LPL Financial LLC Boosts Stock Position in Piper Sandler Companies $PIPR

Key Points

• LPL Financial LLC increased its holdings in Piper Sandler Companies by 26.2% in the first quarter, owning a total of 7,088 shares valued at approximately $1.76 million.
• Piper Sandler reported a quarterly earnings per share of $2.95, significantly exceeding the analysts' consensus estimate of $1.99, with a year-over-year revenue increase of 13.4%.
• The company announced a dividend increase to $0.70 per share, up from the previous $0.65, reflecting a growing commitment to returning value to shareholders.

LPL Financial LLC boosted its position in shares of Piper Sandler Companies (NYSE:PIPR - Free Report) by 26.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,088 shares of the financial services provider's stock after buying an additional 1,471 shares during the period. LPL Financial LLC's holdings in Piper Sandler Companies were worth $1,755,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in PIPR. Cambridge Investment Research Advisors Inc. acquired a new position in Piper Sandler Companies in the 1st quarter valued at $215,000. Oppenheimer Asset Management Inc. grew its holdings in shares of Piper Sandler Companies by 1.4% during the first quarter. Oppenheimer Asset Management Inc. now owns 6,704 shares of the financial services provider's stock worth $1,660,000 after buying an additional 93 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Piper Sandler Companies by 58.8% in 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 lifted its stake in shares of Piper Sandler Companies by 0.6% in 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 buying an additional 992 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position 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 acquiring an additional 210 shares during the last quarter. 72.79% of the stock is currently owned by hedge funds and other institutional investors.

Piper Sandler Companies Stock Performance

NYSE:PIPR traded up $16.0330 on Friday, hitting $336.0230. The stock had a trading volume of 168,197 shares, compared to its average volume of 152,702. The firm has a market capitalization of $5.94 billion, a PE ratio of 28.36 and a beta of 1.50. The stock has a fifty day moving average price of $302.78. Piper Sandler Companies has a 1-year low of $202.91 and a 1-year 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 for the quarter, beating the consensus estimate of $1.99 by $0.96. The company had revenue of $405.39 million for the quarter, compared to analyst estimates of $349.40 million. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.67%. Piper Sandler Companies's revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.52 EPS. Analysts forecast that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, August 29th. This is an increase from Piper Sandler Companies's previous quarterly dividend of $0.65. This represents a $2.80 dividend on an annualized basis and a yield of 0.8%. Piper Sandler Companies's dividend payout ratio is currently 21.94%.

Insider Activity at Piper Sandler Companies

In other Piper Sandler Companies news, General Counsel John W. Geelan sold 2,000 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $322.69, for a total transaction of $645,380.00. Following the completion of the transaction, the general counsel owned 12,645 shares of the company's stock, valued at $4,080,415.05. This trade represents a 13.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Scott C. Taylor sold 2,600 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $319.86, for a total transaction of $831,636.00. Following the completion of the sale, the director directly owned 16,319 shares in the company, valued at $5,219,795.34. This trade represents a 13.74% 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 worth $8,380,342. 2.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PIPR has been the topic of a number of research reports. Wolfe Research raised shares of Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 target price on the stock in a research note on Thursday, July 10th. JMP Securities reissued a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday, May 5th. Finally, Wall Street Zen raised shares of Piper Sandler Companies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $312.50.

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.