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Public Sector Pension Investment Board Buys 11,543 Shares of Piper Sandler Companies (NYSE:PIPR)

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Key Points

  • The Public Sector Pension Investment Board increased its holdings in Piper Sandler Companies by 29.2%, now owning approximately $12.7 million worth of stock.
  • Piper Sandler Companies reported $2.95 earnings per share for its latest quarter, surpassing estimates significantly, and saw a revenue increase of 13.4% year-over-year.
  • The company announced a quarterly dividend increase from $0.65 to $0.70, reflecting a positive trend in shareholder returns.
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Public Sector Pension Investment Board raised its stake in Piper Sandler Companies (NYSE:PIPR - Free Report) by 29.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,097 shares of the financial services provider's stock after purchasing an additional 11,543 shares during the quarter. Public Sector Pension Investment Board owned about 0.29% of Piper Sandler Companies worth $12,655,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Westwood Holdings Group Inc. raised its position in shares of Piper Sandler Companies by 35.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 357,167 shares of the financial services provider's stock worth $88,456,000 after purchasing an additional 92,527 shares during the period. GW&K Investment Management LLC increased its position in Piper Sandler Companies by 0.8% in the 1st quarter. GW&K Investment Management LLC now owns 323,483 shares of the financial services provider's stock valued at $80,114,000 after acquiring an additional 2,620 shares during the period. Stephens Investment Management Group LLC increased its position in Piper Sandler Companies by 16.8% in the 1st quarter. Stephens Investment Management Group LLC now owns 250,507 shares of the financial services provider's stock valued at $62,041,000 after acquiring an additional 35,953 shares during the period. Nuveen LLC acquired a new stake in Piper Sandler Companies in the 1st quarter valued at approximately $49,826,000. Finally, Northern Trust Corp increased its position in Piper Sandler Companies by 9.4% in the 4th quarter. Northern Trust Corp now owns 200,005 shares of the financial services provider's stock valued at $59,991,000 after acquiring an additional 17,120 shares during the period. 72.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on PIPR shares. Wolfe Research raised 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 note on Thursday, July 10th. JMP Securities reiterated a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday, May 5th. Finally, Wall Street Zen upgraded Piper Sandler Companies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th.

Get Our Latest Report on PIPR

Piper Sandler Companies Stock Down 2.0%

Shares of PIPR traded down $6.47 on Friday, hitting $325.14. The company's stock had a trading volume of 122,805 shares, compared to its average volume of 145,261. The business has a 50 day moving average price of $295.00. Piper Sandler Companies has a fifty-two week low of $202.91 and a fifty-two week high of $351.80. The firm has a market capitalization of $5.75 billion, a P/E ratio of 27.44 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 for the quarter, beating analysts' consensus estimates of $1.99 by $0.96. The business had revenue of $405.39 million for the quarter, compared to the consensus estimate of $349.40 million. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.67%. Piper Sandler Companies's revenue for the quarter was up 13.4% on a year-over-year basis. During the same period last year, the company posted $2.52 EPS. On average, research analysts predict that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

Piper Sandler Companies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.70 per share. This is a boost from Piper Sandler Companies's previous quarterly dividend of $0.65. This represents a $2.80 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, August 29th. Piper Sandler Companies's dividend payout ratio is presently 21.94%.

Insiders Place Their Bets

In other Piper Sandler Companies news, General Counsel John W. Geelan sold 2,000 shares of the stock in a transaction dated Monday, August 11th. The stock was 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 owned 12,645 shares in the company, valued at approximately $4,080,415.05. This represents a 13.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott C. Taylor sold 2,600 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $319.86, for a total value of $831,636.00. Following the transaction, the director owned 16,319 shares of the company's stock, valued at approximately $5,219,795.34. This trade represents a 13.74% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,136 shares of company stock valued at $8,380,342. Insiders own 2.70% of the company's stock.

Piper Sandler Companies Profile

(Free Report)

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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Institutional Ownership by Quarter for Piper Sandler Companies (NYSE:PIPR)

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