Piper Sandler Companies (NYSE:PIPR) Hits New 1-Year High After Better-Than-Expected Earnings

Piper Sandler Companies (NYSE:PIPR)’s stock price hit a new 52-week high during mid-day trading on Monday following a stronger than expected earnings report. The company traded as high as $198.05 and last traded at $198.75, with a volume of 1653 shares changing hands. The stock had previously closed at $197.16.

The financial services provider reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.90. Piper Sandler Companies had a net margin of 7.33% and a return on equity of 13.83%. The firm had revenue of $335.29 million during the quarter, compared to the consensus estimate of $314.97 million. During the same quarter in the prior year, the company earned $2.35 EPS. The company’s revenue was up 15.5% on a year-over-year basis.

Piper Sandler Companies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Monday, March 4th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend was Friday, March 1st. Piper Sandler Companies’s dividend payout ratio (DPR) is presently 40.82%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PIPR. JMP Securities restated a “market perform” rating on shares of Piper Sandler Companies in a research note on Tuesday, April 9th. StockNews.com upgraded Piper Sandler Companies from a “hold” rating to a “buy” rating in a research note on Wednesday, February 28th.

Insider Buying and Selling

In related news, CEO Chad R. Abraham sold 6,662 shares of Piper Sandler Companies stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $185.03, for a total value of $1,232,669.86. Following the transaction, the chief executive officer now owns 36,454 shares of the company’s stock, valued at approximately $6,745,083.62. The sale was disclosed in a document filed 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 firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 36,454 shares in the company, valued at approximately $6,745,083.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Debbra L. Schoneman sold 5,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $184.13, for a total value of $920,650.00. Following the sale, the president now owns 48,083 shares of the company’s stock, valued at $8,853,522.79. The disclosure for this sale can be found here. In the last quarter, insiders have sold 53,524 shares of company stock valued at $9,838,711. 3.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Piper Sandler Companies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC bought a new position in Piper Sandler Companies in the 4th quarter worth approximately $29,000. Parallel Advisors LLC increased its position in Piper Sandler Companies by 62.1% in the 4th quarter. Parallel Advisors LLC now owns 167 shares of the financial services provider’s stock worth $29,000 after buying an additional 64 shares during the period. West Oak Capital LLC bought a new position in Piper Sandler Companies in the 4th quarter worth approximately $33,000. Mather Group LLC. bought a new position in Piper Sandler Companies in the 1st quarter worth approximately $64,000. Finally, Quadrant Capital Group LLC increased its position in Piper Sandler Companies by 21.1% in the 4th quarter. Quadrant Capital Group LLC now owns 460 shares of the financial services provider’s stock worth $80,000 after buying an additional 80 shares during the period. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Piper Sandler Companies Price Performance

The firm has a market capitalization of $3.52 billion, a P/E ratio of 33.77 and a beta of 1.42. The business has a 50-day moving average of $194.02.

Piper Sandler Companies Company Profile

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.