Piper Sandler Companies $PIPR Shares Sold by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Piper Sandler Companies by 1.9%, selling 3,856 shares during the first quarter, holding a total of 201,073 shares valued at approximately $49.8 million.
• Several institutional investors increased their positions in Piper Sandler, with Westwood Holdings Group raising its stake by 35%, while LPL Financial boosted its position by 26.2% during the same period.
• Piper Sandler Companies recently announced a quarterly dividend increase to $0.70 per share, marking a rise from the previous $0.65 dividend, with a payout ratio of 21.94%.

Charles Schwab Investment Management Inc. trimmed its position in shares of Piper Sandler Companies (NYSE:PIPR - Free Report) by 1.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 201,073 shares of the financial services provider's stock after selling 3,856 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.13% of Piper Sandler Companies worth $49,798,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Piper Sandler Companies by 131.9% during 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 period. von Borstel & Associates Inc. purchased a new position in shares of Piper Sandler Companies during the first quarter valued at approximately $27,000. Park Square Financial Group LLC bought a new position in shares of Piper Sandler Companies during the fourth quarter valued at approximately $45,000. Lazard Asset Management LLC purchased a new stake in shares of Piper Sandler Companies in the fourth quarter worth approximately $51,000. Finally, Parallel Advisors LLC lifted its stake in shares of Piper Sandler Companies by 28.6% during the 1st quarter. Parallel Advisors LLC now owns 216 shares of the financial services provider's stock worth $53,000 after acquiring an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 72.79% of the company's stock.

Insider Buying and Selling

In related news, insider Jonathan J. Doyle sold 3,536 shares of the company's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $316.84, for a total transaction of $1,120,346.24. Following the completion of the sale, the insider directly owned 132,910 shares in the company, valued at $42,111,204.40. This represents a 2.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Chad R. Abraham sold 10,000 shares of Piper Sandler Companies stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $319.33, for a total value of $3,193,300.00. Following the completion of the transaction, the chief executive officer owned 53,558 shares in the company, valued at $17,102,676.14. This trade represents a 15.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,136 shares of company stock valued at $8,380,342. 2.70% of the stock is currently owned by insiders.

Piper Sandler Companies Stock Performance

NYSE PIPR traded down $3.0690 during trading on Wednesday, reaching $320.5710. 19,503 shares of the company's stock traded hands, compared to its average volume of 143,742. Piper Sandler Companies has a 12-month low of $202.91 and a 12-month high of $351.80. The stock has a market cap of $5.67 billion, a price-to-earnings ratio of 27.09 and a beta of 1.50. The company has a 50 day simple moving average of $298.64.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The financial services provider reported $2.95 earnings per share (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 the consensus estimate 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 quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm earned $2.52 earnings per share. As a group, analysts predict that Piper Sandler Companies will post 14.14 earnings per share for the current year.

Piper Sandler Companies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be issued a $0.70 dividend. The ex-dividend date is Friday, August 29th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 0.9%. This is a boost from Piper Sandler Companies's previous quarterly dividend of $0.65. Piper Sandler Companies's dividend payout ratio (DPR) is 21.94%.

Analyst Upgrades and Downgrades

Several brokerages have commented on PIPR. JMP Securities reaffirmed a "market perform" rating on shares of Piper Sandler Companies in a research report on Monday, May 5th. Wolfe Research upgraded shares of Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price target on the stock in a report on Thursday, July 10th. Finally, Wall Street Zen upgraded shares of Piper Sandler Companies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $312.50.

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.