Sei Investments Co. Sells 992 Shares of Piper Sandler Companies $PIPR

Key Points

• Sei Investments Co. reduced its holdings in Piper Sandler Companies by 2.0%, resulting in ownership of about 47,596 shares worth $11.79 million.
• Analysts have upgraded Piper Sandler Companies, with Wolfe Research setting a new target price of $339.00 and Wall Street Zen upgrading its rating to a "buy."
• The company reported strong earnings, with EPS of $2.95, significantly beating analyst estimates and marking a revenue increase of 13.4% year-over-year.

Sei Investments Co. trimmed its holdings in shares of Piper Sandler Companies (NYSE:PIPR - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 47,596 shares of the financial services provider's stock after selling 992 shares during the period. Sei Investments Co. owned about 0.27% of Piper Sandler Companies worth $11,788,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. HighTower Advisors LLC lifted its stake in shares of Piper Sandler Companies by 6.2% in the 1st quarter. HighTower Advisors LLC now owns 2,651 shares of the financial services provider's stock valued at $657,000 after acquiring an additional 155 shares during the last quarter. Public Sector Pension Investment Board increased its stake in Piper Sandler Companies by 29.2% in the 1st quarter. Public Sector Pension Investment Board now owns 51,097 shares of the financial services provider's stock worth $12,655,000 after purchasing an additional 11,543 shares during the period. Nuveen LLC purchased a new position in Piper Sandler Companies in the 1st quarter worth approximately $49,826,000. King Luther Capital Management Corp lifted its position in Piper Sandler Companies by 5.9% in the first quarter. King Luther Capital Management Corp now owns 21,605 shares of the financial services provider's stock valued at $5,351,000 after purchasing an additional 1,210 shares during the last quarter. Finally, Entropy Technologies LP purchased a new stake in shares of Piper Sandler Companies during the first quarter valued at approximately $253,000. 72.79% of the stock is owned by institutional investors.

Insider Transactions at Piper Sandler Companies

In other Piper Sandler Companies news, Director Scott C. Taylor sold 2,600 shares of the 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 completion of the transaction, the director owned 16,319 shares in the company, valued at approximately $5,219,795.34. This represents a 13.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $316.84, for a total value of $1,120,346.24. Following the transaction, the insider directly owned 132,910 shares of the company's stock, valued at $42,111,204.40. This represents a 2.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,136 shares of company stock worth $8,380,342. 2.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PIPR has been the topic of several analyst reports. JMP Securities reaffirmed a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday, May 5th. Wall Street Zen raised shares of Piper Sandler Companies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Wolfe Research raised shares of Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price objective for the company in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $312.50.

Piper Sandler Companies Trading Down 0.6%

NYSE PIPR traded down $1.8730 during trading on Wednesday, hitting $321.7670. The company had a trading volume of 72,334 shares, compared to its average volume of 158,122. The stock has a fifty day simple moving average of $299.87. Piper Sandler Companies has a one year low of $202.91 and a one year high of $351.80. The firm has a market capitalization of $5.69 billion, a P/E ratio of 27.15 and a beta of 1.50.

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 (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 for the quarter, compared to analysts' expectations of $349.40 million. During the same quarter in the previous year, the company earned $2.52 earnings per share. Piper Sandler Companies's quarterly revenue was up 13.4% on a year-over-year basis. As a group, equities research analysts expect that Piper Sandler Companies will post 14.14 EPS for the current fiscal year.

Piper Sandler Companies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $2.80 annualized dividend and a dividend yield of 0.9%. This is an increase from Piper Sandler Companies's previous quarterly dividend of $0.65. Piper Sandler Companies's dividend payout ratio is currently 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.