Northern Trust Corp Lowers Stock Holdings in Piper Sandler Companies $PIPR

Key Points

• Northern Trust Corp reduced its stake in Piper Sandler Companies by 0.4%, retaining ownership of approximately 199,261 shares valued at $49.35 million.
• Piper Sandler Companies reported a net margin of 13.18% and earnings of $2.95 per share for the most recent quarter, exceeding analysts' expectations.
• The company announced a dividend increase to $0.70 per share, marking a rise from the previous dividend of $0.65, with a payout ratio of 21.94%.

Northern Trust Corp reduced its position in Piper Sandler Companies (NYSE:PIPR - Free Report) by 0.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 199,261 shares of the financial services provider's stock after selling 744 shares during the period. Northern Trust Corp owned about 1.12% of Piper Sandler Companies worth $49,349,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. First Trust Advisors LP lifted its position in shares of Piper Sandler Companies by 769.1% during the 4th quarter. First Trust Advisors LP now owns 26,315 shares of the financial services provider's stock worth $7,893,000 after buying an additional 23,287 shares during the period. MML Investors Services LLC grew its stake in shares of Piper Sandler Companies by 113.0% during the fourth quarter. MML Investors Services LLC now owns 3,813 shares of the financial services provider's stock worth $1,144,000 after purchasing an additional 2,023 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Piper Sandler Companies by 54.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,366 shares of the financial services provider's stock worth $410,000 after acquiring an additional 481 shares in the last quarter. Stifel Financial Corp lifted its holdings in shares of Piper Sandler Companies by 227.0% in the fourth quarter. Stifel Financial Corp now owns 2,619 shares of the financial services provider's stock valued at $786,000 after purchasing an additional 1,818 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of Piper Sandler Companies by 132.7% in the fourth quarter. Hsbc Holdings PLC now owns 6,782 shares of the financial services provider's stock valued at $2,029,000 after purchasing an additional 3,868 shares in the last quarter. Institutional investors and hedge funds own 72.79% of the company's stock.

Piper Sandler Companies Stock Down 1.5%

NYSE PIPR traded down $4.96 during trading on Tuesday, reaching $328.83. 108,058 shares of the company's stock were exchanged, compared to its average volume of 122,377. Piper Sandler Companies has a fifty-two week low of $202.91 and a fifty-two week high of $351.80. The firm's 50 day simple moving average is $313.51. The firm has a market capitalization of $5.82 billion, a PE ratio of 27.75 and a beta of 1.45.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.99 by $0.96. Piper Sandler Companies had a return on equity of 18.67% and a net margin of 13.18%.The business had revenue of $405.39 million for the quarter, compared to the consensus estimate of $349.40 million. During the same quarter in the prior year, the business posted $2.52 earnings per share. The firm's quarterly revenue was up 13.4% compared to the same quarter last year. On average, analysts forecast that Piper Sandler Companies will post 14.14 earnings per share for the current year.

Piper Sandler Companies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.70 per share. 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%. This is an increase from Piper Sandler Companies's previous quarterly dividend of $0.65. Piper Sandler Companies's dividend payout ratio is presently 23.63%.

Insider Buying and Selling

In other Piper Sandler Companies news, CEO Chad R. Abraham sold 8,000 shares of Piper Sandler Companies stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $323.71, for a total transaction of $2,589,680.00. Following the transaction, the chief executive officer owned 53,558 shares of the company's stock, valued at $17,337,260.18. This trade represents a 13.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott C. Taylor sold 2,600 shares of Piper Sandler Companies stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,136 shares of company stock valued at $8,380,342. Company insiders own 2.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PIPR shares. Wolfe Research upgraded Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 target price on the stock in a report on Thursday, July 10th. JMP Securities reiterated a "market perform" rating on shares of Piper Sandler Companies in a report on Monday, May 5th. Finally, Wall Street Zen lowered Piper Sandler Companies from a "buy" rating to a "hold" rating in a report on Saturday. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target 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.