Oliver Luxxe Assets LLC Lowers Stock Holdings 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 lowered its holdings in Piper Sandler Companies (NYSE:PIPR - Free Report) by 14.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,626 shares of the financial services provider's stock after selling 1,576 shares during the period. 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 hedge funds also recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its stake in shares of Piper Sandler Companies by 28.6% in the 1st quarter. Parallel Advisors LLC now owns 216 shares of the financial services provider's stock valued at $53,000 after buying an additional 48 shares during the period. Lido Advisors LLC raised its holdings in Piper Sandler Companies by 1.2% in the fourth quarter. Lido Advisors LLC now owns 4,185 shares of the financial services provider's stock valued at $1,255,000 after acquiring an additional 49 shares in the last quarter. M&T Bank Corp raised its holdings in Piper Sandler Companies by 6.6% in the first quarter. M&T Bank Corp now owns 874 shares of the financial services provider's stock valued at $217,000 after acquiring an additional 54 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in Piper Sandler Companies by 4.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 1,394 shares of the financial services provider's stock worth $418,000 after acquiring an additional 56 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in 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 in the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Piper Sandler Companies

In other Piper Sandler Companies news, CEO Chad R. Abraham sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $319.33, for a total value of $3,193,300.00. Following the completion of the sale, the chief executive officer owned 53,558 shares in the company, valued at approximately $17,102,676.14. The trade was a 15.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel John W. Geelan sold 2,000 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $322.69, for a total value of $645,380.00. Following the completion of the sale, the general counsel directly owned 12,645 shares of the company's stock, valued at $4,080,415.05. The trade was a 13.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,136 shares of company stock worth $8,380,342. 2.70% of the stock is currently owned by corporate insiders.

Piper Sandler Companies Trading Up 1.4%

Shares of NYSE PIPR traded up $4.52 during mid-day trading on Tuesday, reaching $338.95. The company had a trading volume of 145,704 shares, compared to its average volume of 151,558. The stock has a 50 day simple moving average of $306.06. Piper Sandler Companies has a 52-week low of $202.91 and a 52-week high of $351.80. The stock has a market cap of $6.00 billion, a PE ratio of 28.60 and a beta of 1.50.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $349.40 million. During the same quarter in the prior year, the firm posted $2.52 earnings per share. Piper Sandler Companies's revenue for the quarter was up 13.4% on a year-over-year basis. Research analysts predict that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

Piper Sandler Companies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, August 29th. This represents a $2.80 dividend on an annualized basis and a yield of 0.8%. This is a boost from Piper Sandler Companies's previous quarterly dividend of $0.65. Piper Sandler Companies's dividend payout ratio (DPR) is 21.94%.

Analyst Ratings Changes

PIPR has been the topic of a number of analyst reports. Wolfe Research upgraded shares of Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price objective on the stock in a report 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 report on Monday, May 5th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average 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.