New Age Alpha Advisors LLC Sells 819 Shares of Piper Sandler Companies (NYSE:PIPR)

Key Points

• New Age Alpha Advisors LLC has reduced its holdings in Piper Sandler Companies by 50.3%, now owning 808 shares valued at approximately $200,000.
• Piper Sandler Companies reported a strong financial performance with earnings per share of $2.95, surpassing consensus estimates, and a revenue increase of 13.4% year-over-year.
• The company has announced an increase in its quarterly dividend to $0.70 per share, reflecting its solid financial position and commitment to returning value to shareholders.

New Age Alpha Advisors LLC lowered its stake in Piper Sandler Companies (NYSE:PIPR - Free Report) by 50.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 808 shares of the financial services provider's stock after selling 819 shares during the period. New Age Alpha Advisors LLC's holdings in Piper Sandler Companies were worth $200,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. GW&K Investment Management LLC increased its holdings in shares of Piper Sandler Companies by 0.8% in the first quarter. GW&K Investment Management LLC now owns 323,483 shares of the financial services provider's stock valued at $80,114,000 after purchasing an additional 2,620 shares in the last quarter. Stephens Investment Management Group LLC grew its holdings 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 acquiring an additional 35,953 shares during the period. Northern Trust Corp grew its holdings in Piper Sandler Companies by 9.4% during the 4th quarter. Northern Trust Corp now owns 200,005 shares of the financial services provider's stock worth $59,991,000 after acquiring an additional 17,120 shares during the period. Systematic Financial Management LP grew its holdings in Piper Sandler Companies by 1.8% during the 4th quarter. Systematic Financial Management LP now owns 199,842 shares of the financial services provider's stock worth $59,943,000 after acquiring an additional 3,500 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings 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 acquiring an additional 992 shares during the period. Institutional investors and hedge funds own 72.79% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on PIPR. Wolfe Research raised shares of Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 target price for the company in a report on Thursday, July 10th. JMP Securities reaffirmed a "market perform" rating on shares of Piper Sandler Companies in a report on Monday, May 5th. Finally, Wall Street Zen raised shares of Piper Sandler Companies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th.

Piper Sandler Companies Stock Performance

Shares of PIPR stock traded down $7.00 on Friday, hitting $324.61. The stock had a trading volume of 21,268 shares, compared to its average volume of 144,613. Piper Sandler Companies has a twelve month low of $202.91 and a twelve month high of $351.80. The firm has a market cap of $5.74 billion, a price-to-earnings ratio of 27.41 and a beta of 1.50. The company has a fifty day simple moving average of $295.00.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, beating 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 company had revenue of $405.39 million during the quarter, compared to analyst estimates of $349.40 million. During the same quarter in the previous year, the business earned $2.52 EPS. The firm's revenue was up 13.4% on a year-over-year basis. Research analysts expect that Piper Sandler Companies will post 14.14 earnings per share 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. Stockholders of record on Friday, August 29th will be issued a $0.70 dividend. This is a positive change 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 annualized dividend and a dividend yield of 0.9%. Piper Sandler Companies's dividend payout ratio (DPR) is presently 21.94%.

Insider Activity

In other news, insider Jonathan J. Doyle sold 3,536 shares of the business's stock in a transaction 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 transaction, the insider owned 132,910 shares of the company's stock, valued at $42,111,204.40. The trade was a 2.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Chad R. Abraham sold 10,000 shares of the business's stock in a transaction 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 disclosure for this sale can be found here. Insiders sold 26,136 shares of company stock worth $8,380,342 over the last quarter. Corporate 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.