Piper Sandler Companies (NYSE:PIPR) Sets New 1-Year High at $261.67

Piper Sandler Companies (NYSE:PIPR)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $261.67 and last traded at $257.00, with a volume of 3182 shares traded. The stock had previously closed at $258.79.

Wall Street Analyst Weigh In

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

Piper Sandler Companies Stock Down 2.0 %

The stock has a market cap of $4.49 billion, a P/E ratio of 43.54 and a beta of 1.41. The company’s 50-day moving average is $254.80.

Piper Sandler Companies (NYSE:PIPR) last issued its earnings results on Friday, August 2nd. The financial services provider reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.26. Piper Sandler Companies had a net margin of 9.23% and a return on equity of 15.54%. The business had revenue of $357.00 million during the quarter, compared to analysts’ expectations of $338.90 million. During the same period in the previous year, the company earned $1.13 earnings per share. The business’s revenue for the quarter was up 23.7% compared to the same quarter last year. On average, equities analysts predict that Piper Sandler Companies will post 11.53 earnings per share for the current fiscal year.

Piper Sandler Companies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Thursday, August 29th. This is an increase from Piper Sandler Companies’s previous quarterly dividend of $0.60. Piper Sandler Companies’s payout ratio is 44.22%.

Insider Activity at Piper Sandler Companies

In other news, insider Jonathan J. Doyle sold 12,695 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 160,095 shares in the company, valued at approximately $37,883,279.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, General Counsel John W. Geelan sold 1,789 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $256.73, for a total transaction of $459,289.97. Following the completion of the sale, the general counsel now owns 15,065 shares in the company, valued at $3,867,637.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 completion of the transaction, the insider now 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 90 days, insiders sold 19,484 shares of company stock worth $4,525,759. 3.00% of the stock is owned by insiders.

Institutional Trading of Piper Sandler Companies

Several hedge funds have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Piper Sandler Companies by 5.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 1,317 shares of the financial services provider’s stock valued at $303,000 after acquiring an additional 67 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Piper Sandler Companies by 21.6% in the 2nd quarter. Renaissance Technologies LLC now owns 46,695 shares of the financial services provider’s stock worth $10,748,000 after purchasing an additional 8,300 shares during the period. Envestnet Asset Management Inc. raised its position in Piper Sandler Companies by 4.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 57,090 shares of the financial services provider’s stock worth $13,141,000 after purchasing an additional 2,510 shares during the period. Oppenheimer Asset Management Inc. grew its stake in shares of Piper Sandler Companies by 18.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 7,688 shares of the financial services provider’s stock valued at $1,770,000 after buying an additional 1,204 shares during the last quarter. Finally, Nicholas Investment Partners LP purchased a new stake in shares of Piper Sandler Companies in the second quarter worth approximately $5,950,000. 72.79% of the stock is owned by hedge funds and other institutional investors.

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.