Intech Investment Management LLC Buys 3,056 Shares of Piper Sandler Companies $PIPR

Key Points

• Intech Investment Management LLC increased its holdings in Piper Sandler Companies by 33.2%, owning 12,249 shares worth $3.03 million at the end of the last quarter.
• Recent insider trades include General Counsel John W. Geelan selling 2,000 shares, while CEO Chad R. Abraham sold 10,000 shares, reducing their positions by 13.66% and 15.73%, respectively.
• Piper Sandler has announced a quarterly dividend increase to $0.70 per share, up from $0.65, with an annualized payout ratio of 23.63%.

Intech Investment Management LLC boosted its position in Piper Sandler Companies (NYSE:PIPR - Free Report) by 33.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,249 shares of the financial services provider's stock after buying an additional 3,056 shares during the period. Intech Investment Management LLC owned approximately 0.07% of Piper Sandler Companies worth $3,034,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Baird Financial Group Inc. lifted its holdings in Piper Sandler Companies by 140.2% in the fourth quarter. Baird Financial Group Inc. now owns 711 shares of the financial services provider's stock valued at $213,000 after acquiring an additional 415 shares during the period. Cetera Investment Advisers lifted its holdings in Piper Sandler Companies by 88.4% in the fourth quarter. Cetera Investment Advisers now owns 2,108 shares of the financial services provider's stock valued at $632,000 after acquiring an additional 989 shares during the period. Lazard Asset Management LLC acquired a new stake in Piper Sandler Companies in the fourth quarter valued at $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Piper Sandler Companies by 4.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,876 shares of the financial services provider's stock valued at $2,962,000 after acquiring an additional 388 shares during the period. Finally, Millennium Management LLC lifted its holdings in Piper Sandler Companies by 34.2% in the fourth quarter. Millennium Management LLC now owns 93,635 shares of the financial services provider's stock valued at $28,086,000 after acquiring an additional 23,860 shares during the period. 72.79% of the stock is currently owned by hedge funds and other institutional investors.

Piper Sandler Companies Stock Down 1.2%

Shares of NYSE PIPR traded down $4.30 on Tuesday, reaching $345.34. 181,799 shares of the company traded hands, compared to its average volume of 105,417. Piper Sandler Companies has a fifty-two week low of $202.91 and a fifty-two week high of $352.34. The firm's 50 day moving average is $323.82. The company has a market capitalization of $6.11 billion, a PE ratio of 29.14 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 analysts' consensus estimates of $1.99 by $0.96. The firm had revenue of $405.39 million during the quarter, compared to analysts' expectations of $349.40 million. Piper Sandler Companies had a return on equity of 18.67% and a net margin of 13.18%.Piper Sandler Companies's quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.52 EPS. As a group, analysts anticipate that Piper Sandler Companies will post 14.14 earnings per share for the current year.

Piper Sandler Companies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Friday, August 29th were given 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 yield of 0.8%. The ex-dividend date of this dividend was Friday, August 29th. Piper Sandler Companies's dividend payout ratio is 23.63%.

Insider Buying and Selling

In related news, CEO Chad R. Abraham sold 8,000 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $323.71, for a total value of $2,589,680.00. Following the completion of the transaction, the chief executive officer owned 53,558 shares in the company, valued at $17,337,260.18. This trade represents a 13.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel John W. Geelan sold 2,000 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $322.69, for a total value of $645,380.00. Following the completion of the sale, the general counsel directly owned 12,645 shares of the company's stock, valued at approximately $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 three months. Corporate insiders own 2.70% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PIPR shares. Wall Street Zen downgraded Piper Sandler Companies from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Wolfe Research raised Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price target for the company in a research note on Thursday, July 10th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $312.50.

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.