Maryland State Retirement & Pension System increased its holdings in Piper Sandler Companies (NYSE:PIPR – Free Report) by 2.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,829 shares of the financial services provider’s stock after purchasing an additional 111 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Piper Sandler Companies were worth $1,342,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. von Borstel & Associates Inc. purchased a new stake in Piper Sandler Companies during the 1st quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Piper Sandler Companies by 495.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 104 shares during the last quarter. AdvisorNet Financial Inc boosted its stake in shares of Piper Sandler Companies by 48.1% in the second quarter. AdvisorNet Financial Inc now owns 114 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 37 shares during the last quarter. Wealth Preservation Advisors LLC acquired a new stake in shares of Piper Sandler Companies in the first quarter worth approximately $37,000. Finally, Geneos Wealth Management Inc. lifted its holdings in Piper Sandler Companies by 46.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 170 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 54 shares in the last quarter. 72.79% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
PIPR has been the subject of a number of recent research reports. Wolfe Research upgraded 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 research report on Thursday, July 10th. Zacks Research cut Piper Sandler Companies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Piper Sandler Companies in a report on Wednesday. Finally, Wall Street Zen raised Piper Sandler Companies from a “hold” rating to a “buy” rating in a research note on Sunday. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Piper Sandler Companies currently has an average rating of “Hold” and a consensus price target of $312.50.
Insiders Place Their Bets
In other news, General Counsel John W. Geelan sold 2,000 shares of the company’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $322.69, for a total transaction of $645,380.00. Following the transaction, the general counsel directly owned 12,645 shares of the company’s stock, valued at $4,080,415.05. This represents a 13.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott C. Taylor sold 2,600 shares of the company’s stock in a transaction on Tuesday, August 5th. The shares were 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 trade represents a 13.74% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,136 shares of company stock worth $8,380,342. 2.70% of the stock is owned by insiders.
Piper Sandler Companies Stock Down 2.1%
NYSE:PIPR opened at $325.83 on Friday. The stock has a market capitalization of $5.76 billion, a price-to-earnings ratio of 27.50 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 fifty day simple moving average of $337.66.
Piper Sandler Companies (NYSE:PIPR – Get Free Report) last posted its 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 net margin of 13.18% and a return on equity of 18.67%. The firm had revenue of $405.39 million for the quarter, compared to the consensus estimate of $349.40 million. During the same period last year, the firm posted $2.52 EPS. The company’s revenue was up 13.4% on a year-over-year basis. On average, equities research analysts anticipate that Piper Sandler Companies will post 14.14 EPS for the current fiscal year.
Piper Sandler Companies Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $2.80 annualized dividend and a dividend yield of 0.9%. This is an increase from Piper Sandler Companies’s previous quarterly dividend of $0.65. Piper Sandler Companies’s payout ratio is 23.63%.
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.
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