Fred Alger Management LLC Makes New $14.65 Million Investment in Piper Sandler Companies (NYSE:PIPR)

Fred Alger Management LLC bought a new stake in shares of Piper Sandler Companies (NYSE:PIPR) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 51,600 shares of the financial services provider’s stock, valued at approximately $14,645,000. Fred Alger Management LLC owned approximately 0.29% of Piper Sandler Companies at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Blue Trust Inc. boosted its holdings 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 valued at $26,000 after purchasing an additional 74 shares during the last quarter. nVerses Capital LLC boosted its stake in shares of Piper Sandler Companies by 100.0% during the 2nd quarter. nVerses Capital LLC now owns 200 shares of the financial services provider’s stock valued at $46,000 after buying an additional 100 shares during the last quarter. USA Financial Formulas acquired a new stake in shares of Piper Sandler Companies during the third quarter worth approximately $77,000. FSC Wealth Advisors LLC increased its stake in shares of Piper Sandler Companies by 39.0% in the second quarter. FSC Wealth Advisors LLC now owns 346 shares of the financial services provider’s stock worth $80,000 after buying an additional 97 shares during the last quarter. Finally, CWM LLC raised its holdings in Piper Sandler Companies by 22.5% in the third quarter. CWM LLC now owns 310 shares of the financial services provider’s stock valued at $88,000 after acquiring an additional 57 shares in the last quarter. 72.79% of the stock is owned by hedge funds and other institutional investors.

Piper Sandler Companies Price Performance

Shares of PIPR opened at $342.99 on Friday. The stock has a market capitalization of $6.10 billion, a PE ratio of 36.64 and a beta of 1.39. The business’s fifty day moving average price is $324.46 and its 200 day moving average price is $295.22. Piper Sandler Companies has a 12-month low of $152.59 and a 12-month high of $351.80.

Piper Sandler Companies (NYSE:PIPR) last posted its quarterly earnings results on Friday, October 25th. The financial services provider reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.04. Piper Sandler Companies had a net margin of 10.84% and a return on equity of 16.06%. The company had revenue of $359.57 million for the quarter, compared to the consensus estimate of $365.07 million. As a group, research analysts anticipate that Piper Sandler Companies will post 11.49 earnings per share for the current fiscal year.

Piper Sandler Companies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 22nd will be paid a $0.65 dividend. The ex-dividend date is Friday, November 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.76%. Piper Sandler Companies’s payout ratio is currently 27.78%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. JMP Securities reissued a “market perform” rating on shares of Piper Sandler Companies in a report on Tuesday, September 17th. StockNews.com downgraded Piper Sandler Companies from a “buy” rating to a “hold” rating in a research note on Monday, October 28th.

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.