GAMMA Investing LLC Sells 104 Shares of Piper Sandler Companies $PIPR

GAMMA Investing LLC lessened its holdings in shares of Piper Sandler Companies (NYSE:PIPR) by 23.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 336 shares of the financial services provider’s stock after selling 104 shares during the period. GAMMA Investing LLC’s holdings in Piper Sandler Companies were worth $93,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. purchased a new position in Piper Sandler Companies during the 1st quarter valued at about $215,000. Oppenheimer Asset Management Inc. increased its holdings in Piper Sandler Companies by 1.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 6,704 shares of the financial services provider’s stock valued at $1,660,000 after purchasing an additional 93 shares during the period. Bank of New York Mellon Corp increased its holdings in Piper Sandler Companies by 0.6% during the 1st 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 during the period. Envestnet Portfolio Solutions Inc. increased its holdings in Piper Sandler Companies by 11.6% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,015 shares of the financial services provider’s stock valued at $499,000 after purchasing an additional 210 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Piper Sandler Companies by 11.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,742 shares of the financial services provider’s stock worth $2,908,000 after acquiring an additional 1,249 shares during the period. Hedge funds and other institutional investors own 72.79% of the company’s stock.

Insider Transactions at Piper Sandler Companies

In other news, Director Scott C. Taylor sold 2,600 shares of the company’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $319.86, for a total value of $831,636.00. Following the completion of the sale, the director directly owned 16,319 shares in the company, valued at $5,219,795.34. This represents a 13.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel John W. Geelan sold 2,000 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $322.69, for a total value of $645,380.00. Following the completion of the sale, the general counsel owned 12,645 shares of the company’s stock, valued at $4,080,415.05. The trade was a 13.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,136 shares of company stock valued at $8,380,342 over the last 90 days. 2.70% of the stock is owned by corporate insiders.

Piper Sandler Companies Price Performance

PIPR stock opened at $338.71 on Thursday. The company has a market cap of $5.99 billion, a PE ratio of 28.58 and a beta of 1.45. Piper Sandler Companies has a 12-month low of $202.91 and a 12-month high of $374.77. The company has a 50 day simple moving average of $334.39.

Piper Sandler Companies (NYSE:PIPR) last released its quarterly earnings data on Friday, August 1st. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.96. The business had revenue of $405.39 million for the quarter, compared to analysts’ expectations of $349.40 million. Piper Sandler Companies had a return on equity of 18.67% and a net margin of 13.18%.The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.52 EPS. As a group, analysts predict 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 was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, August 29th. This is a positive change from Piper Sandler Companies’s previous quarterly dividend of $0.65. Piper Sandler Companies’s payout ratio is currently 23.63%.

Analysts Set New Price Targets

PIPR has been the topic of a number of research analyst reports. Wolfe Research upgraded Piper Sandler Companies from a “peer perform” rating to an “outperform” rating and set a $339.00 target price on the stock in a report on Thursday, July 10th. Wall Street Zen upgraded Piper Sandler Companies from a “hold” rating to a “buy” rating in a report on Friday, September 26th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $312.50.

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.