Chad R. Abraham Sells 2,223 Shares of Piper Sandler Companies (NYSE:PIPR) Stock

Piper Sandler Companies (NYSE:PIPR – Get Rating) CEO Chad R. Abraham sold 2,223 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $130.27, for a total value of $289,590.21. Following the transaction, the chief executive officer now owns 27,222 shares in the company, valued at approximately $3,546,209.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Piper Sandler Companies Trading Down 2.2 %

PIPR opened at $127.32 on Thursday. The firm has a market cap of $2.26 billion, a P/E ratio of 21.69 and a beta of 1.38. The business has a fifty day simple moving average of $133.19 and a 200-day simple moving average of $138.91. Piper Sandler Companies has a 52 week low of $102.60 and a 52 week high of $162.20. The company has a quick ratio of 0.39, a current ratio of 1.41 and a debt-to-equity ratio of 0.10.

Piper Sandler Companies (NYSE:PIPR – Get Rating) last released its earnings results on Tuesday, May 2nd. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.96. The firm had revenue of $290.24 million during the quarter, compared to analyst estimates of $299.34 million. Piper Sandler Companies had a return on equity of 15.38% and a net margin of 7.25%. Piper Sandler Companies’s revenue was down 19.9% compared to the same quarter last year. During the same period last year, the business posted $3.12 earnings per share. On average, equities analysts expect that Piper Sandler Companies will post 8.86 earnings per share for the current year.

Piper Sandler Companies Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Friday, May 26th will be issued a $0.60 dividend. The ex-dividend date is Thursday, May 25th. This represents a $2.40 dividend on an annualized basis and a yield of 1.89%. Piper Sandler Companies’s dividend payout ratio (DPR) is presently 40.89%.

Analysts Set New Price Targets

PIPR has been the subject of a number of research analyst reports. Northland Securities reduced their target price on Piper Sandler Companies from $160.00 to $150.00 and set an “outperform” rating for the company in a report on Wednesday, March 29th. The Goldman Sachs Group raised their target price on Piper Sandler Companies from $153.00 to $172.00 and gave the stock a “buy” rating in a research note on Monday, February 6th. StockNews.com began coverage on Piper Sandler Companies in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, JMP Securities lowered their price target on Piper Sandler Companies from $180.00 to $174.00 and set a “market outperform” rating for the company in a research report on Monday, April 10th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $157.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in Piper Sandler Companies by 69.7% in the first quarter. JPMorgan Chase & Co. now owns 89,003 shares of the company’s stock valued at $12,336,000 after buying an additional 36,557 shares in the last quarter. State Street Corp increased its position in Piper Sandler Companies by 2.8% in the 1st quarter. State Street Corp now owns 572,255 shares of the company’s stock valued at $79,320,000 after acquiring an additional 15,691 shares during the period. Geode Capital Management LLC increased its position in Piper Sandler Companies by 3.0% in the 1st quarter. Geode Capital Management LLC now owns 297,608 shares of the company’s stock valued at $41,251,000 after acquiring an additional 8,566 shares during the period. AQR Capital Management LLC increased its position in Piper Sandler Companies by 248.3% in the 1st quarter. AQR Capital Management LLC now owns 19,080 shares of the company’s stock valued at $2,645,000 after acquiring an additional 13,602 shares during the period. Finally, Azora Capital LP acquired a new position in Piper Sandler Companies in the 1st quarter valued at about $8,365,000. 64.00% of the stock is currently owned by hedge funds and other institutional investors.

Piper Sandler Companies Company Profile

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Piper Sandler Cos. engages in the provision of investment banking and institutional securities services. It offers financial advisory services, equity and debt capital markets products, public finance services, equity research and institutional brokerage, fixed income services, and private equity strategies.