Russell Investments Group Ltd. Sells 2,019 Shares of Piper Sandler Companies $PIPR

Russell Investments Group Ltd. lessened its stake in Piper Sandler Companies (NYSE:PIPR) by 15.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,412 shares of the financial services provider’s stock after selling 2,019 shares during the quarter. Russell Investments Group Ltd.’s holdings in Piper Sandler Companies were worth $3,172,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of PIPR. Laurel Wealth Advisors LLC lifted its position in shares of Piper Sandler Companies by 27,700.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,780 shares of the financial services provider’s stock valued at $773,000 after buying an additional 2,770 shares during the last quarter. XTX Topco Ltd bought a new stake in Piper Sandler Companies in the 2nd quarter valued at about $392,000. Prudential Financial Inc. lifted its holdings in Piper Sandler Companies by 1.5% during the second quarter. Prudential Financial Inc. now owns 47,308 shares of the financial services provider’s stock valued at $13,149,000 after purchasing an additional 707 shares during the last quarter. Cynosure Group LLC boosted its position in Piper Sandler Companies by 34.5% during the second quarter. Cynosure Group LLC now owns 1,749 shares of the financial services provider’s stock worth $486,000 after purchasing an additional 449 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of Piper Sandler Companies by 1,155.7% in the second quarter. American Century Companies Inc. now owns 200,149 shares of the financial services provider’s stock worth $55,630,000 after purchasing an additional 184,210 shares in the last quarter. 72.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Katherine Patricia Clune sold 1,367 shares of the business’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $324.69, for a total transaction of $443,851.23. Following the completion of the transaction, the chief financial officer owned 10,425 shares of the company’s stock, valued at approximately $3,384,893.25. The trade was a 11.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Debbra L. Schoneman sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $330.33, for a total transaction of $825,825.00. Following the completion of the transaction, the president owned 2,896 shares in the company, valued at approximately $956,635.68. This trade represents a 46.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 11,267 shares of company stock worth $3,763,746 in the last ninety days. 2.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Piper Sandler Companies in a research note on Wednesday, October 8th. Zacks Research raised shares of Piper Sandler Companies from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. Wall Street Zen raised Piper Sandler Companies from a “hold” rating to a “buy” rating in a report on Sunday, October 12th. Finally, The Goldman Sachs Group upgraded 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 note on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $362.50.

Piper Sandler Companies Price Performance

NYSE PIPR opened at $350.10 on Monday. The company’s 50 day simple moving average is $333.87 and its two-hundred day simple moving average is $315.22. Piper Sandler Companies has a 1 year low of $202.91 and a 1 year high of $374.77. The stock has a market capitalization of $6.19 billion, a PE ratio of 26.38 and a beta of 1.55.

Piper Sandler Companies (NYSE:PIPR) last released its quarterly earnings results on Friday, October 31st. The financial services provider reported $3.82 EPS for the quarter, beating analysts’ consensus estimates of $2.96 by $0.86. The firm had revenue of $455.31 million during the quarter, compared to analyst estimates of $408.40 million. Piper Sandler Companies had a net margin of 13.73% and a return on equity of 19.91%. The business’s revenue for the quarter was up 33.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.57 EPS. On average, research analysts anticipate that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Tuesday, November 25th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 0.8%. The ex-dividend date is Tuesday, November 25th. Piper Sandler Companies’s payout ratio is presently 21.10%.

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.