Principal Financial Group Inc. Increases Stock Position in Piper Sandler Companies (NYSE:PIPR)

Principal Financial Group Inc. lifted its holdings in Piper Sandler Companies (NYSE:PIPR - Free Report) by 3.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 80,487 shares of the financial services provider's stock after purchasing an additional 2,981 shares during the period. Principal Financial Group Inc. owned about 0.45% of Piper Sandler Companies worth $19,933,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Quadrant Capital Group LLC lifted its position in shares of Piper Sandler Companies by 5.2% in the 4th quarter. Quadrant Capital Group LLC now owns 754 shares of the financial services provider's stock worth $226,000 after purchasing an additional 37 shares during the period. Arizona State Retirement System boosted its stake in Piper Sandler Companies by 0.8% in the fourth quarter. Arizona State Retirement System now owns 5,137 shares of the financial services provider's stock valued at $1,541,000 after acquiring an additional 40 shares in the last quarter. Parallel Advisors LLC grew its holdings 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 worth $53,000 after purchasing an additional 48 shares during the last quarter. Lido Advisors LLC grew 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 worth $1,255,000 after purchasing an additional 49 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its position in shares of Piper Sandler Companies by 4.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 1,394 shares of the financial services provider's stock worth $418,000 after purchasing an additional 56 shares in the last quarter. Hedge funds and other institutional investors own 72.79% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group reduced their price target on Piper Sandler Companies from $321.00 to $286.00 and set a "neutral" rating on the stock in a research report on Friday, March 14th. JMP Securities reaffirmed a "market perform" rating on shares of Piper Sandler Companies in a research report on Monday, May 5th. Finally, Wolfe Research raised Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price target on the stock in a research report on Thursday.

Piper Sandler Companies Price Performance

Shares of Piper Sandler Companies stock opened at $302.55 on Friday. Piper Sandler Companies has a 12-month low of $202.91 and a 12-month high of $351.80. The firm has a market cap of $5.38 billion, a price-to-earnings ratio of 26.45 and a beta of 1.48. The company's 50 day moving average is $264.34.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The financial services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.85 by $1.24. Piper Sandler Companies had a net margin of 13.20% and a return on equity of 18.32%. The business had revenue of $357.27 million for the quarter, compared to analyst estimates of $366.99 million. During the same quarter in the prior year, the business posted $2.79 EPS. Piper Sandler Companies's revenue for the quarter was up 14.7% compared to the same quarter last year. Equities research analysts anticipate that Piper Sandler Companies will post 14.14 EPS for the current fiscal year.

Piper Sandler Companies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a $0.65 dividend. The ex-dividend date was Friday, May 30th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.86%. Piper Sandler Companies's payout ratio is currently 22.73%.

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.

Want to see what other hedge funds are holding PIPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Piper Sandler Companies (NYSE:PIPR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.