Piper Sandler Companies $PIPR Shares Sold by Truist Financial Corp

Key Points

• Truist Financial Corp cut its Piper Sandler stake by 58.3% in the fourth quarter, selling 14,169 shares and ending with 10,137 shares worth about $3.44 million.
• Piper Sandler reported better-than-expected quarterly results, with EPS of $1.00 versus the $0.85 estimate and revenue of $469.54 million, up 32.7% year over year.
• The company also raised its quarterly dividend to $0.20 per share from $0.18, while analysts currently have an average Hold rating with a consensus price target of $95.06.

Truist Financial Corp lessened its stake in Piper Sandler Companies (NYSE:PIPR - Free Report) by 58.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,137 shares of the company's stock after selling 14,169 shares during the period. Truist Financial Corp owned about 0.06% of Piper Sandler Companies worth $3,444,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. M&T Bank Corp grew its holdings in Piper Sandler Companies by 3.5% during the 2nd quarter. M&T Bank Corp now owns 905 shares of the company's stock worth $251,000 after acquiring an additional 31 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Piper Sandler Companies by 13.4% in the 2nd quarter. Smartleaf Asset Management LLC now owns 330 shares of the company's stock valued at $93,000 after purchasing an additional 39 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Piper Sandler Companies by 0.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 11,944 shares of the company's stock worth $4,062,000 after purchasing an additional 42 shares during the last quarter. Choreo LLC grew its stake in Piper Sandler Companies by 4.2% in the third quarter. Choreo LLC now owns 1,125 shares of the company's stock worth $390,000 after purchasing an additional 45 shares in the last quarter. Finally, CWM LLC grew its stake in Piper Sandler Companies by 13.6% in the third quarter. CWM LLC now owns 392 shares of the company's stock worth $136,000 after purchasing an additional 47 shares in the last quarter. 72.79% of the stock is owned by institutional investors and hedge funds.

Piper Sandler Companies Trading Down 1.3%

NYSE:PIPR opened at $79.98 on Tuesday. The stock has a 50 day moving average of $79.46 and a 200-day moving average of $83.25. The firm has a market capitalization of $5.70 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 1.63 and a beta of 1.47. Piper Sandler Companies has a 52 week low of $61.01 and a 52 week high of $95.07.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.15. Piper Sandler Companies had a return on equity of 21.09% and a net margin of 13.94%.The business had revenue of $469.54 million for the quarter, compared to the consensus estimate of $436.30 million. During the same quarter last year, the business posted $4.09 EPS. The business's revenue was up 32.7% on a year-over-year basis. As a group, analysts predict that Piper Sandler Companies will post 4.57 EPS for the current fiscal year.

Piper Sandler Companies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a $0.20 dividend. The ex-dividend date is Friday, May 29th. This is a positive change from Piper Sandler Companies's previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. Piper Sandler Companies's dividend payout ratio (DPR) is 17.68%.

Analyst Upgrades and Downgrades

PIPR has been the topic of several research reports. Northland Securities upgraded Piper Sandler Companies from a "market perform" rating to an "outperform" rating and set a $87.50 price objective on the stock in a research note on Wednesday, March 4th. Zacks Research lowered Piper Sandler Companies from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. The Goldman Sachs Group reiterated a "buy" rating and issued a $97.00 price target on shares of Piper Sandler Companies in a report on Tuesday, April 14th. Weiss Ratings reissued a "hold (c)" rating on shares of Piper Sandler Companies in a research report on Friday, January 23rd. Finally, Wall Street Zen cut Piper Sandler Companies from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $95.06.

Insider Transactions at Piper Sandler Companies

In other news, President Debbra L. Schoneman sold 20,960 shares of the business's stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $87.75, for a total transaction of $1,839,187.60. Following the completion of the transaction, the president owned 11,584 shares of the company's stock, valued at approximately $1,016,467.04. The trade was a 64.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 3.10% of the company's stock.

About Piper Sandler Companies

Piper Sandler Companies NYSE: PIPR is an investment bank and institutional securities firm that provides a range of capital markets and advisory services to corporations, institutions, municipalities and high-net-worth individuals. The firm’s core activities include investment banking and M&A advisory, underwriting and distribution of equity and debt securities, public finance, and sector-focused advisory across industries such as healthcare, energy, financial services and technology.

In addition to traditional investment banking, Piper Sandler offers equity and fixed income research, institutional sales and trading, and market-making services.

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