Piper Sandler Companies (NYSE:PIPR) Announces Quarterly Earnings Results

Key Points

• Piper Sandler Companies reported quarterly earnings of $2.95 EPS, surpassing analysts' expectations of $1.99 EPS by $0.96.
• The company's revenue increased by 13.4% year-over-year, reaching $405.39 million, exceeding the expected $349.40 million.
• Piper Sandler announced a dividend increase from $0.65 to $0.70 per share, representing a 0.9% dividend yield with a payout ratio of 22.73%.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) posted its quarterly earnings data on Friday. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.96, Zacks reports. Piper Sandler Companies had a return on equity of 18.71% and a net margin of 13.18%. The company had revenue of $405.39 million for the quarter, compared to analysts' expectations of $349.40 million. During the same period in the previous year, the firm posted $2.52 EPS. Piper Sandler Companies's revenue was up 13.4% compared to the same quarter last year.

Piper Sandler Companies Trading Down 0.8%

PIPR traded down $2.64 during trading on Tuesday, reaching $318.35. The company's stock had a trading volume of 51,959 shares, compared to its average volume of 144,244. The stock has a fifty day simple moving average of $283.17. Piper Sandler Companies has a 1 year low of $202.91 and a 1 year high of $351.80. The company has a market capitalization of $5.66 billion, a P/E ratio of 26.86 and a beta of 1.50.

Piper Sandler Companies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be paid a $0.70 dividend. This is a positive change from Piper Sandler Companies's previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Friday, August 29th. This represents a $2.80 dividend on an annualized basis and a yield of 0.9%. Piper Sandler Companies's dividend payout ratio is 21.94%.

Insider Activity at Piper Sandler Companies

In other news, insider Jonathan J. Doyle sold 3,536 shares of Piper Sandler Companies stock in a transaction that occurred on 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 sale, the insider owned 132,910 shares of the company's stock, valued at approximately $42,111,204.40. The trade was a 2.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.70% of the company's stock.

Institutional Trading of Piper Sandler Companies

Several institutional investors have recently made changes to their positions in PIPR. AQR Capital Management LLC grew its stake in shares of Piper Sandler Companies by 20.7% in the first quarter. AQR Capital Management LLC now owns 5,572 shares of the financial services provider's stock worth $1,380,000 after acquiring an additional 956 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Piper Sandler Companies by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,349 shares of the financial services provider's stock worth $2,563,000 after acquiring an additional 473 shares in the last quarter. United Services Automobile Association acquired a new position in shares of Piper Sandler Companies in the first quarter worth $247,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Piper Sandler Companies by 0.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 44,323 shares of the financial services provider's stock worth $10,977,000 after acquiring an additional 177 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in shares of Piper Sandler Companies by 46.6% in the first quarter. Geneos Wealth Management Inc. now owns 170 shares of the financial services provider's stock worth $42,000 after acquiring an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 72.79% of the company's stock.

Analyst Upgrades and Downgrades

PIPR has been the topic of several research analyst reports. JMP Securities reiterated a "market perform" rating on shares of Piper Sandler Companies in a report on Monday, May 5th. Wolfe Research upgraded Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price objective on the stock in a report on Thursday, July 10th.

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.