State of Alaska Department of Revenue Grows Stock Position in Piper Sandler Companies $PIPR

Key Points

• The State of Alaska Department of Revenue increased its stake in Piper Sandler Companies by 9.7%, owning approximately 0.06% of the company, valued at $2.72 million as of the latest SEC filing.
• Piper Sandler Companies reported an earnings per share (EPS) of $2.95 for the last quarter, significantly beating analyst expectations of $1.99, along with a year-over-year revenue increase of 13.4%.
• The firm announced a quarterly dividend increase from $0.65 to $0.70 per share, resulting in an annualized dividend yield of approximately 0.8%.

State of Alaska Department of Revenue boosted its position in Piper Sandler Companies (NYSE:PIPR - Free Report) by 9.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,789 shares of the financial services provider's stock after buying an additional 868 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of Piper Sandler Companies worth $2,720,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Westwood Holdings Group Inc. increased its position in Piper Sandler Companies by 35.0% in the first quarter. Westwood Holdings Group Inc. now owns 357,167 shares of the financial services provider's stock worth $88,456,000 after buying an additional 92,527 shares during the last quarter. GW&K Investment Management LLC increased its position in Piper Sandler Companies by 0.8% in the first quarter. GW&K Investment Management LLC now owns 323,483 shares of the financial services provider's stock worth $80,114,000 after buying an additional 2,620 shares during the last quarter. Stephens Investment Management Group LLC increased its position in Piper Sandler Companies by 16.8% in the first quarter. Stephens Investment Management Group LLC now owns 250,507 shares of the financial services provider's stock worth $62,041,000 after buying an additional 35,953 shares during the last quarter. Nuveen LLC purchased a new stake in Piper Sandler Companies in the first quarter worth $49,826,000. Finally, Bank of New York Mellon Corp increased its position in Piper Sandler Companies by 0.6% in the first quarter. Bank of New York Mellon Corp now owns 156,751 shares of the financial services provider's stock worth $38,821,000 after buying an additional 992 shares during the last quarter. 72.79% of the stock is owned by hedge funds and other institutional investors.

Piper Sandler Companies Stock Performance

Piper Sandler Companies stock opened at $338.71 on Thursday. Piper Sandler Companies has a 52 week low of $202.91 and a 52 week high of $374.77. The business's 50-day simple moving average is $334.39. The stock has a market capitalization of $5.99 billion, a PE ratio of 28.58 and a beta of 1.45.

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, topping 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 business had revenue of $405.39 million during the quarter, compared to analysts' expectations of $349.40 million. During the same period in the previous year, the business earned $2.52 earnings per share. The firm's revenue was up 13.4% on a year-over-year basis. Equities research analysts predict that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 29th were given a dividend of $0.70 per share. The ex-dividend date was Friday, August 29th. This is a positive change from Piper Sandler Companies's previous quarterly dividend of $0.65. This represents a $2.80 annualized dividend and a yield of 0.8%. Piper Sandler Companies's dividend payout ratio (DPR) is presently 23.63%.

Insiders Place Their Bets

In related news, CEO Chad R. Abraham sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $319.33, for a total transaction of $3,193,300.00. Following the completion of the transaction, the chief executive officer directly owned 53,558 shares in the company, valued at $17,102,676.14. The trade was a 15.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott C. Taylor sold 2,600 shares of Piper Sandler Companies 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 sale, the director directly 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. Insiders have sold 26,136 shares of company stock valued at $8,380,342 in the last ninety days. Corporate insiders own 2.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PIPR. Wolfe Research raised Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 target price for the company in a research report on Thursday, July 10th. Wall Street Zen upgraded Piper Sandler Companies from a "hold" rating to a "buy" rating in a research report on Friday, September 26th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $312.50.

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.

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