Piper Sandler Companies (NYSE:PIPR) Sets New 1-Year High - Here's Why

Key Points

• Piper Sandler Companies' shares reached a new 52-week high of $352.34, trading last at $348.35 with a volume of over 30,000 shares.
• Analysts have mixed views on the stock, with one lowering its rating to a "hold" while another boosted it to "outperform," setting a price target of $339.00.
• The company reported strong quarterly earnings, with $2.95 EPS exceeding estimates and a revenue increase of 13.4% compared to the same period last year.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $352.34 and last traded at $348.35, with a volume of 30055 shares changing hands. The stock had previously closed at $345.91.

Wall Street Analysts Forecast Growth

PIPR has been the subject of several recent research reports. Wall Street Zen downgraded Piper Sandler Companies from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Wolfe Research upgraded Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 target price on the stock in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $312.50.

Piper Sandler Companies Trading Down 0.8%

The stock has a market capitalization of $6.48 billion, a PE ratio of 30.91 and a beta of 1.45. The company has a 50-day moving average of $327.76.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.99 by $0.96. The firm had revenue of $405.39 million for the quarter, compared to the consensus estimate of $349.40 million. Piper Sandler Companies had a return on equity of 18.67% and a net margin of 13.18%.The company's revenue for the quarter was up 13.4% on a year-over-year basis. During the same period last year, the business posted $2.52 EPS. On average, equities research analysts forecast that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Increases Dividend

The firm 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. This represents a $2.80 annualized dividend and a dividend yield of 0.8%. This is a boost from Piper Sandler Companies's previous quarterly dividend of $0.65. The ex-dividend date was Friday, August 29th. Piper Sandler Companies's dividend payout ratio (DPR) is presently 23.63%.

Insider Transactions at Piper Sandler Companies

In related news, insider Jonathan J. Doyle sold 3,536 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider owned 132,910 shares of the company's stock, valued at $42,111,204.40. The trade was a 2.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Chad R. Abraham sold 8,000 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $323.71, for a total value of $2,589,680.00. Following the transaction, the chief executive officer directly owned 53,558 shares in the company, valued at approximately $17,337,260.18. The trade was a 13.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,136 shares of company stock worth $8,380,342 over the last three months. Company insiders own 2.70% of the company's stock.

Hedge Funds Weigh In On Piper Sandler Companies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PIPR. MassMutual Private Wealth & Trust FSB lifted its position in Piper Sandler Companies by 131.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 62 shares during the last quarter. von Borstel & Associates Inc. purchased a new stake in shares of Piper Sandler Companies in the first quarter valued at about $27,000. CENTRAL TRUST Co purchased a new position in shares of Piper Sandler Companies during the second quarter valued at approximately $28,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Piper Sandler Companies by 495.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125 shares of the financial services provider's stock valued at $31,000 after buying an additional 104 shares during the period. Finally, Twin Peaks Wealth Advisors LLC purchased a new position in shares of Piper Sandler Companies during the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 72.79% of the company's stock.

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.