Chad Abraham Sells 4,400 Shares of Piper Sandler Companies (NYSE:PIPR) Stock

Piper Sandler Companies (NYSE:PIPR) CEO Chad Abraham sold 4,400 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $337.60, for a total transaction of $1,485,440.00. Following the sale, the chief executive officer owned 53,558 shares in the company, valued at $18,081,180.80. This trade represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Piper Sandler Companies Stock Down 1.5%

Shares of PIPR stock opened at $324.16 on Wednesday. The firm has a fifty day moving average of $334.49 and a 200-day moving average of $313.54. Piper Sandler Companies has a 12-month low of $202.91 and a 12-month high of $374.77. The company has a market capitalization of $5.73 billion, a price-to-earnings ratio of 27.36 and a beta of 1.50.

Piper Sandler Companies (NYSE:PIPR) last posted its quarterly earnings data on Friday, October 31st. The financial services provider reported $3.82 EPS for the quarter, beating the consensus estimate of $2.96 by $0.86. The business had revenue of $455.31 million for the quarter, compared to analysts’ expectations of $408.40 million. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.67%. The firm’s revenue was up 33.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.57 EPS. On average, equities analysts expect that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Tuesday, November 25th will be issued a dividend of $0.70 per share. The ex-dividend date is Tuesday, November 25th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 0.9%. Piper Sandler Companies’s dividend payout ratio (DPR) is presently 21.10%.

Wall Street Analysts Forecast Growth

PIPR has been the topic of several research reports. Wall Street Zen upgraded Piper Sandler Companies from a “hold” rating to a “buy” rating in a research note on Sunday, October 12th. Zacks Research upgraded shares of Piper Sandler Companies from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. The Goldman Sachs Group raised shares of Piper Sandler Companies from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $368.00 to $386.00 in a research report on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Piper Sandler Companies in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $362.50.

Institutional Trading of Piper Sandler Companies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PIPR. Norges Bank bought a new position in shares of Piper Sandler Companies in the 2nd quarter valued at about $59,820,000. Nuveen LLC bought a new position in Piper Sandler Companies during the first quarter worth about $49,826,000. American Century Companies Inc. grew its holdings in Piper Sandler Companies by 1,155.7% during the second quarter. American Century Companies Inc. now owns 200,149 shares of the financial services provider’s stock worth $55,630,000 after purchasing an additional 184,210 shares during the period. Franklin Resources Inc. acquired a new position in Piper Sandler Companies during the second quarter worth approximately $51,021,000. Finally, Wellington Management Group LLP acquired a new position in Piper Sandler Companies during the third quarter worth approximately $38,425,000. 72.79% of the stock is owned by institutional investors.

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.