Bank of New York Mellon Corp Boosts Position in Piper Sandler Companies (NYSE:PIPR)

Bank of New York Mellon Corp boosted its position in shares of Piper Sandler Companies (NYSE:PIPR) by 5.8% in the second quarter, Holdings Channel reports. The fund owned 170,145 shares of the financial services provider’s stock after purchasing an additional 9,380 shares during the quarter. Bank of New York Mellon Corp’s holdings in Piper Sandler Companies were worth $39,162,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. increased its position in Piper Sandler Companies by 194.7% in the second quarter. Blue Trust Inc. now owns 112 shares of the financial services provider’s stock worth $26,000 after buying an additional 74 shares in the last quarter. GAMMA Investing LLC purchased a new stake in Piper Sandler Companies in the fourth quarter worth about $29,000. Parallel Advisors LLC increased its position in Piper Sandler Companies by 62.1% in the fourth quarter. Parallel Advisors LLC now owns 167 shares of the financial services provider’s stock worth $29,000 after buying an additional 64 shares in the last quarter. Mather Group LLC. purchased a new stake in Piper Sandler Companies in the first quarter worth about $64,000. Finally, FSC Wealth Advisors LLC grew its position in shares of Piper Sandler Companies by 39.0% during the second quarter. FSC Wealth Advisors LLC now owns 346 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 97 shares in the last quarter. Hedge funds and other institutional investors own 72.79% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, JMP Securities reiterated a “market perform” rating on shares of Piper Sandler Companies in a research report on Tuesday, June 11th.

Insider Activity at Piper Sandler Companies

In related news, insider Jonathan J. Doyle sold 12,695 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $37,883,279.85. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Philip Soran sold 1,792 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was 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 directly owns 18,341 shares of the company’s stock, valued at approximately $4,840,556.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jonathan J. Doyle sold 12,695 shares of the firm’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 of the company’s stock, valued at $37,883,279.85. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,276 shares of company stock valued at $3,936,252. Insiders own 3.00% of the company’s stock.

Piper Sandler Companies Trading Up 1.6 %

Shares of Piper Sandler Companies stock opened at $272.70 on Tuesday. The stock has a 50 day moving average of $262.54 and a 200 day moving average of $240.57. Piper Sandler Companies has a 12 month low of $130.89 and a 12 month high of $280.45. The firm has a market cap of $4.83 billion, a PE ratio of 46.38 and a beta of 1.41.

Piper Sandler Companies (NYSE:PIPR) last announced its quarterly earnings results on Friday, August 2nd. The financial services provider reported $2.52 EPS for the quarter, beating analysts’ consensus estimates 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 prior year, the company earned $1.13 earnings per share. The firm’s revenue was up 23.7% on a year-over-year basis. As a group, equities research analysts forecast that Piper Sandler Companies will post 11.53 earnings per share for the current fiscal year.

Piper Sandler Companies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 29th will be paid a dividend of $0.65 per share. The ex-dividend date is Thursday, August 29th. This is a positive change from Piper Sandler Companies’s previous quarterly dividend of $0.60. This represents a $2.60 dividend on an annualized basis and a yield of 0.95%. Piper Sandler Companies’s dividend payout ratio is presently 44.22%.

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.