Victory Capital Management Inc. Sells 7,576 Shares of Piper Sandler Companies (NYSE:PIPR)

Victory Capital Management Inc. lessened its holdings in shares of Piper Sandler Companies (NYSE:PIPR - Free Report) by 60.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,054 shares of the financial services provider's stock after selling 7,576 shares during the period. Victory Capital Management Inc.'s holdings in Piper Sandler Companies were worth $1,252,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PIPR. MassMutual Private Wealth & Trust FSB raised its holdings in Piper Sandler Companies by 131.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the financial services provider's stock worth $27,000 after acquiring an additional 62 shares in the last quarter. von Borstel & Associates Inc. acquired a new position in Piper Sandler Companies during the first quarter worth $27,000. Park Square Financial Group LLC acquired a new stake in Piper Sandler Companies in the fourth quarter valued at $45,000. Lazard Asset Management LLC acquired a new position in shares of Piper Sandler Companies during the 4th quarter worth about $51,000. Finally, Parallel Advisors LLC lifted its stake in Piper Sandler Companies by 28.6% in the 1st quarter. Parallel Advisors LLC now owns 216 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 48 shares during the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Piper Sandler Companies Trading Down 1.2%

PIPR traded down $3.93 during trading on Friday, hitting $311.39. The stock had a trading volume of 328,332 shares, compared to its average volume of 152,772. The stock has a 50 day simple moving average of $281.77. Piper Sandler Companies has a one year low of $202.91 and a one year high of $351.80. The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 27.22 and a beta of 1.50.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last announced its earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.99 by $0.96. Piper Sandler Companies had a net margin of 13.20% and a return on equity of 18.32%. The company had revenue of $405.39 million during the quarter, compared to analysts' expectations of $349.40 million. During the same quarter in the previous year, the business posted $2.52 earnings per share. Piper Sandler Companies's quarterly revenue was up 13.4% on a year-over-year basis. As a group, sell-side analysts expect that Piper Sandler Companies will post 14.14 EPS for the current fiscal year.

Piper Sandler Companies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 0.9%. This is an increase from Piper Sandler Companies's previous quarterly dividend of $0.65. Piper Sandler Companies's payout ratio is presently 22.73%.

Analyst Ratings Changes

PIPR has been the subject of several research analyst reports. JMP Securities reiterated a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday, May 5th. Wolfe Research upgraded shares of Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price objective on the stock in a report on Thursday, July 10th.

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.