Insider Selling: Piper Sandler Companies (NYSE:PIPR) CEO Sells 3,000 Shares of Stock

Piper Sandler Companies CEO Chad Abraham sold 3,000 shares, reducing his ownership by 5.30%. The sale, at $336.21 per share, totaled $1,008,630. Post-sale, he owns 53,558 shares valued at $18,006,735. The transaction was disclosed to the SEC. Piper Sandler's stock traded down to $328.72, with a market cap of $5.82 billion. Analysts forecast growth, with recent upgrades from Goldman Sachs and Zacks Research.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) CEO Chad Abraham sold 3,000 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $336.21, for a total transaction of $1,008,630.00. Following the completion of the sale, the chief executive officer directly owned 53,558 shares of the company's stock, valued at approximately $18,006,735.18. This trade represents a 5.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Piper Sandler Companies Price Performance

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Shares of NYSE:PIPR traded down $7.18 during trading on Monday, hitting $328.72. 109,464 shares of the company's stock were exchanged, compared to its average volume of 145,716. Piper Sandler Companies has a 52-week low of $202.91 and a 52-week high of $374.77. The business's 50-day simple moving average is $335.97 and its 200 day simple moving average is $312.69. The company has a market cap of $5.82 billion, a price-to-earnings ratio of 27.74 and a beta of 1.50.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last announced its quarterly earnings results on Friday, October 31st. The financial services provider reported $3.82 EPS for the quarter, topping the consensus estimate of $2.96 by $0.86. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.67%. The business had revenue of $455.31 million for the quarter, compared to analysts' expectations of $408.40 million. During the same quarter in the previous year, the company earned $2.57 EPS. The business's quarterly revenue was up 33.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Piper Sandler Companies will post 14.14 EPS for the current fiscal year.

Piper Sandler Companies Announces Dividend

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Tuesday, November 25th will be given a dividend of $0.70 per share. The ex-dividend date is Tuesday, November 25th. This represents a $2.80 dividend on an annualized basis and a yield of 0.9%. Piper Sandler Companies's dividend payout ratio is 21.10%.

Institutional Trading of Piper Sandler Companies

Several institutional investors and hedge funds have recently made changes to their positions in the company. CENTRAL TRUST Co purchased a new stake in Piper Sandler Companies during the second quarter worth $28,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Piper Sandler Companies by 495.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 104 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new stake in Piper Sandler Companies during the 2nd quarter worth about $31,000. Whittier Trust Co. acquired a new stake in shares of Piper Sandler Companies in the third quarter worth $31,000. Finally, AdvisorNet Financial Inc boosted its position in Piper Sandler Companies by 48.1% in the 2nd quarter. AdvisorNet Financial Inc now owns 114 shares of the financial services provider's stock worth $32,000 after purchasing an additional 37 shares in the last quarter. 72.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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PIPR has been the topic of a number of analyst reports. The Goldman Sachs Group upgraded shares of Piper Sandler Companies from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $368.00 to $386.00 in a research report on Monday, November 10th. Weiss Ratings reissued a "hold (c)" rating on shares of Piper Sandler Companies in a research note on Wednesday, October 8th. Wall Street Zen raised Piper Sandler Companies from a "hold" rating to a "buy" rating in a research report on Sunday, October 12th. Finally, Zacks Research upgraded Piper Sandler Companies from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Piper Sandler Companies currently has a consensus rating of "Moderate Buy" and an average target price of $362.50.

Check Out Our Latest Research Report on PIPR

Piper Sandler Companies Company Profile

(Get Free Report)

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.

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