Empirical Financial Services LLC d.b.a. Empirical Wealth Management Buys 867 Shares of Piper Sandler Companies (NYSE:PIPR)

Key Points

• Empirical Financial Services LLC has increased its stake in Piper Sandler Companies by 33.8%, acquiring an additional 867 shares, bringing its total holdings to 3,433 shares worth approximately $850,000.
• Piper Sandler Companies reported strong quarterly earnings, with an EPS of $2.95, significantly surpassing estimates, and revenue of $405.39 million, reflecting a 13.4% year-over-year growth.
• The company also announced an increase in its quarterly dividend from $0.65 to $0.70, indicating confidence in its financial stability with a dividend yield of 0.9%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Piper Sandler Companies (NYSE:PIPR - Free Report) by 33.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,433 shares of the financial services provider's stock after purchasing an additional 867 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Piper Sandler Companies were worth $850,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Piper Sandler Companies during the 1st quarter worth approximately $215,000. Oppenheimer Asset Management Inc. grew its holdings in Piper Sandler Companies by 1.4% in the first quarter. Oppenheimer Asset Management Inc. now owns 6,704 shares of the financial services provider's stock worth $1,660,000 after purchasing an additional 93 shares during the period. GAMMA Investing LLC grew 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 valued at $109,000 after buying an additional 163 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in 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 purchasing an additional 992 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in 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 purchasing an additional 210 shares during the last quarter. 72.79% of the stock is owned by institutional investors.

Insider Buying and Selling at Piper Sandler Companies

In other news, insider Jonathan J. Doyle sold 3,536 shares of Piper Sandler Companies 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 transaction, the insider owned 132,910 shares of the company's stock, valued at $42,111,204.40. The trade was a 2.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PIPR. JMP Securities reaffirmed a "market perform" rating on shares of Piper Sandler Companies in a research note 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 objective on the stock in a report on Thursday, July 10th.

Piper Sandler Companies Price Performance

PIPR traded down $3.52 during trading on Tuesday, reaching $317.46. 54,573 shares of the company's stock were exchanged, compared to its average volume of 144,260. Piper Sandler Companies has a 1 year low of $202.91 and a 1 year high of $351.80. The stock has a market capitalization of $5.64 billion, a PE ratio of 26.77 and a beta of 1.50. The stock has a fifty day moving average of $283.17.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last announced its earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.96. The company had revenue of $405.39 million for the quarter, compared to analysts' expectations of $349.40 million. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.71%. The firm's quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.52 EPS. As a group, 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 declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be issued a dividend of $0.70 per share. This is a boost from Piper Sandler Companies's previous quarterly dividend of $0.65. This represents a $2.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, August 29th. Piper Sandler Companies's dividend payout ratio is 21.94%.

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.