period. 72.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Jonathan J. Doyle sold 3,536 shares of the company’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 transaction of $1,120,346.24. Following the transaction, the insider directly owned 132,910 shares in the company, valued at approximately $42,111,204.40. This represents a 2.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.70% of the company’s stock.

Piper Sandler Companies Stock Up 0.9%

Shares of PIPR opened at $323.92 on Wednesday. The firm has a market cap of $5.76 billion, a P/E ratio of 27.34 and a beta of 1.50. Piper Sandler Companies has a one year low of $202.91 and a one year high of $351.80. The stock has a 50 day simple moving average of $284.52.

Piper Sandler Companies (NYSE:PIPR) last posted its quarterly earnings data on Friday, August 1st. The financial services provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.96. Piper Sandler Companies had a return on equity of 18.71% and a net margin of 13.18%. The company had revenue of $405.39 million for the quarter, compared to analyst estimates of $349.40 million. During the same quarter in the previous year, the firm earned $2.52 earnings per share. The business’s revenue was up 13.4% on a year-over-year basis. Sell-side analysts anticipate that Piper Sandler Companies will post 14.14 EPS for the current fiscal year.

Piper Sandler Companies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, August 29th. This is a boost from Piper Sandler Companies’s previous quarterly dividend of $0.65. Piper Sandler Companies’s dividend payout ratio is 21.94%.

Analyst Ratings Changes

PIPR has been the subject of a number of analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Piper Sandler Companies in a report on Monday, May 5th. Wolfe Research raised Piper Sandler Companies from a “peer perform” rating to an “outperform” rating and set a $339.00 price objective for the company in a report on Thursday, July 10th.

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.