Chad R. Abraham Sells 8,000 Shares of Piper Sandler Companies (NYSE:PIPR) Stock

Key Points

• CEO Chad R. Abraham sold 8,000 shares of Piper Sandler Companies stock at an average price of $323.71, resulting in a total sale value of $2.59 million.
• Piper Sandler reported $2.95 EPS in its recent quarterly earnings, exceeding estimates by $0.96, with revenue increasing 13.4% year-over-year.
• The company increased its quarterly dividend to $0.70 per share, marking a rise from its previous dividend of $0.65, with a yield of 0.9%.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) CEO Chad R. Abraham sold 8,000 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $323.71, for a total value of $2,589,680.00. Following the transaction, the chief executive officer directly owned 53,558 shares in the company, valued at $17,337,260.18. The trade was a 13.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Piper Sandler Companies Price Performance

Shares of PIPR traded down $1.92 during trading hours on Thursday, hitting $320.90. The company had a trading volume of 118,423 shares, compared to its average volume of 144,990. The company has a market cap of $5.70 billion, a P/E ratio of 27.08 and a beta of 1.50. Piper Sandler Companies has a one year low of $202.91 and a one year high of $351.80. The business's fifty day moving average price is $285.95.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The financial services provider reported $2.95 EPS for the quarter, beating the consensus estimate of $1.99 by $0.96. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.71%. The business had revenue of $405.39 million during the quarter, compared to analyst estimates of $349.40 million. During the same period in the prior year, the firm posted $2.52 earnings per share. The company's quarterly revenue was up 13.4% on a year-over-year basis. Sell-side analysts predict that Piper Sandler Companies will post 14.14 earnings per share for the current year.

Piper Sandler Companies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be issued a $0.70 dividend. This is a boost from Piper Sandler Companies's previous quarterly dividend of $0.65. This represents a $2.80 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, August 29th. Piper Sandler Companies's dividend payout ratio is 23.63%.

Institutional Investors Weigh In On Piper Sandler Companies

Institutional investors have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Piper Sandler Companies by 131.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 62 shares during the period. von Borstel & Associates Inc. acquired a new stake in shares of Piper Sandler Companies during the first quarter worth about $27,000. AdvisorNet Financial Inc boosted its position in Piper Sandler Companies by 48.1% in the second quarter. AdvisorNet Financial Inc now owns 114 shares of the financial services provider's stock valued at $32,000 after buying an additional 37 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Piper Sandler Companies by 495.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125 shares of the financial services provider's stock worth $31,000 after buying an additional 104 shares during the period. Finally, Park Square Financial Group LLC purchased a new position in Piper Sandler Companies during the 4th quarter worth approximately $45,000. Institutional investors and hedge funds own 72.79% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wolfe Research raised shares of Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price objective for the company in a research note on Thursday, July 10th. JMP Securities reaffirmed a "market perform" rating on shares of Piper Sandler Companies in a research report on Monday, May 5th.

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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