Oliver Luxxe Assets LLC Decreases Stake in Piper Sandler Companies $PIPR

Key Points

• Oliver Luxxe Assets LLC has reduced its stake in Piper Sandler Companies by 14.1%, owning 9,626 shares valued at approximately $2.38 million after selling 1,576 shares.
• Piper Sandler Companies reported strong quarterly earnings with an EPS of $2.95, significantly exceeding analyst estimates, and posted a 13.4% increase in revenue year-over-year.
• The company announced an increase in its quarterly dividend to $0.70 per share, reflecting a 7.7% rise from the previous dividend, scheduled for payment on September 12th.

Oliver Luxxe Assets LLC lessened its holdings in shares of Piper Sandler Companies (NYSE:PIPR - Free Report) by 14.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,626 shares of the financial services provider's stock after selling 1,576 shares during the quarter. Oliver Luxxe Assets LLC owned approximately 0.05% of Piper Sandler Companies worth $2,384,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of PIPR. Martingale Asset Management L P boosted its stake in shares of Piper Sandler Companies by 1.3% in the first quarter. Martingale Asset Management L P now owns 10,450 shares of the financial services provider's stock valued at $2,588,000 after buying an additional 130 shares during the period. Dorsey & Whitney Trust CO LLC increased its holdings in shares of Piper Sandler Companies by 1.1% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 8,251 shares of the financial services provider's stock worth $2,043,000 after buying an additional 93 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Piper Sandler Companies during the first quarter worth $122,000. Hsbc Holdings PLC increased its holdings in Piper Sandler Companies by 158.9% in the first quarter. Hsbc Holdings PLC now owns 17,557 shares of the financial services provider's stock valued at $4,296,000 after purchasing an additional 10,775 shares during the period. Finally, Raymond James Financial Inc. increased its holdings in Piper Sandler Companies by 1.5% in the first quarter. Raymond James Financial Inc. now owns 25,252 shares of the financial services provider's stock valued at $6,254,000 after purchasing an additional 368 shares during the period. Institutional investors and hedge funds own 72.79% of the company's stock.

Insider Activity at Piper Sandler Companies

In related news, CEO Chad R. Abraham sold 8,000 shares of the company's stock in a transaction dated 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 directly owned 53,558 shares in the company, valued at approximately $17,337,260.18. This represents a 13.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jonathan J. Doyle sold 3,536 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $316.84, for a total transaction of $1,120,346.24. Following the completion of the sale, the insider directly owned 132,910 shares of the company's stock, valued at approximately $42,111,204.40. This trade represents a 2.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,136 shares of company stock valued at $8,380,342. 2.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PIPR shares. JMP Securities reissued a "market perform" rating on shares of Piper Sandler Companies in a research report on Monday, May 5th. Wall Street Zen upgraded shares of Piper Sandler Companies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Wolfe Research upgraded 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 research note on Thursday, July 10th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $312.50.

Piper Sandler Companies Price Performance

PIPR traded down $5.06 during midday trading on Friday, reaching $332.68. The company's stock had a trading volume of 23,839 shares, compared to its average volume of 142,568. The company has a market capitalization of $5.89 billion, a price-to-earnings ratio of 28.10 and a beta of 1.50. Piper Sandler Companies has a 1 year low of $202.91 and a 1 year high of $351.80. The company's 50-day simple moving average is $309.40.

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 EPS for the quarter, beating analysts' consensus estimates of $1.99 by $0.96. The firm had revenue of $405.39 million for the quarter, compared to analysts' expectations of $349.40 million. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.67%. The business's revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.52 earnings per share. Sell-side analysts anticipate that Piper Sandler Companies will post 14.14 earnings per share 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. Stockholders 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 dividend yield of 0.8%. 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 payout ratio is 21.94%.

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.