Cresset Asset Management LLC Sells 2,215 Shares of Piper Sandler Companies $PIPR

Key Points

• Cresset Asset Management LLC has reduced its holdings in Piper Sandler Companies by 52.2%, now owning 2,032 shares worth approximately $503,000.
• Piper Sandler recently reported quarterly earnings of $2.95 EPS, exceeding analysts' expectations, with revenue of $405.39 million, a year-over-year increase of 13.4%.
• The company has increased its quarterly dividend from $0.65 to $0.70, representing an annualized dividend yield of 0.8%, effective for shareholders on record by August 29th.

Cresset Asset Management LLC decreased its holdings in Piper Sandler Companies (NYSE:PIPR - Free Report) by 52.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,032 shares of the financial services provider's stock after selling 2,215 shares during the period. Cresset Asset Management LLC's holdings in Piper Sandler Companies were worth $503,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. bought a new position in shares of Piper Sandler Companies in the 1st quarter valued at $215,000. Oppenheimer Asset Management Inc. increased its holdings in shares of Piper Sandler Companies by 1.4% during the first quarter. Oppenheimer Asset Management Inc. now owns 6,704 shares of the financial services provider's stock worth $1,660,000 after buying an additional 93 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Piper Sandler Companies by 58.8% during the first quarter. GAMMA Investing LLC now owns 440 shares of the financial services provider's stock worth $109,000 after buying an additional 163 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Piper Sandler Companies by 0.6% during the first quarter. Bank of New York Mellon Corp now owns 156,751 shares of the financial services provider's stock worth $38,821,000 after buying an additional 992 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in shares of Piper Sandler Companies by 11.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,015 shares of the financial services provider's stock worth $499,000 after buying an additional 210 shares in the last quarter. Institutional investors own 72.79% of the company's stock.

Piper Sandler Companies Trading Up 1.4%

PIPR stock traded up $4.52 during midday trading on Tuesday, hitting $338.95. The stock had a trading volume of 145,704 shares, compared to its average volume of 151,558. The stock has a market cap of $6.00 billion, a price-to-earnings ratio of 28.60 and a beta of 1.50. The stock's 50-day moving average price is $306.06. Piper Sandler Companies has a 52-week low of $202.91 and a 52-week high of $351.80.

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. Equities research analysts expect that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, August 29th. This is an increase from Piper Sandler Companies's previous quarterly dividend of $0.65. This represents a $2.80 annualized dividend and a dividend yield of 0.8%. Piper Sandler Companies's dividend payout ratio is presently 21.94%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PIPR. Wall Street Zen upgraded shares of Piper Sandler Companies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. JMP Securities reiterated a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday, May 5th. Finally, Wolfe Research upgraded 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 report on Thursday, July 10th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Piper Sandler Companies presently has a consensus rating of "Hold" and a consensus price target of $312.50.

Insider Transactions at Piper Sandler Companies

In related news, CEO Chad R. Abraham sold 8,000 shares of Piper Sandler Companies stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $323.71, for a total transaction of $2,589,680.00. Following the transaction, the chief executive officer directly owned 53,558 shares in the company, valued at approximately $17,337,260.18. The trade was a 13.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jonathan J. Doyle sold 3,536 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $316.84, for a total value of $1,120,346.24. Following the sale, the insider directly owned 132,910 shares in the company, valued at approximately $42,111,204.40. This represents a 2.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,136 shares of company stock worth $8,380,342. 2.70% of the stock is currently owned by insiders.

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.