Bank of America Corp DE Sells 11,830 Shares of Piper Sandler Companies (NYSE:PIPR)

Bank of America Corp DE trimmed its position in Piper Sandler Companies (NYSE:PIPR - Free Report) by 31.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,247 shares of the financial services provider's stock after selling 11,830 shares during the quarter. Bank of America Corp DE owned approximately 0.15% of Piper Sandler Companies worth $7,873,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in PIPR. Quadrant Capital Group LLC grew its stake in shares of Piper Sandler Companies by 5.2% in the fourth quarter. Quadrant Capital Group LLC now owns 754 shares of the financial services provider's stock worth $226,000 after purchasing an additional 37 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Piper Sandler Companies by 0.8% in the fourth quarter. Arizona State Retirement System now owns 5,137 shares of the financial services provider's stock worth $1,541,000 after purchasing an additional 40 shares in the last quarter. Lido Advisors LLC grew its stake in shares of Piper Sandler Companies by 1.2% in the fourth quarter. Lido Advisors LLC now owns 4,185 shares of the financial services provider's stock worth $1,255,000 after purchasing an additional 49 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake in shares of Piper Sandler Companies by 4.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 1,394 shares of the financial services provider's stock worth $418,000 after purchasing an additional 56 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its stake in shares of Piper Sandler Companies by 4.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,816 shares of the financial services provider's stock worth $545,000 after purchasing an additional 85 shares in the last quarter. 72.79% of the stock is currently owned by institutional investors.

Piper Sandler Companies Trading Down 0.2%

Piper Sandler Companies stock traded down $0.54 during mid-day trading on Friday, hitting $251.77. The company's stock had a trading volume of 4,016 shares, compared to its average volume of 123,403. The company has a market cap of $4.47 billion, a P/E ratio of 24.64 and a beta of 1.50. Piper Sandler Companies has a 52-week low of $201.97 and a 52-week high of $351.80.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last issued its earnings results on Friday, May 2nd. The financial services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $2.85 by $1.24. The company had revenue of $357.27 million for the quarter, compared to analyst estimates of $366.99 million. Piper Sandler Companies had a return on equity of 17.00% and a net margin of 11.87%. The business's revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.79 EPS. On average, equities analysts forecast that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

Piper Sandler Companies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Friday, May 30th. Piper Sandler Companies's dividend payout ratio is 22.73%.

Analysts Set New Price Targets

Several analysts have recently weighed in on PIPR shares. JMP Securities restated a "market perform" rating on shares of Piper Sandler Companies in a report on Monday, May 5th. The Goldman Sachs Group reduced their target price on Piper Sandler Companies from $321.00 to $286.00 and set a "neutral" rating for the company in a report on Friday, March 14th.

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.