Vanguard Group Inc. Sells 3,130 Shares of Piper Sandler Companies (NYSE:PIPR)

Vanguard Group Inc. lowered its stake in Piper Sandler Companies (NYSE:PIPR) by 0.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm 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 11.60% of Piper Sandler Companies worth $510,294,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. acquired a new stake in Piper Sandler Companies in the first quarter valued at about $215,000. Oppenheimer Asset Management Inc. boosted its stake 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 valued at $1,660,000 after buying an additional 93 shares in the last quarter. GAMMA Investing LLC boosted its stake 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 valued at $109,000 after buying an additional 163 shares in the last quarter. Bank of New York Mellon Corp boosted its stake 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 valued at $38,821,000 after buying an additional 992 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its stake 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 valued at $499,000 after buying an additional 210 shares in the last quarter. Institutional investors own 72.79% of the company’s stock.

Piper Sandler Companies Stock Down 1.5%

Shares of PIPR stock opened at $331.55 on Friday. The company’s 50-day moving average price is $295.00. Piper Sandler Companies has a 12 month low of $202.91 and a 12 month high of $351.80. The firm has a market capitalization of $5.87 billion, a price-to-earnings ratio of 27.98 and a beta of 1.50.

Piper Sandler Companies (NYSE:PIPR) last announced its quarterly earnings results on Friday, August 1st. The financial services provider reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.96. Piper Sandler Companies had a return on equity of 18.67% and a net margin of 13.18%. The firm had revenue of $405.39 million for the quarter, compared to analyst estimates of $349.40 million. During the same period last year, the firm posted $2.52 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, analysts forecast that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Increases Dividend

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PIPR shares. Wall Street Zen raised Piper Sandler Companies from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. JMP Securities reaffirmed a “market perform” rating on shares of Piper Sandler Companies in a research note on Monday, May 5th. Finally, Wolfe Research raised Piper Sandler Companies from a “peer perform” rating to an “outperform” rating and set a $339.00 price objective on the stock in a research note on Thursday, July 10th.

Insider Transactions at Piper Sandler Companies

In other news, Director Scott C. Taylor sold 2,600 shares of Piper Sandler Companies stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $319.86, for a total transaction of $831,636.00. Following the sale, the director directly owned 16,319 shares of the company’s stock, valued at approximately $5,219,795.34. This trade represents a 13.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jonathan J. Doyle sold 3,536 shares of Piper Sandler Companies stock in a transaction dated 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 directly owned 132,910 shares in the company, valued at $42,111,204.40. The trade was a 2.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,136 shares of company stock valued at $8,380,342. Company insiders own 2.70% of the company’s stock.

Piper Sandler Companies 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.