Piper Sandler Companies’ (PIPR) “Market Perform” Rating Reaffirmed at JMP Securities

JMP Securities reissued their market perform rating on shares of Piper Sandler Companies (NYSE:PIPR) in a research note published on Tuesday, Benzinga reports.

Piper Sandler Companies Price Performance

Shares of NYSE PIPR opened at $286.99 on Tuesday. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of 48.81 and a beta of 1.39. The business has a 50-day moving average of $268.21 and a 200-day moving average of $251.63. Piper Sandler Companies has a fifty-two week low of $130.89 and a fifty-two week high of $287.90.

Piper Sandler Companies (NYSE:PIPR) last announced its quarterly earnings data on Friday, August 2nd. The financial services provider reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.26. The company had revenue of $357.00 million during the quarter, compared to analysts’ expectations of $338.90 million. Piper Sandler Companies had a return on equity of 15.36% and a net margin of 9.23%. Piper Sandler Companies’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.13 EPS. On average, sell-side analysts expect that Piper Sandler Companies will post 11.53 EPS for the current year.

Piper Sandler Companies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were paid a $0.65 dividend. This is an increase from Piper Sandler Companies’s previous quarterly dividend of $0.60. This represents a $2.60 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend was Thursday, August 29th. Piper Sandler Companies’s dividend payout ratio (DPR) is 44.22%.

Insider Activity at Piper Sandler Companies

In related news, insider Jonathan J. Doyle sold 12,695 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $236.63, for a total value of $3,004,017.85. Following the completion of the sale, the insider now directly owns 160,095 shares in the company, valued at approximately $37,883,279.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jonathan J. Doyle sold 12,695 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $236.63, for a total value of $3,004,017.85. Following the completion of the sale, the insider now directly owns 160,095 shares in the company, valued at approximately $37,883,279.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel John W. Geelan sold 1,789 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $256.73, for a total transaction of $459,289.97. Following the completion of the sale, the general counsel now owns 15,065 shares of the company’s stock, valued at $3,867,637.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,276 shares of company stock worth $3,936,252. Insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Piper Sandler Companies

Several hedge funds have recently bought and sold shares of the stock. Heritage Wealth Management Inc. acquired a new stake in Piper Sandler Companies during the second quarter worth approximately $284,000. Creative Planning lifted its position in Piper Sandler Companies by 20.9% during the second quarter. Creative Planning now owns 6,888 shares of the financial services provider’s stock worth $1,585,000 after acquiring an additional 1,191 shares during the last quarter. Algert Global LLC lifted its position in Piper Sandler Companies by 20.2% during the second quarter. Algert Global LLC now owns 18,150 shares of the financial services provider’s stock worth $4,178,000 after acquiring an additional 3,050 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Piper Sandler Companies by 3.3% during the second quarter. The Manufacturers Life Insurance Company now owns 9,684 shares of the financial services provider’s stock worth $2,229,000 after acquiring an additional 308 shares during the last quarter. Finally, Millennium Management LLC lifted its position in Piper Sandler Companies by 66.0% during the second quarter. Millennium Management LLC now owns 77,804 shares of the financial services provider’s stock worth $17,908,000 after acquiring an additional 30,942 shares during the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.

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.