Piper Sandler Companies (NYSE:PIPR) Sees Significant Decline in Short Interest

Piper Sandler Companies (NYSE:PIPR) saw a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 412,100 shares, a drop of 15.1% from the September 30th total of 485,300 shares. Based on an average daily volume of 114,300 shares, the days-to-cover ratio is currently 3.6 days. Currently, 2.4% of the shares of the stock are sold short.

Piper Sandler Companies Stock Down 1.1 %

Shares of Piper Sandler Companies stock traded down $3.25 during midday trading on Wednesday, hitting $285.48. The company’s stock had a trading volume of 64,000 shares, compared to its average volume of 107,255. The firm has a market capitalization of $5.05 billion, a P/E ratio of 48.55 and a beta of 1.39. The stock has a 50-day simple moving average of $289.71 and a 200-day simple moving average of $274.37. Piper Sandler Companies has a 1-year low of $137.20 and a 1-year high of $306.10.

Piper Sandler Companies (NYSE:PIPR) last issued its earnings results on Friday, August 2nd. The financial services provider reported $2.52 EPS for the quarter, topping the consensus estimate of $2.26 by $0.26. The business had revenue of $357.00 million during the quarter, compared to analysts’ expectations of $338.90 million. Piper Sandler Companies had a return on equity of 16.18% and a net margin of 10.84%. Piper Sandler Companies’s revenue was up 23.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.13 earnings per share. As a group, sell-side analysts predict that Piper Sandler Companies will post 11.53 earnings per share for the current year.

Piper Sandler Companies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 22nd will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.91%. Piper Sandler Companies’s payout ratio is 44.22%.

Insider Activity

In other news, insider Jonathan J. Doyle sold 12,695 shares of Piper Sandler Companies stock in a transaction on Monday, August 5th. The stock was sold at an average price of $236.63, for a total transaction of $3,004,017.85. Following the transaction, the insider now directly owns 160,095 shares in the company, valued at approximately $37,883,279.85. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jonathan J. Doyle sold 12,695 shares of Piper Sandler Companies stock in a transaction on Monday, August 5th. The stock was sold at an average price of $236.63, for a total transaction of $3,004,017.85. Following the transaction, the insider now directly owns 160,095 shares in the company, valued at approximately $37,883,279.85. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel John W. Geelan sold 1,789 shares of Piper Sandler Companies stock in a transaction on Friday, August 9th. The shares were sold at an average price of $256.73, for a total value of $459,289.97. Following the transaction, the general counsel now owns 15,065 shares in the company, valued at approximately $3,867,637.45. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,276 shares of company stock worth $3,936,252. 3.00% of the stock is owned by company insiders.

Institutional Trading of Piper Sandler Companies

Institutional investors have recently bought and sold shares of the company. Creative Planning boosted its position in Piper Sandler Companies by 34.8% during the third quarter. Creative Planning now owns 9,287 shares of the financial services provider’s stock valued at $2,636,000 after purchasing an additional 2,399 shares during the last quarter. Moody Aldrich Partners LLC raised its holdings in Piper Sandler Companies by 14.8% during the third quarter. Moody Aldrich Partners LLC now owns 24,202 shares of the financial services provider’s stock valued at $6,869,000 after buying an additional 3,124 shares in the last quarter. New York State Teachers Retirement System raised its holdings in Piper Sandler Companies by 1.9% during the second quarter. New York State Teachers Retirement System now owns 32,149 shares of the financial services provider’s stock valued at $7,400,000 after buying an additional 610 shares in the last quarter. Millennium Management LLC increased its stake in shares of Piper Sandler Companies by 66.0% in the second quarter. Millennium Management LLC now owns 77,804 shares of the financial services provider’s stock worth $17,908,000 after purchasing an additional 30,942 shares during the period. Finally, EntryPoint Capital LLC bought a new position in shares of Piper Sandler Companies in the first quarter worth about $90,000. Institutional investors and hedge funds own 72.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PIPR shares. JMP Securities restated a “market perform” rating on shares of Piper Sandler Companies in a report on Tuesday, September 17th. StockNews.com cut Piper Sandler Companies from a “buy” rating to a “hold” rating in a report on Monday.

Piper Sandler Companies Company Profile

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.