Envestnet Portfolio Solutions Inc. Buys 1,237 Shares of Piper Sandler Companies $PIPR

Key Points

• Envestnet Portfolio Solutions Inc. has increased its stake in Piper Sandler Companies by 61.4%, acquiring an additional 1,237 shares, bringing their total holdings to 3,252 shares valued at approximately $904,000.
• Analyst ratings for Piper Sandler Companies show mixed sentiments, with Wolfe Research upgrading it to "outperform" while Zacks Research has downgraded it to "hold," reflecting varied expectations among investment analysts.
• Piper Sandler Companies recently increased its quarterly dividend from $0.65 to $0.70, representing an annualized dividend of $2.80 and a yield of 0.9% as of September 12th.

Envestnet Portfolio Solutions Inc. increased its stake in shares of Piper Sandler Companies (NYSE:PIPR - Free Report) by 61.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,252 shares of the financial services provider's stock after acquiring an additional 1,237 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Piper Sandler Companies were worth $904,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Nuveen LLC acquired a new position in shares of Piper Sandler Companies during the first quarter valued at about $49,826,000. Westwood Holdings Group Inc. increased its position in 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 valued at $88,456,000 after buying an additional 92,527 shares in the last quarter. MetLife Investment Management LLC increased its position in Piper Sandler Companies by 384.7% in the 1st quarter. MetLife Investment Management LLC now owns 50,637 shares of the financial services provider's stock valued at $12,541,000 after buying an additional 40,190 shares in the last quarter. Stephens Investment Management Group LLC raised its stake in Piper Sandler Companies by 16.8% during 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 buying an additional 35,953 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in Piper Sandler Companies by 31.7% in the first quarter. Envestnet Asset Management Inc. now owns 78,128 shares of the financial services provider's stock worth $19,349,000 after acquiring an additional 18,787 shares in the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PIPR. Wolfe Research upgraded Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price objective for the company in a report on Thursday, July 10th. Wall Street Zen raised shares of Piper Sandler Companies from a "hold" rating to a "buy" rating in a research report on Sunday, October 12th. Zacks Research lowered shares of Piper Sandler Companies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 30th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Piper Sandler Companies in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $312.50.

Piper Sandler Companies Stock Performance

Shares of PIPR stock opened at $327.39 on Monday. The firm has a 50-day moving average price of $339.27. Piper Sandler Companies has a one year low of $202.91 and a one year high of $374.77. The stock has a market capitalization of $5.79 billion, a P/E ratio of 27.63 and a beta of 1.45.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.96. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.67%. The business had revenue of $405.39 million for the quarter, compared to analysts' expectations of $349.40 million. During the same period in the previous year, the company earned $2.52 earnings per share. The firm's revenue for the quarter was up 13.4% compared to the same quarter last year. On average, equities research analysts predict that Piper Sandler Companies will post 14.14 earnings per share for the current year.

Piper Sandler Companies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were issued a $0.70 dividend. 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 was Friday, August 29th. Piper Sandler Companies's dividend payout ratio is currently 23.63%.

Insiders Place Their Bets

In other Piper Sandler Companies 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 value of $1,120,346.24. Following the completion of the transaction, the insider 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 Securities & Exchange Commission, which is available through the SEC website. Also, CEO Chad R. Abraham sold 8,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $323.71, for a total value of $2,589,680.00. Following the sale, the chief executive officer directly owned 53,558 shares of the company's stock, valued at approximately $17,337,260.18. This represents a 13.00% 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 valued at $8,380,342. Insiders own 2.70% of the company's stock.

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.

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