Piper Sandler Companies (NYSE:PIPR) Shares Bought by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp increased its holdings in Piper Sandler Companies by 5.9% in Q1, owning approximately 21,605 shares worth $5,351,000.
• Piper Sandler Companies reported an earnings per share of $2.95 for the last quarter, significantly exceeding expectations of $1.99, and achieved a revenue of $405.39 million.
• The company has declared a quarterly dividend of $0.70, up from the previous $0.65, which will be paid to shareholders on September 12th.

King Luther Capital Management Corp grew its stake in Piper Sandler Companies (NYSE:PIPR - Free Report) by 5.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,605 shares of the financial services provider's stock after purchasing an additional 1,210 shares during the quarter. King Luther Capital Management Corp owned approximately 0.12% of Piper Sandler Companies worth $5,351,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PIPR. MassMutual Private Wealth & Trust FSB lifted its position in shares of 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 in the last quarter. von Borstel & Associates Inc. purchased a new position in shares of Piper Sandler Companies in the first quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Piper Sandler Companies by 495.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 104 shares in the last quarter. Park Square Financial Group LLC acquired a new stake in Piper Sandler Companies in the 4th quarter valued at about $45,000. Finally, Lazard Asset Management LLC purchased a new position in Piper Sandler Companies in the 4th quarter worth approximately $51,000. Hedge funds and other institutional investors own 72.79% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PIPR. Wall Street Zen upgraded Piper Sandler Companies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. 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 report on Thursday, July 10th. Finally, JMP Securities reiterated a "market perform" rating on shares of Piper Sandler Companies in a report on Monday, May 5th.

Piper Sandler Companies Price Performance

NYSE PIPR traded down $4.98 during trading on Thursday, hitting $331.55. The stock had a trading volume of 110,761 shares, compared to its average volume of 145,386. The business's 50 day moving average is $293.51. Piper Sandler Companies has a twelve month low of $202.91 and a twelve month high of $351.80. The company has a market capitalization of $5.87 billion, a P/E ratio of 27.98 and a beta of 1.50.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last posted its earnings results on Friday, August 1st. The financial services provider reported $2.95 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $405.39 million for the quarter, compared to analyst estimates of $349.40 million. During the same quarter in the prior year, the company posted $2.52 earnings per share. Piper Sandler Companies's revenue for the quarter was up 13.4% compared to the same quarter last year. On average, equities research analysts forecast that Piper Sandler Companies will post 14.14 EPS 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. Investors of record on Friday, August 29th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 0.8%. This is a positive change from Piper Sandler Companies's previous quarterly dividend of $0.65. The ex-dividend date is Friday, August 29th. Piper Sandler Companies's dividend payout ratio (DPR) is 21.94%.

Insider Activity at Piper Sandler Companies

In related news, CEO Chad R. Abraham sold 8,000 shares of the business'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 sale, the chief executive officer owned 53,558 shares of the company's stock, valued at approximately $17,337,260.18. The trade was a 13.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel John W. Geelan sold 2,000 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $322.69, for a total transaction of $645,380.00. Following the completion of the transaction, the general counsel directly owned 12,645 shares of the company's stock, valued at approximately $4,080,415.05. This trade represents a 13.66% decrease in their ownership of the stock. 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 three months. 2.70% of the stock is currently owned by company insiders.

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.