Park Avenue Securities LLC Cuts Position in Piper Sandler Companies (NYSE:PIPR)

Park Avenue Securities LLC cut its stake in Piper Sandler Companies (NYSE:PIPR) by 22.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,113 shares of the financial services provider’s stock after selling 622 shares during the quarter. Park Avenue Securities LLC’s holdings in Piper Sandler Companies were worth $600,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PIPR. Goldman Sachs Group Inc. boosted its position 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 worth $38,583,000 after purchasing an additional 59,915 shares in the last quarter. SageView Advisory Group LLC acquired a new stake in Piper Sandler Companies during the 1st quarter worth about $10,970,000. Mesirow Institutional Investment Management Inc. acquired a new stake in Piper Sandler Companies during the 2nd quarter worth about $10,139,000. Millennium Management LLC lifted its position in Piper Sandler Companies by 66.0% during the 2nd 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 period. Finally, Nicholas Investment Partners LP acquired a new stake in Piper Sandler Companies during the 2nd quarter worth about $5,950,000. Institutional investors and hedge funds own 72.79% of the company’s stock.

Insider Transactions at Piper Sandler Companies

In related news, insider Jonathan J. Doyle sold 12,695 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $236.63, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Jonathan J. Doyle sold 12,695 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $236.63, for a total transaction of $3,004,017.85. Following the completion of the transaction, the insider now directly owns 160,095 shares in the company, valued at $37,883,279.85. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 on Friday, August 9th. The stock was sold at an average price of $256.73, for a total value of $459,289.97. Following the transaction, the general counsel now owns 15,065 shares of the company’s stock, valued at approximately $3,867,637.45. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,276 shares of company stock worth $3,936,252 in the last ninety days. Insiders own 3.00% of the company’s stock.

Piper Sandler Companies Stock Down 1.3 %

Shares of Piper Sandler Companies stock opened at $283.16 on Friday. Piper Sandler Companies has a twelve month low of $130.89 and a twelve month high of $292.60. The business has a 50-day moving average price of $277.77 and a 200 day moving average price of $264.82. The firm has a market cap of $5.01 billion, a PE ratio of 48.16 and a beta of 1.39.

Piper Sandler Companies (NYSE:PIPR) last posted its quarterly earnings data on Friday, August 2nd. The financial services provider reported $2.52 EPS for the quarter, topping the consensus estimate of $2.26 by $0.26. Piper Sandler Companies had a return on equity of 15.36% and a net margin of 9.23%. The company had revenue of $357.00 million during the quarter, compared to analyst estimates of $338.90 million. During the same period in the previous year, the business earned $1.13 EPS. Piper Sandler Companies’s quarterly revenue was up 23.7% on a year-over-year basis. 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 business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were issued a dividend of $0.65 per share. This is a boost from Piper Sandler Companies’s previous quarterly dividend of $0.60. This represents a $2.60 annualized dividend and a dividend yield of 0.92%. The ex-dividend date was Thursday, August 29th. Piper Sandler Companies’s payout ratio is currently 44.22%.

Analysts Set New Price Targets

Separately, JMP Securities reiterated a “market perform” rating on shares of Piper Sandler Companies in a research note on Tuesday, September 17th.

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.