Fred Alger Management LLC Has $17.12 Million Stock Holdings in Piper Sandler Companies $PIPR

Key Points

• Fred Alger Management LLC reduced its stake in Piper Sandler Companies by 9.4%, selling 7,212 shares, which now represents approximately 0.39% ownership valued at $17.12 million.
• The company reported earnings per share of $2.95 for the latest quarter, surpassing analysts' estimates of $1.99, with a revenue of $405.39 million.
• Piper Sandler Companies announced an increase in its quarterly dividend to $0.70 per share, up from $0.65, reflecting an annualized yield of 0.8%.

Fred Alger Management LLC trimmed its position in Piper Sandler Companies (NYSE:PIPR - Free Report) by 9.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,145 shares of the financial services provider's stock after selling 7,212 shares during the period. Fred Alger Management LLC owned approximately 0.39% of Piper Sandler Companies worth $17,124,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Piper Sandler Companies in the 1st quarter valued at approximately $215,000. Oppenheimer Asset Management Inc. raised its position in shares of Piper Sandler Companies by 1.4% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 6,704 shares of the financial services provider's stock valued at $1,660,000 after acquiring an additional 93 shares during the period. GAMMA Investing LLC increased its stake in Piper Sandler Companies by 58.8% during the 1st quarter. GAMMA Investing LLC now owns 440 shares of the financial services provider's stock worth $109,000 after purchasing an additional 163 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Piper Sandler Companies by 0.6% during the 1st 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 in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in Piper Sandler Companies by 11.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,015 shares of the financial services provider's stock valued at $499,000 after buying an additional 210 shares in the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PIPR has been the subject of several research analyst reports. Wall Street Zen cut shares of Piper Sandler Companies from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Wolfe Research upgraded shares of Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price target for the company in a 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. According to MarketBeat.com, Piper Sandler Companies presently has a consensus rating of "Hold" and an average price target of $312.50.

Insider Buying and Selling at Piper Sandler Companies

In other news, CEO Chad R. Abraham sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $319.33, for a total transaction of $3,193,300.00. Following the completion of the transaction, the chief executive officer directly owned 53,558 shares of the company's stock, valued at $17,102,676.14. This trade represents a 15.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel John W. Geelan sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $322.69, for a total transaction 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 represents a 13.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,136 shares of company stock valued at $8,380,342 over the last quarter. Insiders own 2.70% of the company's stock.

Piper Sandler Companies Stock Performance

Shares of PIPR traded down $0.52 during mid-day trading on Friday, hitting $346.17. 151,632 shares of the company's stock were exchanged, compared to its average volume of 101,740. The firm has a market capitalization of $6.12 billion, a P/E ratio of 29.21 and a beta of 1.45. Piper Sandler Companies has a 52 week low of $202.91 and a 52 week high of $351.80. The stock has a 50-day moving average of $321.40.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last issued 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. The company had revenue of $405.39 million during 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 18.67%. The business's quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the business earned $2.52 EPS. On average, equities research analysts anticipate that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $2.80 annualized dividend and a dividend yield of 0.8%. This is an increase from Piper Sandler Companies's previous quarterly dividend of $0.65. Piper Sandler Companies's dividend payout ratio (DPR) is 23.63%.

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.