Short Interest in Piper Sandler Companies (NYSE:PIPR) Drops By 15.1%

Piper Sandler Companies (NYSE:PIPR) was the target of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 412,100 shares, a decline of 15.1% from the September 30th total of 485,300 shares. Approximately 2.4% of the company’s shares are short sold. Based on an average daily trading volume, of 114,300 shares, the short-interest ratio is currently 3.6 days.

Insider Activity

In related news, insider Jonathan J. Doyle sold 12,695 shares of the business’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 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jonathan J. Doyle sold 12,695 shares of Piper Sandler Companies stock in a transaction 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 owns 160,095 shares in the company, valued at approximately $37,883,279.85. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Philip Soran sold 1,792 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $263.92, for a total value of $472,944.64. Following the completion of the sale, the director now owns 18,341 shares of the company’s stock, valued at approximately $4,840,556.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,276 shares of company stock valued at $3,936,252 over the last 90 days. Insiders own 3.00% of the company’s stock.

Institutional Trading of Piper Sandler Companies

Several institutional investors have recently made changes to their positions in PIPR. Vanguard Group Inc. lifted its position in Piper Sandler Companies by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 1,971,201 shares of the financial services provider’s stock worth $391,264,000 after buying an additional 20,891 shares in the last quarter. Lord Abbett & CO. LLC boosted its position in Piper Sandler Companies by 7.4% during the first quarter. Lord Abbett & CO. LLC now owns 285,542 shares of the financial services provider’s stock valued at $56,677,000 after purchasing an additional 19,662 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Piper Sandler Companies by 5.8% in the second quarter. Bank of New York Mellon Corp now owns 170,145 shares of the financial services provider’s stock valued at $39,162,000 after purchasing an additional 9,380 shares in the last quarter. Millennium Management LLC increased its position in Piper Sandler Companies by 66.0% in the 2nd quarter. Millennium Management LLC now owns 77,804 shares of the financial services provider’s stock worth $17,908,000 after purchasing an additional 30,942 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Piper Sandler Companies by 16.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 59,458 shares of the financial services provider’s stock worth $11,802,000 after purchasing an additional 8,510 shares in the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Piper Sandler Companies Stock Performance

Shares of NYSE PIPR opened at $280.53 on Monday. The company’s fifty day moving average is $289.47. The stock has a market capitalization of $4.97 billion, a P/E ratio of 47.71 and a beta of 1.39. Piper Sandler Companies has a 12 month low of $131.89 and a 12 month high of $306.10.

Piper Sandler Companies (NYSE:PIPR) last announced its earnings results on Friday, October 25th. The financial services provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.04. The company had revenue of $359.57 million for the quarter, compared to the consensus estimate of $365.07 million. Piper Sandler Companies had a net margin of 9.23% and a return on equity of 15.36%. Research analysts anticipate that Piper Sandler Companies will post 11.53 earnings per share for the current fiscal year.

Piper Sandler Companies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were issued a $0.65 dividend. This is an increase from Piper Sandler Companies’s previous quarterly dividend of $0.60. The ex-dividend date was Thursday, August 29th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.93%. Piper Sandler Companies’s dividend payout ratio is currently 44.22%.

Analyst Upgrades and Downgrades

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

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.