Allspring Global Investments Holdings LLC Purchases 14,241 Shares of Piper Sandler Companies $PIPR

Key Points

• Allspring Global Investments Holdings LLC increased its ownership of Piper Sandler Companies by 35.5%, acquiring an additional 14,241 shares during the second quarter, bringing its total holdings to 54,355 shares valued at approximately $15.48 million.
• Piper Sandler recently received a buy rating from Wall Street Zen, contrasting with multiple holds from other analysts, resulting in a consensus rating of "Hold" and an average price target of $312.50.
• The company declared a quarterly dividend of $0.70 per share, an increase from the previous $0.65, with a dividend yield of 0.9%, reflecting strong financial performance including a 13.4% revenue growth year-over-year.

Allspring Global Investments Holdings LLC boosted its position in Piper Sandler Companies (NYSE:PIPR - Free Report) by 35.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,355 shares of the financial services provider's stock after acquiring an additional 14,241 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.31% of Piper Sandler Companies worth $15,480,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. von Borstel & Associates Inc. purchased a new stake in Piper Sandler Companies in the first quarter worth approximately $27,000. AdvisorNet Financial Inc lifted its stake 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 worth $32,000 after purchasing an additional 37 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Piper Sandler Companies by 495.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125 shares of the financial services provider's stock valued at $31,000 after buying an additional 104 shares during the last quarter. Wealth Preservation Advisors LLC purchased a new position in shares of Piper Sandler Companies in the first quarter worth about $37,000. Finally, Geneos Wealth Management Inc. lifted its stake in shares of 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 acquiring an additional 54 shares during the last quarter. Institutional investors own 72.79% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on PIPR. Wall Street Zen raised Piper Sandler Companies from a "hold" rating to a "buy" rating in a research note on Sunday, October 12th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Piper Sandler Companies in a research note on Wednesday, October 8th. Zacks Research lowered Piper Sandler Companies from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 30th. Finally, Wolfe Research raised 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. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Piper Sandler Companies has a consensus rating of "Hold" and an average price target of $312.50.

Insiders Place Their Bets

In other Piper Sandler Companies news, Director Scott C. Taylor sold 2,600 shares of Piper Sandler Companies stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $319.86, for a total value of $831,636.00. Following the completion of the sale, the director owned 16,319 shares of the company's stock, valued at approximately $5,219,795.34. This trade represents a 13.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Chad R. Abraham sold 8,000 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $323.71, for a total value of $2,589,680.00. Following the sale, the chief executive officer directly owned 53,558 shares in the company, valued at $17,337,260.18. This trade represents a 13.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,136 shares of company stock valued at $8,380,342. 2.70% of the stock is currently owned by company insiders.

Piper Sandler Companies Stock Down 0.6%

PIPR stock opened at $327.39 on Friday. Piper Sandler Companies has a 52-week low of $202.91 and a 52-week high of $374.77. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 27.63 and a beta of 1.45. The firm's 50 day simple moving average is $339.27.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last released its earnings results on Friday, August 1st. The financial services provider reported $2.95 EPS for the quarter, topping the consensus estimate of $1.99 by $0.96. Piper Sandler Companies had a return on equity of 18.67% and a net margin of 13.18%.The business had revenue of $405.39 million for the quarter, compared to the consensus estimate of $349.40 million. During the same period in the previous year, the company posted $2.52 earnings per share. The company's revenue for the quarter was up 13.4% compared to the same quarter last year. Analysts forecast that Piper Sandler Companies will post 14.14 earnings per share for the current year.

Piper Sandler Companies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 29th were given a dividend of $0.70 per share. 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. The ex-dividend date of this dividend was Friday, August 29th. 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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