Piper Sandler Companies $PIPR Holdings Cut by Systematic Financial Management LP

Key Points

• Systematic Financial Management LP reduced its stake in Piper Sandler Companies by 2.8%, owning approximately $48.12 million worth of shares after selling 5,564 shares in the first quarter.
• The CEO, Chad R. Abraham, sold 10,000 shares for approximately $3.19 million, reducing his ownership by 15.73%, while insiders collectively sold over $8.38 million in stock last quarter.
• Piper Sandler Companies recently surpassed analysts' earnings estimates, reporting $2.95 EPS and a revenue of $405.39 million for the quarter, marking a 13.4% increase year-over-year.

Systematic Financial Management LP decreased its holdings in shares of Piper Sandler Companies (NYSE:PIPR - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 194,278 shares of the financial services provider's stock after selling 5,564 shares during the period. Piper Sandler Companies accounts for about 1.4% of Systematic Financial Management LP's portfolio, making the stock its 8th biggest position. Systematic Financial Management LP owned 1.09% of Piper Sandler Companies worth $48,115,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. bought a new position in Piper Sandler Companies in the first quarter worth approximately $215,000. Oppenheimer Asset Management Inc. lifted its holdings in shares of Piper Sandler Companies by 1.4% in the first quarter. Oppenheimer Asset Management Inc. now owns 6,704 shares of the financial services provider's stock valued at $1,660,000 after purchasing an additional 93 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Piper Sandler Companies by 58.8% in the first quarter. GAMMA Investing LLC now owns 440 shares of the financial services provider's stock valued at $109,000 after purchasing an additional 163 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of 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 valued at $38,821,000 after purchasing an additional 992 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its position in shares of Piper Sandler Companies by 11.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,015 shares of the financial services provider's stock valued at $499,000 after acquiring an additional 210 shares during the last quarter. Institutional investors own 72.79% of the company's stock.

Insiders Place Their Bets

In other Piper Sandler Companies news, 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 transaction of $831,636.00. Following the completion of the sale, the director owned 16,319 shares of the company's stock, valued at $5,219,795.34. The trade was a 13.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Chad R. Abraham sold 10,000 shares of Piper Sandler Companies stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $319.33, for a total value of $3,193,300.00. Following the sale, the chief executive officer directly owned 53,558 shares of the company's stock, valued at approximately $17,102,676.14. This trade represents a 15.73% 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.

Piper Sandler Companies Price Performance

Shares of NYSE PIPR traded up $1.23 during mid-day trading on Thursday, hitting $338.67. The company had a trading volume of 35,903 shares, compared to its average volume of 142,692. The firm has a market capitalization of $5.99 billion, a P/E ratio of 28.58 and a beta of 1.50. Piper Sandler Companies has a 1 year low of $202.91 and a 1 year high of $351.80. The business's 50-day simple moving average is $307.73.

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. As a group, research analysts forecast that Piper Sandler Companies will post 14.14 earnings per share for the current year.

Piper Sandler Companies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be given a dividend of $0.70 per share. The ex-dividend date is 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%.

Analyst Ratings Changes

A number of brokerages recently commented on PIPR. Wall Street Zen raised Piper Sandler Companies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. 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 for the company in a research report on Thursday, July 10th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $312.50.

Piper Sandler Companies 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.