Cresset Asset Management LLC Lowers Stake in 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 reduced its stake 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 quarter. Cresset Asset Management LLC's holdings in Piper Sandler Companies were worth $503,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Westwood Holdings Group Inc. lifted its holdings in shares of Piper Sandler Companies by 35.0% in the 1st quarter. Westwood Holdings Group Inc. now owns 357,167 shares of the financial services provider's stock worth $88,456,000 after acquiring an additional 92,527 shares during the last quarter. GW&K Investment Management LLC lifted its holdings in shares of Piper Sandler Companies by 0.8% in the 1st quarter. GW&K Investment Management LLC now owns 323,483 shares of the financial services provider's stock worth $80,114,000 after acquiring an additional 2,620 shares during the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of Piper Sandler Companies by 16.8% in the 1st quarter. Stephens Investment Management Group LLC now owns 250,507 shares of the financial services provider's stock worth $62,041,000 after acquiring an additional 35,953 shares during the last quarter. Nuveen LLC purchased a new stake in Piper Sandler Companies during the 1st quarter worth approximately $49,826,000. Finally, Northern Trust Corp increased its stake in Piper Sandler Companies by 9.4% during the 4th quarter. Northern Trust Corp now owns 200,005 shares of the financial services provider's stock worth $59,991,000 after buying an additional 17,120 shares during the period. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Piper Sandler Companies Trading Down 1.5%

Shares of NYSE PIPR traded down $4.95 during mid-day trading on Friday, reaching $333.48. The company had a trading volume of 96,564 shares, compared to its average volume of 145,112. The stock has a 50 day simple moving average of $310.97. The stock has a market cap of $5.90 billion, a PE ratio of 28.14 and a beta of 1.50. 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 posted its 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 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 revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm posted $2.52 EPS. Research analysts predict that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

Piper Sandler Companies Increases Dividend

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

Insider Activity at Piper Sandler Companies

In related news, General Counsel John W. Geelan sold 2,000 shares of the stock in a transaction on 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 of the company's stock, valued at $4,080,415.05. This trade represents a 13.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jonathan J. Doyle sold 3,536 shares of the stock in a transaction on Monday, August 4th. The shares were sold at an average price of $316.84, for a total transaction of $1,120,346.24. Following the completion of the transaction, the insider directly owned 132,910 shares in the company, valued at $42,111,204.40. This trade represents a 2.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,136 shares of company stock valued at $8,380,342. Corporate insiders own 2.70% of the company's stock.

Wall Street Analyst Weigh In

PIPR has been the topic of several recent research reports. JMP Securities reaffirmed a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday, May 5th. Wolfe Research raised shares of Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 target price on the stock in a research note on Thursday, July 10th. Finally, Wall Street Zen raised shares of Piper Sandler Companies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $312.50.

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.