State Board of Administration of Florida Retirement System Boosts Stock Position in Piper Sandler Companies (NYSE:PIPR)

Posted by Defense World Staff on May 18th, 2023

State Board of Administration of Florida Retirement System raised its position in shares of Piper Sandler Companies (NYSE:PIPR – Get Rating) by 32.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,354 shares of the company’s stock after purchasing an additional 1,308 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Piper Sandler Companies were worth $697,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PIPR. MetLife Investment Management LLC boosted its stake in shares of Piper Sandler Companies by 1.9% in the third quarter. MetLife Investment Management LLC now owns 9,304 shares of the company’s stock worth $975,000 after buying an additional 176 shares during the last quarter. Greenwich Wealth Management LLC boosted its stake in shares of Piper Sandler Companies by 2.3% in the fourth quarter. Greenwich Wealth Management LLC now owns 20,590 shares of the company’s stock worth $2,681,000 after buying an additional 458 shares during the last quarter. Stephens Investment Management Group LLC boosted its stake in shares of Piper Sandler Companies by 21.7% in the third quarter. Stephens Investment Management Group LLC now owns 380,024 shares of the company’s stock worth $39,804,000 after buying an additional 67,686 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Piper Sandler Companies by 1.5% in the fourth quarter. Louisiana State Employees Retirement System now owns 6,700 shares of the company’s stock worth $872,000 after buying an additional 100 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC boosted its stake in shares of Piper Sandler Companies by 1.1% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 9,200 shares of the company’s stock worth $1,198,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 64.00% of the company’s stock.

Piper Sandler Companies Stock Performance

NYSE PIPR opened at $129.14 on Thursday. The stock has a 50-day moving average of $133.24 and a 200 day moving average of $139.02. Piper Sandler Companies has a twelve month low of $102.60 and a twelve month high of $162.20. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of 22.00 and a beta of 1.38. The company has a current ratio of 1.41, a quick ratio of 0.39 and a debt-to-equity ratio of 0.10.

Piper Sandler Companies (NYSE:PIPR – Get Rating) last announced its earnings results on Tuesday, May 2nd. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.96. Piper Sandler Companies had a return on equity of 15.38% and a net margin of 7.25%. The business had revenue of $290.24 million during the quarter, compared to analysts’ expectations of $299.34 million. During the same quarter in the prior year, the firm earned $3.12 earnings per share. The business’s revenue was down 19.9% compared to the same quarter last year. Sell-side analysts anticipate that Piper Sandler Companies will post 8.86 EPS for the current fiscal year.

Piper Sandler Companies Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Friday, May 26th will be issued a dividend of $0.60 per share. The ex-dividend date is Thursday, May 25th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.86%. Piper Sandler Companies’s payout ratio is currently 40.89%.

Analyst Upgrades and Downgrades

PIPR has been the topic of a number of recent research reports. Northland Securities lowered their target price on Piper Sandler Companies from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 29th. StockNews.com started coverage on Piper Sandler Companies in a report on Thursday. They issued a “hold” rating for the company. The Goldman Sachs Group upped their price target on Piper Sandler Companies from $153.00 to $172.00 and gave the stock a “buy” rating in a report on Monday, February 6th. Finally, JMP Securities reduced their price target on Piper Sandler Companies from $180.00 to $174.00 and set a “market outperform” rating for the company in a report on Monday, April 10th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $157.00.

Insider Buying and Selling at Piper Sandler Companies

In other Piper Sandler Companies news, CEO Chad R. Abraham sold 12,556 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $127.20, for a total transaction of $1,597,123.20. Following the completion of the transaction, the chief executive officer now owns 39,060 shares of the company’s stock, valued at $4,968,432. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Chad R. Abraham sold 12,556 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $127.20, for a total value of $1,597,123.20. Following the completion of the sale, the chief executive officer now directly owns 39,060 shares in the company, valued at $4,968,432. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Chad R. Abraham sold 1,970 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $130.05, for a total value of $256,198.50. Following the completion of the sale, the chief executive officer now owns 29,646 shares of the company’s stock, valued at $3,855,462.30. The disclosure for this sale can be found here. Insiders sold 14,527 shares of company stock valued at $1,853,452 over the last quarter. 3.30% of the stock is currently owned by insiders.

Piper Sandler Companies Company Profile

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Piper Sandler Cos. engages in the provision of investment banking and institutional securities services. It offers financial advisory services, equity and debt capital markets products, public finance services, equity research and institutional brokerage, fixed income services, and private equity strategies.