Invesco Ltd. Sells 65,320 Shares of Piper Sandler Companies $PIPR

Key Points

• Invesco Ltd. has reduced its stake in Piper Sandler Companies by 9.4%, selling 65,320 shares and now holding 632,504 shares worth approximately $156.6 million.
• Piper Sandler Companies recently reported an earnings per share of $2.95 for the quarter, exceeding analysts' expectations of $1.99, with revenues also significantly up by 13.4% year-over-year.
• The firm announced an increased quarterly dividend of $0.70, up from $0.65, with a current annualized dividend yield of 0.9%.

Invesco Ltd. trimmed its holdings in Piper Sandler Companies (NYSE:PIPR - Free Report) by 9.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 632,504 shares of the financial services provider's stock after selling 65,320 shares during the quarter. Invesco Ltd. owned 3.56% of Piper Sandler Companies worth $156,646,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Piper Sandler Companies by 131.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the financial services provider's stock worth $27,000 after acquiring an additional 62 shares in the last quarter. von Borstel & Associates Inc. purchased a new position in Piper Sandler Companies in the 1st quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Piper Sandler Companies by 495.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125 shares of the financial services provider's stock valued at $31,000 after buying an additional 104 shares in the last quarter. Park Square Financial Group LLC acquired a new stake in Piper Sandler Companies in the 4th quarter valued at about $45,000. Finally, Lazard Asset Management LLC acquired a new stake in Piper Sandler Companies in the 4th quarter valued at about $51,000. 72.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Piper Sandler Companies

In other Piper Sandler Companies news, CEO Chad R. Abraham sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 owned 53,558 shares of the company's stock, valued at $17,102,676.14. This represents a 15.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jonathan J. Doyle sold 3,536 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $316.84, for a total value of $1,120,346.24. Following the completion of the sale, the insider directly owned 132,910 shares of the company's stock, valued at approximately $42,111,204.40. The trade was a 2.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,136 shares of company stock worth $8,380,342. Insiders own 2.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. JMP Securities restated a "market perform" rating on shares of Piper Sandler Companies in a report 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 price target for the company in a research report 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 report on Saturday, August 9th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $312.50.

Piper Sandler Companies Price Performance

NYSE:PIPR traded down $1.85 during mid-day trading on Tuesday, hitting $323.84. The stock had a trading volume of 10,454 shares, compared to its average volume of 144,093. The stock has a market capitalization of $5.73 billion, a PE ratio of 27.31 and a beta of 1.50. The stock's 50 day moving average is $297.45. 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 earnings per share (EPS) for the quarter, beating 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 net margin of 13.18% and a return on equity of 18.67%. The company's revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.52 earnings per share. Equities research analysts anticipate that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be given a dividend of $0.70 per share. This is an increase 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 yield of 0.9%. Piper Sandler Companies's payout ratio is currently 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.