Piper Sandler Companies’ (PIPR) Market Perform Rating Reiterated at JMP Securities

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

Piper Sandler Companies Price Performance

PIPR stock opened at $286.99 on Tuesday. The company’s 50 day simple moving average is $268.21 and its 200-day simple moving average is $251.63. The firm has a market capitalization of $5.08 billion, a PE ratio of 48.81 and a beta of 1.39. Piper Sandler Companies has a 12 month low of $130.89 and a 12 month high of $287.90.

Piper Sandler Companies (NYSE:PIPR) last released its quarterly earnings results on Friday, August 2nd. The financial services provider reported $2.52 EPS for the quarter, beating the consensus estimate of $2.26 by $0.26. The business had revenue of $357.00 million for the quarter, compared to analyst estimates of $338.90 million. Piper Sandler Companies had a net margin of 9.23% and a return on equity of 15.36%. The company’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.13 earnings per share. As a group, sell-side analysts anticipate that Piper Sandler Companies will post 11.53 earnings per share for the current year.

Piper Sandler Companies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were given a $0.65 dividend. The ex-dividend date was Thursday, August 29th. This is a positive change from Piper Sandler Companies’s previous quarterly dividend of $0.60. This represents a $2.60 annualized dividend and a dividend yield of 0.91%. Piper Sandler Companies’s dividend payout ratio is currently 44.22%.

Insider Activity

In related news, Director Philip Soran sold 1,792 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $263.92, for a total transaction of $472,944.64. Following the transaction, the director now owns 18,341 shares of the company’s stock, valued at $4,840,556.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Philip Soran sold 1,792 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $263.92, for a total transaction of $472,944.64. Following the transaction, the director now owns 18,341 shares of the company’s stock, valued at $4,840,556.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jonathan J. Doyle sold 12,695 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $236.63, for a total transaction of $3,004,017.85. Following the transaction, the insider now directly owns 160,095 shares in the company, valued at approximately $37,883,279.85. The disclosure for this sale can be found here. Insiders have sold 16,276 shares of company stock worth $3,936,252 over the last ninety days. 3.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Piper Sandler Companies

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Piper Sandler Companies by 1.1% during the first quarter. Vanguard Group Inc. now owns 1,971,201 shares of the financial services provider’s stock worth $391,264,000 after purchasing an additional 20,891 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Piper Sandler Companies by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 506,340 shares of the financial services provider’s stock valued at $88,546,000 after acquiring an additional 5,851 shares during the period. Franklin Resources Inc. raised its stake in shares of Piper Sandler Companies by 1.6% in the 4th quarter. Franklin Resources Inc. now owns 316,893 shares of the financial services provider’s stock valued at $55,415,000 after acquiring an additional 5,089 shares during the period. Lord Abbett & CO. LLC raised its stake in shares of Piper Sandler Companies by 7.4% in the 1st quarter. Lord Abbett & CO. LLC now owns 285,542 shares of the financial services provider’s stock valued at $56,677,000 after acquiring an additional 19,662 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Piper Sandler Companies by 37.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 220,638 shares of the financial services provider’s stock valued at $38,583,000 after acquiring an additional 59,915 shares during the period. 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.