Fred Alger Management LLC Acquires Shares of 51,600 Piper Sandler Companies (NYSE:PIPR)

Fred Alger Management LLC bought a new position in shares of Piper Sandler Companies (NYSE:PIPR) during the 3rd quarter, Holdings Channel.com reports. The fund bought 51,600 shares of the financial services provider’s stock, valued at approximately $14,645,000.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. raised its position in Piper Sandler Companies by 194.7% in the second quarter. Blue Trust Inc. now owns 112 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 74 shares in the last quarter. nVerses Capital LLC boosted its position in shares of Piper Sandler Companies by 100.0% during the 2nd quarter. nVerses Capital LLC now owns 200 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 100 shares in the last quarter. USA Financial Formulas acquired a new position in shares of Piper Sandler Companies during the 3rd quarter worth $77,000. FSC Wealth Advisors LLC increased its holdings in shares of Piper Sandler Companies by 39.0% in the 2nd quarter. FSC Wealth Advisors LLC now owns 346 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 97 shares in the last quarter. Finally, CWM LLC lifted its stake in shares of Piper Sandler Companies by 22.5% in the third quarter. CWM LLC now owns 310 shares of the financial services provider’s stock valued at $88,000 after purchasing an additional 57 shares during the period. 72.79% of the stock is owned by institutional investors and hedge funds.

Piper Sandler Companies Trading Up 0.4 %

Shares of NYSE PIPR opened at $342.99 on Friday. The company’s 50-day moving average price is $324.46 and its 200 day moving average price is $295.22. Piper Sandler Companies has a 52 week low of $152.59 and a 52 week high of $351.80. The stock has a market cap of $6.10 billion, a price-to-earnings ratio of 36.64 and a beta of 1.39.

Piper Sandler Companies (NYSE:PIPR) last released its quarterly earnings results on Friday, October 25th. The financial services provider reported $2.57 EPS for the quarter, beating the consensus estimate of $2.53 by $0.04. Piper Sandler Companies had a net margin of 10.84% and a return on equity of 16.06%. The business had revenue of $359.57 million for the quarter, compared to analyst estimates of $365.07 million. As a group, research analysts expect that Piper Sandler Companies will post 11.49 earnings per share for the current year.

Piper Sandler Companies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend is Friday, November 22nd. Piper Sandler Companies’s payout ratio is 27.78%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PIPR. StockNews.com lowered shares of Piper Sandler Companies from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. JMP Securities reaffirmed a “market perform” rating on shares of Piper Sandler Companies in a research note on Tuesday, September 17th.

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.