NorthCrest Asset Manangement LLC Sells 4,487 Shares of Piper Sandler Companies $PIPR

Key Points

• NorthCrest Asset Management LLC reduced its holdings in Piper Sandler Companies by 49%, selling 4,487 shares in the second quarter, resulting in ownership of 4,668 shares worth approximately $1.37 million.
• In recent insider activity, CEO Chad R. Abraham sold 10,000 shares at an average price of $319.33, while General Counsel John W. Geelan sold 2,000 shares at $322.69, indicating significant insider selling.
• Piper Sandler Companies has announced an increase in its dividend from $0.65 to $0.70 per share, reflecting a positive outlook with a payout ratio of 23.63% and an annual yield of 0.8%.

NorthCrest Asset Manangement LLC lowered its holdings in Piper Sandler Companies (NYSE:PIPR - Free Report) by 49.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,668 shares of the financial services provider's stock after selling 4,487 shares during the period. NorthCrest Asset Manangement LLC's holdings in Piper Sandler Companies were worth $1,370,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PIPR. MassMutual Private Wealth & Trust FSB lifted its holdings 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 during the period. von Borstel & Associates Inc. bought a new stake in shares of Piper Sandler Companies during the 1st quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Piper Sandler Companies by 495.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125 shares of the financial services provider's stock worth $31,000 after acquiring an additional 104 shares during the period. Park Square Financial Group LLC bought a new stake in shares of Piper Sandler Companies during the 4th quarter worth approximately $45,000. Finally, Wealth Preservation Advisors LLC bought a new stake in shares of Piper Sandler Companies during the 1st quarter worth approximately $37,000. Institutional investors own 72.79% of the company's stock.

Insider Activity

In related news, General Counsel John W. Geelan sold 2,000 shares of Piper Sandler Companies stock in a transaction on 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 Securities & Exchange Commission, which is available at the SEC website. Also, CEO Chad R. Abraham sold 10,000 shares of Piper Sandler Companies stock in a transaction 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 transaction, the chief executive officer directly 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 disclosure for this sale can be found here. Insiders sold 26,136 shares of company stock worth $8,380,342 over the last ninety days. Corporate insiders own 2.70% of the company's stock.

Wall Street Analysts Forecast Growth

PIPR has been the subject of a number of recent analyst reports. Wall Street Zen downgraded shares of Piper Sandler Companies from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. 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 report on Thursday, July 10th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Piper Sandler Companies presently has an average rating of "Hold" and a consensus price target of $312.50.

Piper Sandler Companies Stock Performance

Shares of NYSE PIPR opened at $366.33 on Friday. Piper Sandler Companies has a 52-week low of $202.91 and a 52-week high of $374.77. The company has a 50 day simple moving average of $327.76. The firm has a market cap of $6.48 billion, a PE ratio of 30.91 and a beta of 1.45.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last announced its 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. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.67%. The business had revenue of $405.39 million during the quarter, compared to the consensus estimate of $349.40 million. During the same quarter last year, the firm earned $2.52 earnings per share. Piper Sandler Companies's quarterly revenue was up 13.4% on a year-over-year basis. On average, analysts expect that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 29th were paid a dividend of $0.70 per share. This is a boost 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%. The ex-dividend date of this dividend was Friday, August 29th. Piper Sandler Companies's payout ratio is 23.63%.

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.

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