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

Piper Sandler Companies (NYSE:PIPR) reached a new 52-week high on Monday after the company announced better than expected quarterly earnings. The company traded as high as $198.05 and last traded at $198.75, with a volume of 1653 shares. The stock had previously closed at $197.16.

The financial services provider reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.90. The firm had revenue of $335.29 million for the quarter, compared to analysts’ expectations of $314.97 million. Piper Sandler Companies had a net margin of 7.33% and a return on equity of 13.83%. The company’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.35 EPS.

Piper Sandler Companies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Monday, March 4th were given a $0.60 dividend. The ex-dividend date was Friday, March 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.21%. Piper Sandler Companies’s dividend payout ratio is currently 40.82%.

Analysts Set New Price Targets

A number of analysts have weighed in on PIPR shares. StockNews.com upgraded shares of Piper Sandler Companies from a “hold” rating to a “buy” rating in a research note on Wednesday, February 28th. JMP Securities reissued a “market perform” rating on shares of Piper Sandler Companies in a report on Tuesday, April 9th.

Insider Activity

In related news, President Debbra L. Schoneman sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were 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 in the company, valued at $8,853,522.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Piper Sandler Companies news, President Debbra L. Schoneman sold 205 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $190.05, for a total transaction of $38,960.25. Following the sale, the president now owns 16,935 shares in the company, valued at approximately $3,218,496.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Debbra L. Schoneman sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $184.13, for a total transaction of $920,650.00. Following the completion of the transaction, 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. Insiders sold 53,524 shares of company stock valued at $9,838,711 over the last three months. Insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Piper Sandler Companies

A number of institutional investors have recently bought and sold shares of PIPR. Charles Schwab Investment Management Inc. lifted its position in shares of Piper Sandler Companies by 7.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 180,658 shares of the financial services provider’s stock valued at $26,251,000 after acquiring an additional 11,847 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Piper Sandler Companies by 1.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 60,712 shares of the financial services provider’s stock valued at $8,822,000 after buying an additional 615 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Piper Sandler Companies by 0.5% during the third quarter. Vanguard Group Inc. now owns 1,935,235 shares of the financial services provider’s stock worth $281,209,000 after acquiring an additional 9,030 shares during the last quarter. Victory Capital Management Inc. grew its stake in 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 valued at $1,130,000 after acquiring an additional 70 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in Piper Sandler Companies by 11.8% in the 3rd quarter. Deutsche Bank AG now owns 9,421 shares of the financial services provider’s stock valued at $1,369,000 after acquiring an additional 991 shares during the last quarter. Hedge funds and other institutional investors own 72.79% of the company’s stock.

Piper Sandler Companies Stock Performance

The stock has a market cap of $3.52 billion, a PE ratio of 33.91 and a beta of 1.42. The company’s 50-day moving average price is $194.02.

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.