Piper Sandler Companies $PIPR Shares Bought by AdvisorNet Financial Inc

AdvisorNet Financial Inc boosted its holdings in shares of Piper Sandler Companies (NYSE:PIPR) by 48.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 114 shares of the financial services provider’s stock after purchasing an additional 37 shares during the quarter. AdvisorNet Financial Inc’s holdings in Piper Sandler Companies were worth $32,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its stake in Piper Sandler Companies by 131.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 62 shares during the period. Versant Capital Management Inc increased its holdings in Piper Sandler Companies by 1,195.2% in the 1st quarter. Versant Capital Management Inc now owns 272 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 251 shares in the last quarter. GAMMA Investing LLC increased its holdings in Piper Sandler Companies by 39,239.4% in the 1st quarter. GAMMA Investing LLC now owns 108,970 shares of the financial services provider’s stock worth $26,988,000 after acquiring an additional 108,693 shares in the last quarter. Parallel Advisors LLC increased its holdings in Piper Sandler Companies by 28.6% in the 1st quarter. Parallel Advisors LLC now owns 216 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 48 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in Piper Sandler Companies by 0.3% in the 1st quarter. Rhumbline Advisers now owns 47,267 shares of the financial services provider’s stock worth $11,706,000 after acquiring an additional 125 shares in the last quarter. 72.79% of the stock is currently owned by hedge funds and other institutional investors.

Piper Sandler Companies Stock Performance

NYSE PIPR opened at $351.12 on Friday. The firm has a market cap of $6.21 billion, a P/E ratio of 29.63 and a beta of 1.45. The firm has a 50-day moving average price of $332.57. Piper Sandler Companies has a 1-year low of $202.91 and a 1-year high of $374.77.

Piper Sandler Companies (NYSE:PIPR) last released its earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.96. The company 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%.Piper Sandler Companies’s revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.52 EPS. On average, sell-side analysts anticipate that Piper Sandler Companies will post 14.14 EPS for the current fiscal year.

Piper Sandler Companies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 29th were paid a dividend of $0.70 per share. The ex-dividend date was 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 currently 23.63%.

Insider Activity

In related news, Director Scott C. Taylor sold 2,600 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The shares were 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 in the company, valued at approximately $5,219,795.34. This represents a 13.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jonathan J. Doyle sold 3,536 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $316.84, for a total transaction of $1,120,346.24. Following the sale, the insider 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. Insiders have sold a total of 26,136 shares of company stock valued at $8,380,342 over the last three months. 2.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PIPR shares. Wolfe Research raised shares of 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. Wall Street Zen raised shares of Piper Sandler Companies from a “hold” rating to a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $312.50.

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.