Chad R. Abraham Sells 10,000 Shares of Piper Sandler Companies (NYSE:PIPR) Stock

Key Points

• Chad R. Abraham, CEO of Piper Sandler Companies, sold 10,000 shares of stock for a total of $3,193,300, reducing his position by 15.73% and still retaining 53,558 shares.
• Piper Sandler reported $2.95 EPS for the latest quarter, significantly beating estimates and showing a year-over-year revenue increase of 13.4% to $405.39 million.
• The company announced a dividend increase from $0.65 to $0.70, indicating a commitment to returning capital to shareholders, with the next payment scheduled for September 12th.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) CEO Chad R. Abraham sold 10,000 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $319.33, for a total transaction of $3,193,300.00. Following the sale, the chief executive officer directly owned 53,558 shares of the company's stock, valued at $17,102,676.14. This represents a 15.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Piper Sandler Companies Stock Performance

PIPR stock traded up $1.83 during mid-day trading on Friday, hitting $323.08. The company had a trading volume of 130,381 shares, compared to its average volume of 169,732. The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 27.26 and a beta of 1.50. The firm's fifty day moving average is $288.74. Piper Sandler Companies has a 12 month low of $202.91 and a 12 month high of $351.80.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The financial services provider reported $2.95 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 during the quarter, compared to analysts' expectations of $349.40 million. During the same quarter in the previous year, the company earned $2.52 EPS. The business's quarterly revenue was up 13.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Increases Dividend

The business also recently disclosed 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. This is a boost from Piper Sandler Companies's previous quarterly dividend of $0.65. The ex-dividend date is Friday, August 29th. This represents a $2.80 annualized dividend and a yield of 0.9%. Piper Sandler Companies's dividend payout ratio (DPR) is currently 23.63%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB grew its position 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 valued at $27,000 after purchasing an additional 62 shares during the last quarter. von Borstel & Associates Inc. purchased a new position in shares of Piper Sandler Companies in the first quarter worth approximately $27,000. CENTRAL TRUST Co purchased a new position in shares of Piper Sandler Companies in the second quarter worth approximately $28,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted 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 worth $31,000 after buying an additional 104 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its stake in Piper Sandler Companies by 48.1% during the 2nd quarter. AdvisorNet Financial Inc now owns 114 shares of the financial services provider's stock worth $32,000 after acquiring an additional 37 shares during the period. 72.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wolfe Research upgraded shares of Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 target price for the company in a research note on Thursday, July 10th. Wall Street Zen upgraded shares of Piper Sandler Companies from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, JMP Securities reiterated a "market perform" rating on shares of Piper Sandler Companies in a research report on Monday, May 5th.

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.