Alliancebernstein L.P. Has $84.83 Million Stake in Piper Sandler Companies $PIPR

Key Points

• Alliancebernstein L.P. has reduced its stake in Piper Sandler Companies by 4.9%, now holding approximately $84.83 million worth of shares.
• Insider trades include significant sales by General Counsel John W. Geelan and CEO Chad R. Abraham, indicating a decrease in their ownership stakes in the company.
• Piper Sandler Companies recently raised its quarterly dividend to $0.70 per share, reflecting a boost from the previous dividend and a yield of 0.9%.

Alliancebernstein L.P. trimmed its stake in Piper Sandler Companies (NYSE:PIPR - Free Report) by 4.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 342,518 shares of the financial services provider's stock after selling 17,706 shares during the period. Alliancebernstein L.P. owned about 1.93% of Piper Sandler Companies worth $84,828,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB grew its position in Piper Sandler Companies by 131.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the financial services provider's stock worth $27,000 after purchasing an additional 62 shares during the last quarter. von Borstel & Associates Inc. acquired a new stake in Piper Sandler Companies in the 1st quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position 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 purchasing an additional 104 shares during the last quarter. Wealth Preservation Advisors LLC acquired a new stake in Piper Sandler Companies in the 1st quarter worth $37,000. Finally, Park Square Financial Group LLC acquired a new stake in Piper Sandler Companies in the 4th quarter worth $45,000. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Piper Sandler Companies news, General Counsel John W. Geelan sold 2,000 shares of the business's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $322.69, for a total value of $645,380.00. Following the transaction, the general counsel directly owned 12,645 shares in the company, valued at $4,080,415.05. The trade was a 13.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Chad R. Abraham sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $319.33, for a total transaction of $3,193,300.00. Following the completion of the transaction, the chief executive officer owned 53,558 shares in the company, valued at approximately $17,102,676.14. This trade represents a 15.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,136 shares of company stock valued at $8,380,342 in the last ninety days. 2.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PIPR has been the subject of a number of analyst reports. 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 report on Thursday, July 10th. Wall Street Zen downgraded shares of Piper Sandler Companies from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Piper Sandler Companies currently has an average rating of "Hold" and an average price target of $312.50.

Piper Sandler Companies Stock Performance

NYSE:PIPR opened at $327.70 on Friday. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 27.65 and a beta of 1.45. Piper Sandler Companies has a 12 month low of $202.91 and a 12 month high of $351.80. The company has a 50-day moving average price of $316.38.

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 analysts' consensus estimates of $1.99 by $0.96. The firm had revenue of $405.39 million for the quarter, compared to analyst estimates of $349.40 million. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.67%. The company's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.52 earnings per share. Analysts expect that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

Piper Sandler Companies Increases Dividend

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

Piper Sandler Companies 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.