Piper Sandler Companies (NYSE:PIPR) Sets New 52-Week High After Earnings Beat

Piper Sandler Companies (NYSE:PIPR)’s stock price reached a new 52-week high 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. The stock had previously closed at $197.16.

The financial services provider reported $2.79 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $335.29 million for the quarter, compared to analyst estimates of $314.97 million. During the same period last year, the company earned $2.35 earnings per share. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis.

Piper Sandler Companies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.23%. The ex-dividend date is Thursday, May 23rd. Piper Sandler Companies’s dividend payout ratio is presently 40.82%.

Wall Street Analysts Forecast Growth

PIPR has been the topic of a number of research analyst reports. JMP Securities reissued a “market perform” rating on shares of Piper Sandler Companies in a report on Tuesday, April 9th. StockNews.com raised Piper Sandler Companies from a “hold” rating to a “buy” rating in a report on Wednesday, February 28th.

Insider Activity

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 transaction of $1,232,669.86. Following 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 SEC, which is available through this hyperlink. In related news, President Debbra L. Schoneman sold 4,795 shares of Piper Sandler Companies stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $190.72, for a total transaction of $914,502.40. Following the transaction, the president now directly owns 12,140 shares of the company’s stock, valued at $2,315,340.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 directly owns 36,454 shares in the company, valued at $6,745,083.62. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 53,524 shares of company stock valued at $9,838,711. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Piper Sandler Companies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Oliver Luxxe Assets LLC boosted its position in shares of Piper Sandler Companies by 1.1% in the 1st quarter. Oliver Luxxe Assets LLC now owns 5,954 shares of the financial services provider’s stock valued at $1,182,000 after purchasing an additional 62 shares during the period. Parallel Advisors LLC boosted its position in shares of Piper Sandler Companies by 62.1% in the 4th quarter. Parallel Advisors LLC now owns 167 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 64 shares during the period. Wedge Capital Management L L P NC boosted its position in shares of Piper Sandler Companies by 1.9% in the 4th quarter. Wedge Capital Management L L P NC now owns 3,572 shares of the financial services provider’s stock valued at $625,000 after purchasing an additional 67 shares during the period. 1492 Capital Management LLC boosted its position in shares of Piper Sandler Companies by 1.1% in the 4th quarter. 1492 Capital Management LLC now owns 6,399 shares of the financial services provider’s stock valued at $1,119,000 after purchasing an additional 68 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of Piper Sandler Companies by 0.9% in the 3rd quarter. Victory Capital Management Inc. now owns 7,775 shares of the financial services provider’s stock valued at $1,130,000 after purchasing an additional 70 shares during the period. Institutional investors and hedge funds own 72.79% of the company’s stock.

Piper Sandler Companies Trading Down 1.9 %

The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of 33.30 and a beta of 1.42. The stock has a 50-day simple moving average of $194.32 and a 200 day simple moving average of $189.24.

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.