Piper Sandler Companies (NYSE:PIPR) Insider Jonathan J. Doyle Sells 3,536 Shares

Key Points

• Insider Jonathan J. Doyle sold 3,536 shares of Piper Sandler at an average price of $316.84, resulting in a total transaction of $1,120,346.24, which decreased his ownership by 2.59%.
• Piper Sandler reported a second-quarter EPS of $2.95, exceeding estimates by $0.96, while revenue was $405.39 million, up 13.4% year-over-year.
• The company announced an increase in its quarterly dividend from $0.65 to $0.70 per share, with the next payment scheduled for September 12th.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) insider Jonathan J. Doyle sold 3,536 shares of the firm's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $316.84, for a total value of $1,120,346.24. Following the sale, the insider directly owned 132,910 shares in the company, valued at approximately $42,111,204.40. This trade represents a 2.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Piper Sandler Companies Price Performance

PIPR stock traded down $0.88 during midday trading on Wednesday, reaching $322.79. 144,514 shares of the company's stock traded hands, compared to its average volume of 144,828. The firm has a 50-day moving average price of $284.52. The stock has a market capitalization of $5.74 billion, a price-to-earnings ratio of 27.24 and a beta of 1.50. Piper Sandler Companies has a 52 week low of $202.91 and a 52 week high of $351.80.

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 EPS for the quarter, beating analysts' consensus estimates of $1.99 by $0.96. The business had revenue of $405.39 million for the quarter, compared to analysts' expectations of $349.40 million. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.71%. The business's quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the business earned $2.52 earnings per share. On average, sell-side analysts forecast that Piper Sandler Companies will post 14.14 EPS for the current fiscal year.

Piper Sandler Companies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend 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 dividend yield of 0.9%. Piper Sandler Companies's dividend payout ratio is presently 21.94%.

Analyst Ratings Changes

PIPR has been the subject of several research reports. Wolfe Research upgraded 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. JMP Securities restated a "market perform" rating on shares of Piper Sandler Companies in a report on Monday, May 5th.

Institutional Trading of Piper Sandler Companies

A number of hedge funds have recently bought and sold shares of PIPR. Cambridge Investment Research Advisors Inc. purchased a new stake in Piper Sandler Companies during the first quarter valued at $215,000. Oppenheimer Asset Management Inc. boosted its position in Piper Sandler Companies by 1.4% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 6,704 shares of the financial services provider's stock valued at $1,660,000 after buying an additional 93 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Piper Sandler Companies by 58.8% in the first quarter. GAMMA Investing LLC now owns 440 shares of the financial services provider's stock valued at $109,000 after purchasing an additional 163 shares during the period. Bank of New York Mellon Corp grew 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 buying an additional 992 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in 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 acquiring an additional 210 shares in the last quarter. Hedge funds and other institutional investors own 72.79% 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.