Key Points
- CEO Chad Abraham sold 4,400 shares at about $337.60 each, totaling ~$1.49 million and reducing his stake by 7.59% to 53,558 shares, according to an SEC filing.
- Piper Sandler beat expectations for the quarter with $3.82 EPS (vs. $2.96 est.) and $455.3M revenue (+33.3% Y/Y), and analysts carry a consensus "Moderate Buy" rating with an average target of $362.50.
- The company declared a quarterly dividend of $0.70 per share (annualized $2.80), implying a ~0.9% yield, with an ex-dividend date of Nov. 25 and payment on Dec. 12.
Piper Sandler Companies (NYSE:PIPR - Get Free Report) CEO Chad Abraham sold 3,000 shares of the stock in a transaction on Friday, November 28th. The shares were sold at an average price of $336.21, for a total value of $1,008,630.00. Following the completion of the sale, the chief executive officer owned 53,558 shares of the company's stock, valued at approximately $18,006,735.18. This represents a 5.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Piper Sandler Companies Price Performance
Shares of PIPR opened at $328.72 on Tuesday. Piper Sandler Companies has a 12 month low of $202.91 and a 12 month high of $374.77. The stock's 50-day moving average is $335.26 and its two-hundred day moving average is $313.14. The stock has a market cap of $5.82 billion, a PE ratio of 27.74 and a beta of 1.50.
Piper Sandler Companies (NYSE:PIPR - Get Free Report) last posted its earnings results on Friday, October 31st. The financial services provider reported $3.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.96 by $0.86. The business had revenue of $455.31 million during the quarter, compared to analyst estimates of $408.40 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 33.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.57 earnings per share. On average, research analysts anticipate that Piper Sandler Companies will post 14.14 earnings per share for the current year.
Piper Sandler Companies Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Tuesday, November 25th will be paid a dividend of $0.70 per share. The ex-dividend date is Tuesday, November 25th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 0.9%. Piper Sandler Companies's dividend payout ratio (DPR) is currently 21.10%.
Institutional Investors Weigh In On Piper Sandler Companies
A number of institutional investors have recently modified their holdings of PIPR. CENTRAL TRUST Co bought a new position in shares of Piper Sandler Companies during the second quarter worth about $28,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Piper Sandler Companies by 495.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125 shares of the financial services provider's stock worth $31,000 after buying an additional 104 shares during the last quarter. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Piper Sandler Companies in the 2nd quarter worth approximately $31,000. Whittier Trust Co. bought a new stake in shares of Piper Sandler Companies in the 3rd quarter valued at approximately $31,000. Finally, AdvisorNet Financial Inc raised its position in shares of Piper Sandler Companies by 48.1% during the 2nd quarter. AdvisorNet Financial Inc now owns 114 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 37 shares in the last quarter. Institutional investors and hedge funds own 72.79% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on PIPR shares. The Goldman Sachs Group upgraded shares of Piper Sandler Companies from a "neutral" rating to a "buy" rating and upped their target price for the company from $368.00 to $386.00 in a research note on Monday, November 10th. Wall Street Zen raised shares of Piper Sandler Companies from a "hold" rating to a "buy" rating in a research report on Sunday, October 12th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Piper Sandler Companies in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded Piper Sandler Companies from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $362.50.
View Our Latest Research Report on PIPR
Piper Sandler Companies Company Profile
(
Get Free Report)
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.
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