Victory Capital Management Inc. Lowers Holdings in Piper Sandler Companies (NYSE:PIPR)

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

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

Piper Sandler Companies Price Performance

Shares of PIPR traded down $3.93 during mid-day trading on Friday, hitting $311.39. 328,332 shares of the company traded hands, compared to its average volume of 152,772. The company has a market capitalization of $5.53 billion, a P/E ratio of 26.28 and a beta of 1.50. The firm's 50 day simple moving average is $281.77. Piper Sandler Companies has a 1-year low of $202.91 and a 1-year high of $351.80.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last released its earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.96. The company 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 13.20% and a return on equity of 18.32%. Piper Sandler Companies's revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.52 EPS. On average, sell-side analysts predict that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

Piper Sandler Companies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be paid a $0.70 dividend. This is a positive change from Piper Sandler Companies's previous quarterly dividend of $0.65. This represents a $2.80 dividend on an annualized basis and a yield of 0.9%. Piper Sandler Companies's dividend payout ratio (DPR) is 22.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. JMP Securities restated a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday, May 5th. Wolfe Research raised Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price objective for the company in a research report on Thursday, July 10th.

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.