Zurcher Kantonalbank Zurich Cantonalbank Reduces Stake in Piper Sandler Companies (NYSE:PIPR)

Zurcher Kantonalbank Zurich Cantonalbank decreased its holdings in shares of Piper Sandler Companies (NYSE:PIPR) by 4.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,357 shares of the financial services provider’s stock after selling 160 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Piper Sandler Companies were worth $587,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Park Avenue Securities LLC purchased a new stake in shares of Piper Sandler Companies during the 3rd quarter worth approximately $379,000. Allspring Global Investments Holdings LLC boosted its stake in Piper Sandler Companies by 1.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 60,712 shares of the financial services provider’s stock valued at $8,822,000 after acquiring an additional 615 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Piper Sandler Companies by 0.9% during the third quarter. Victory Capital Management Inc. now owns 7,775 shares of the financial services provider’s stock worth $1,130,000 after purchasing an additional 70 shares during the last quarter. Illinois Municipal Retirement Fund acquired a new stake in shares of Piper Sandler Companies during the third quarter worth about $1,264,000. Finally, Jump Financial LLC purchased a new stake in shares of Piper Sandler Companies in the 3rd quarter valued at about $967,000. 72.79% of the stock is owned by institutional investors and hedge funds.

Piper Sandler Companies Stock Up 1.3 %

Shares of PIPR stock opened at $198.31 on Thursday. The stock’s 50-day moving average price is $194.38 and its 200 day moving average price is $189.60. The stock has a market capitalization of $3.51 billion, a PE ratio of 33.73 and a beta of 1.42. Piper Sandler Companies has a 52-week low of $120.97 and a 52-week high of $202.76.

Piper Sandler Companies (NYSE:PIPR) last released its earnings results on Friday, April 26th. The financial services provider reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.90. Piper Sandler Companies had a return on equity of 13.83% and a net margin of 7.33%. The business had revenue of $335.29 million for the quarter, compared to analyst estimates of $314.97 million. During the same quarter in the previous year, the company posted $2.35 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. Analysts expect that Piper Sandler Companies will post 11.82 earnings per share for the current fiscal year.

Piper Sandler Companies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Thursday, May 23rd. Piper Sandler Companies’s dividend payout ratio (DPR) is presently 40.82%.

Insider Activity

In related news, CEO Chad R. Abraham sold 6,662 shares of the stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $185.03, for a total transaction of $1,232,669.86. Following the completion of the transaction, the chief executive officer now directly owns 36,454 shares of the company’s stock, valued at $6,745,083.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Piper Sandler Companies news, CEO Chad R. Abraham sold 6,662 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $185.03, for a total transaction of $1,232,669.86. Following the transaction, the chief executive officer now owns 36,454 shares in the company, valued at approximately $6,745,083.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Debbra L. Schoneman sold 205 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $190.05, for a total value of $38,960.25. Following the transaction, the president now directly owns 16,935 shares of the company’s stock, valued at $3,218,496.75. The disclosure for this sale can be found here. Insiders have sold a total of 53,524 shares of company stock valued at $9,838,711 over the last quarter. Corporate insiders own 3.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. StockNews.com upgraded Piper Sandler Companies from a “hold” rating to a “buy” rating in a research note on Wednesday, February 28th. JMP Securities reiterated a “market perform” rating on shares of Piper Sandler Companies in a research report on Tuesday, April 9th.

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.