Park Avenue Securities LLC Buys New Shares in Piper Sandler Companies $PIPR

Park Avenue Securities LLC bought a new stake in Piper Sandler Companies (NYSE:PIPR - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,100 shares of the financial services provider's stock, valued at approximately $1,140,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC increased its stake in Piper Sandler Companies by 28.6% in the first quarter. Parallel Advisors LLC now owns 216 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 48 shares during the last quarter. M&T Bank Corp increased its stake 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 during the last quarter. Geneos Wealth Management Inc. increased its stake in Piper Sandler Companies by 46.6% in the first quarter. Geneos Wealth Management Inc. now owns 170 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 54 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in Piper Sandler Companies by 131.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 62 shares during the last quarter. Finally, Xponance Inc. increased its stake in Piper Sandler Companies by 5.2% in the first quarter. Xponance Inc. now owns 1,305 shares of the financial services provider's stock valued at $323,000 after acquiring an additional 64 shares during the last quarter. Institutional investors own 72.79% of the company's stock.

Piper Sandler Companies Stock Up 1.0%

Shares of NYSE PIPR opened at $351.12 on Friday. The company has a market capitalization of $6.21 billion, a P/E ratio of 29.63 and a beta of 1.45. The firm's 50 day simple moving average is $332.57. Piper Sandler Companies has a fifty-two week low of $202.91 and a fifty-two week high of $374.77.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share 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 last year, the firm earned $2.52 earnings per share. The firm's quarterly revenue was up 13.4% compared to the same quarter last year. As a group, research analysts forecast that Piper Sandler Companies will post 14.14 earnings per share for the current year.

Piper Sandler Companies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, August 29th. This represents a $2.80 annualized dividend and a dividend 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 is 23.63%.

Insider Buying and Selling at Piper Sandler Companies

In other news, Director Scott C. Taylor sold 2,600 shares of Piper Sandler Companies stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $319.86, for a total transaction of $831,636.00. Following the transaction, the director owned 16,319 shares in the company, valued at $5,219,795.34. This trade represents a 13.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 transaction, the general counsel owned 12,645 shares in the company, valued at approximately $4,080,415.05. This trade represents a 13.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,136 shares of company stock worth $8,380,342. 2.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PIPR. Wall Street Zen raised Piper Sandler Companies from a "hold" rating to a "buy" rating in a research note on Friday. 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 report on Thursday, July 10th. One research 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 an average rating of "Hold" and a consensus target price of $312.50.

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.

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