Voya Investment Management LLC Increases Stock Position in Piper Sandler Companies $PIPR

Key Points

• Voya Investment Management has increased its stake in Piper Sandler Companies by 5.4%, acquiring an additional 6,835 shares, bringing its total shareholding to 133,101.
• Piper Sandler recently announced a **dividend increase** from $0.65 to $0.70 per share, with a yield of 0.8% and a payout ratio of 23.63%.
• Analysts have mixed ratings on Piper Sandler, with Wolfe Research upgrading it to “outperform” and setting a target price of **$339**, while others have maintained a “hold” rating.

Voya Investment Management LLC raised its holdings in Piper Sandler Companies (NYSE:PIPR - Free Report) by 5.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 133,101 shares of the financial services provider's stock after buying an additional 6,835 shares during the period. Voya Investment Management LLC owned approximately 0.75% of Piper Sandler Companies worth $32,964,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Piper Sandler Companies during the 1st quarter worth $215,000. Oppenheimer Asset Management Inc. lifted its position in shares of Piper Sandler Companies by 1.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 6,704 shares of the financial services provider's stock worth $1,660,000 after purchasing an additional 93 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Piper Sandler Companies by 58.8% during the 1st quarter. GAMMA Investing LLC now owns 440 shares of the financial services provider's stock worth $109,000 after purchasing an additional 163 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Piper Sandler Companies by 0.6% during the 1st quarter. Bank of New York Mellon Corp now owns 156,751 shares of the financial services provider's stock worth $38,821,000 after purchasing an additional 992 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its position in shares of Piper Sandler Companies by 11.6% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,015 shares of the financial services provider's stock worth $499,000 after purchasing an additional 210 shares during the last quarter. 72.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Piper Sandler Companies

In other Piper Sandler Companies news, insider Jonathan J. Doyle sold 3,536 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $316.84, for a total transaction of $1,120,346.24. Following the transaction, the insider directly owned 132,910 shares in the company, valued at approximately $42,111,204.40. This represents a 2.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel John W. Geelan sold 2,000 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $322.69, for a total transaction of $645,380.00. Following the transaction, the general counsel owned 12,645 shares in the company, valued at $4,080,415.05. The trade was a 13.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,136 shares of company stock valued at $8,380,342. 2.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PIPR has been the subject of a number of research reports. Wolfe Research raised shares of 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. Wall Street Zen cut shares of Piper Sandler Companies from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. 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, the stock has an average rating of "Hold" and a consensus target price of $312.50.

Piper Sandler Companies Price Performance

Shares of Piper Sandler Companies stock traded down $4.30 on Tuesday, reaching $345.34. 181,799 shares of the stock were exchanged, compared to its average volume of 141,491. Piper Sandler Companies has a 1-year low of $202.91 and a 1-year high of $352.34. The stock's fifty day simple moving average is $322.61. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of 29.14 and a beta of 1.45.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.99 by $0.96. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.67%. The business had revenue of $405.39 million for the quarter, compared to analyst estimates of $349.40 million. During the same period in the previous year, the business posted $2.52 earnings per share. The business's revenue was up 13.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

Piper Sandler Companies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders 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 an increase 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%.

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.