Walleye Capital LLC Buys New Position in Piper Sandler Companies $PIPR

Key Points

• Walleye Capital LLC has acquired 10,523 shares of Piper Sandler Companies, valued at approximately $2.6 million, representing 0.06% of the company's stock.
• Piper Sandler recently announced an increase in its quarterly dividend to $0.70 per share, up from $0.65, indicating a continued commitment to shareholder returns.
• In its latest earnings report, Piper Sandler exceeded expectations with an EPS of $2.95 and revenue of $405.39 million, reflecting a 13.4% year-over-year increase.

Walleye Capital LLC purchased a new position in shares of Piper Sandler Companies (NYSE:PIPR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,523 shares of the financial services provider's stock, valued at approximately $2,606,000. Walleye Capital LLC owned about 0.06% of Piper Sandler Companies at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of PIPR. First Trust Advisors LP raised its stake in shares of Piper Sandler Companies by 769.1% during the fourth quarter. First Trust Advisors LP now owns 26,315 shares of the financial services provider's stock worth $7,893,000 after buying an additional 23,287 shares during the last quarter. MML Investors Services LLC increased its stake in Piper Sandler Companies by 113.0% in the fourth quarter. MML Investors Services LLC now owns 3,813 shares of the financial services provider's stock valued at $1,144,000 after purchasing an additional 2,023 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Piper Sandler Companies by 54.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,366 shares of the financial services provider's stock valued at $410,000 after purchasing an additional 481 shares in the last quarter. Stifel Financial Corp increased its stake in Piper Sandler Companies by 227.0% in the fourth quarter. Stifel Financial Corp now owns 2,619 shares of the financial services provider's stock valued at $786,000 after purchasing an additional 1,818 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in Piper Sandler Companies by 132.7% in the fourth quarter. Hsbc Holdings PLC now owns 6,782 shares of the financial services provider's stock valued at $2,029,000 after purchasing an additional 3,868 shares in the last quarter. 72.79% of the stock is owned by institutional investors.

Piper Sandler Companies Stock Performance

Piper Sandler Companies stock traded down $4.95 during midday trading on Monday, hitting $333.48. The company's stock had a trading volume of 96,564 shares, compared to its average volume of 133,523. Piper Sandler Companies has a 1-year low of $202.91 and a 1-year high of $351.80. The company has a 50-day simple moving average of $310.97. The company has a market capitalization of $5.90 billion, a P/E ratio of 28.14 and a beta of 1.45.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company 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 firm posted $2.52 EPS. The firm's revenue was up 13.4% on a year-over-year basis. As a group, equities research analysts forecast 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 declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be issued 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 dividend on an annualized basis and a yield of 0.8%. Piper Sandler Companies's dividend payout ratio is 23.63%.

Analysts Set New Price Targets

Several equities research analysts have commented on PIPR shares. JMP Securities reaffirmed a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday, May 5th. Wall Street Zen downgraded shares of Piper Sandler Companies from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Wolfe Research raised shares of 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. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $312.50.

Insider Activity at Piper Sandler Companies

In other news, CEO Chad R. Abraham sold 8,000 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $323.71, for a total value of $2,589,680.00. Following the completion of the sale, the chief executive officer owned 53,558 shares in the company, valued at $17,337,260.18. This represents a 13.00% 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, insider Jonathan J. Doyle sold 3,536 shares of the 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 completion of the sale, the insider owned 132,910 shares of the company's stock, valued at approximately $42,111,204.40. This represents a 2.59% decrease in their position. 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. Company insiders own 2.70% of the company's stock.

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.