Nuveen LLC Acquires New Shares in Piper Sandler Companies $PIPR

Key Points

• Nuveen LLC has acquired 201,189 shares of Piper Sandler Companies, worth approximately $49.8 million, representing about 1.13% ownership of the firm as of the latest SEC filing.
• Piper Sandler reported a strong quarterly earnings performance, with an EPS of $2.95, exceeding estimates, alongside a 13.4% year-over-year revenue growth.
• The company has increased its quarterly dividend from $0.65 to $0.70 per share, reflecting a 0.8% yield and a dividend payout ratio of 21.94%.

Nuveen LLC purchased a new position in shares of Piper Sandler Companies (NYSE:PIPR - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 201,189 shares of the financial services provider's stock, valued at approximately $49,826,000. Nuveen LLC owned approximately 1.13% of Piper Sandler Companies at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Westwood Holdings Group Inc. boosted its stake in Piper Sandler Companies by 35.0% during the first quarter. Westwood Holdings Group Inc. now owns 357,167 shares of the financial services provider's stock worth $88,456,000 after buying an additional 92,527 shares in the last quarter. GW&K Investment Management LLC boosted its stake in shares of Piper Sandler Companies by 0.8% in the 1st 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 boosted its stake in shares of Piper Sandler Companies by 16.8% in the 1st quarter. Stephens Investment Management Group LLC now owns 250,507 shares of the financial services provider's stock valued at $62,041,000 after purchasing an additional 35,953 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Piper Sandler Companies by 9.4% in the 4th quarter. Northern Trust Corp now owns 200,005 shares of the financial services provider's stock valued at $59,991,000 after purchasing an additional 17,120 shares in the last quarter. Finally, Systematic Financial Management LP boosted its stake in shares of Piper Sandler Companies by 1.8% in the 4th quarter. Systematic Financial Management LP now owns 199,842 shares of the financial services provider's stock valued at $59,943,000 after purchasing an additional 3,500 shares in the last quarter. Institutional investors and hedge funds own 72.79% of the company's stock.

Piper Sandler Companies Trading Down 0.6%

PIPR traded down $1.85 during trading hours on Tuesday, reaching $323.84. The company's stock had a trading volume of 10,569 shares, compared to its average volume of 144,093. Piper Sandler Companies has a 52 week low of $202.91 and a 52 week high of $351.80. The company's 50-day simple moving average is $297.45. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 27.33 and a beta of 1.50.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share for the quarter, beating 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 analysts' expectations of $349.40 million. During the same quarter in the prior year, the business earned $2.52 EPS. The firm's revenue for the quarter was up 13.4% on a year-over-year basis. Analysts predict that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Increases Dividend

The company also recently disclosed 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 represents a $2.80 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, August 29th. This is a positive change from Piper Sandler Companies's previous quarterly dividend of $0.65. Piper Sandler Companies's dividend payout ratio (DPR) is 23.63%.

Insider Transactions at Piper Sandler Companies

In related news, Director Scott C. Taylor sold 2,600 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $319.86, for a total value of $831,636.00. Following the transaction, the director owned 16,319 shares in the company, valued at approximately $5,219,795.34. This trade represents a 13.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jonathan J. Doyle sold 3,536 shares of the firm's stock in a transaction on Monday, August 4th. The stock was 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 in the company, valued at $42,111,204.40. The trade was a 2.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,136 shares of company stock worth $8,380,342 over the last quarter. 2.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PIPR. Wolfe Research upgraded 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. Wall Street Zen raised Piper Sandler Companies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday, May 5th. One 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 a consensus price target of $312.50.

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.