First Citizens Bank & Trust Co. Invests $223,000 in Piper Sandler Companies (NYSE:PIPR)

First Citizens Bank & Trust Co. bought a new stake in shares of Piper Sandler Companies (NYSE:PIPR) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 900 shares of the financial services provider’s stock, valued at approximately $223,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PIPR. Vanguard Group Inc. raised its position in Piper Sandler Companies by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 2,063,590 shares of the financial services provider’s stock worth $618,974,000 after acquiring an additional 31,400 shares during the period. Invesco Ltd. increased its stake in shares of Piper Sandler Companies by 17.2% during the fourth quarter. Invesco Ltd. now owns 697,824 shares of the financial services provider’s stock worth $209,312,000 after purchasing an additional 102,426 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Piper Sandler Companies by 2.3% during the 4th quarter. Alliancebernstein L.P. now owns 360,224 shares of the financial services provider’s stock worth $108,049,000 after purchasing an additional 8,066 shares during the last quarter. Norges Bank acquired a new position in shares of Piper Sandler Companies during the 4th quarter worth about $68,696,000. Finally, Northern Trust Corp lifted its stake in Piper Sandler Companies by 9.4% in the 4th quarter. Northern Trust Corp now owns 200,005 shares of the financial services provider’s stock valued at $59,991,000 after buying an additional 17,120 shares in the last quarter. Hedge funds and other institutional investors own 72.79% of the company’s stock.

Piper Sandler Companies Stock Down 1.1%

Piper Sandler Companies stock opened at $260.23 on Thursday. Piper Sandler Companies has a 52-week low of $202.91 and a 52-week high of $351.80. The firm has a market cap of $4.62 billion, a PE ratio of 25.46 and a beta of 1.47.

Piper Sandler Companies (NYSE:PIPR) last posted its quarterly earnings results on Friday, May 2nd. The financial services provider reported $4.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $1.24. Piper Sandler Companies had a net margin of 11.87% and a return on equity of 17.00%. The firm had revenue of $357.27 million for the quarter, compared to analyst estimates of $366.99 million. During the same period in the previous year, the business posted $2.79 earnings per share. Piper Sandler Companies’s quarterly revenue was up 14.7% on a year-over-year basis. Equities research analysts anticipate that Piper Sandler Companies will post 14.14 EPS for the current fiscal year.

Piper Sandler Companies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend is Friday, May 30th. Piper Sandler Companies’s dividend payout ratio is currently 22.73%.

Analysts Set New Price Targets

PIPR has been the subject of several research reports. The Goldman Sachs Group cut their price objective on Piper Sandler Companies from $321.00 to $286.00 and set a “neutral” rating for the company in a research note on Friday, March 14th. JMP Securities reaffirmed a “market perform” rating on shares of Piper Sandler Companies in a research note on Monday, May 5th.

Piper Sandler Companies 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.