Vident Advisory LLC Sells 12,263 Shares of Piper Sandler Companies $PIPR

Key Points

• Vident Advisory LLC decreased its holdings in Piper Sandler Companies by 77.8%, selling 12,263 shares and now owns 3,502 shares valued at approximately $867,000.
• Piper Sandler Companies reported a quarterly earnings of $2.95 per share, exceeding expectations, with a revenue of $405.39 million, up 13.4% year-over-year.
• The company announced an increase in its quarterly dividend to $0.70, reflecting a positive change from the previous dividend of $0.65.

Vident Advisory LLC reduced its stake in shares of Piper Sandler Companies (NYSE:PIPR - Free Report) by 77.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,502 shares of the financial services provider's stock after selling 12,263 shares during the period. Vident Advisory LLC's holdings in Piper Sandler Companies were worth $867,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PIPR. MassMutual Private Wealth & Trust FSB increased its holdings in 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 in the last quarter. von Borstel & Associates Inc. bought a new position in shares of Piper Sandler Companies in the first quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Piper Sandler Companies by 495.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 104 shares in the last quarter. Wealth Preservation Advisors LLC bought a new position in shares of Piper Sandler Companies in the first quarter valued at approximately $37,000. Finally, Park Square Financial Group LLC bought a new position in shares of Piper Sandler Companies in the fourth quarter valued at approximately $45,000. 72.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently 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 report on Thursday, July 10th. Wall Street Zen lowered Piper Sandler Companies from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $312.50.

Insider Transactions at Piper Sandler Companies

In related news, CEO Chad R. Abraham sold 10,000 shares of the company's stock in a transaction that occurred on 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 transaction, the chief executive officer owned 53,558 shares in the company, valued at approximately $17,102,676.14. This represents a 15.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel John W. Geelan sold 2,000 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $322.69, for a total value 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. The trade was a 13.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,136 shares of company stock worth $8,380,342 in the last ninety days. Company insiders own 2.70% of the company's stock.

Piper Sandler Companies Trading Up 2.8%

Piper Sandler Companies stock opened at $331.32 on Friday. Piper Sandler Companies has a 12 month low of $202.91 and a 12 month high of $351.80. The firm has a 50 day moving average price of $315.47. The stock has a market capitalization of $5.86 billion, a P/E ratio of 27.96 and a beta of 1.45.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The financial services provider reported $2.95 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $349.40 million. During the same quarter in the prior year, the business earned $2.52 earnings per share. Piper Sandler Companies's revenue for the quarter was up 13.4% on a year-over-year basis. Equities analysts anticipate that Piper Sandler Companies will post 14.14 earnings per share for the current year.

Piper Sandler Companies Increases Dividend

The company also recently disclosed 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. 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 currently 23.63%.

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.

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