SouthState Corp Cuts Holdings in Piper Sandler Companies (NYSE:PIPR)

SouthState Corp reduced its position in shares of Piper Sandler Companies (NYSE:PIPR) by 13.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 515 shares of the financial services provider’s stock after selling 79 shares during the quarter. SouthState Corp’s holdings in Piper Sandler Companies were worth $90,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its position in shares of Piper Sandler Companies by 7.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 180,658 shares of the financial services provider’s stock valued at $26,251,000 after purchasing an additional 11,847 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Piper Sandler Companies by 1.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 60,712 shares of the financial services provider’s stock worth $8,822,000 after buying an additional 615 shares in the last quarter. Vanguard Group Inc. increased its stake in Piper Sandler Companies by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,935,235 shares of the financial services provider’s stock worth $281,209,000 after buying an additional 9,030 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Piper Sandler Companies by 0.9% during the third quarter. Victory Capital Management Inc. now owns 7,775 shares of the financial services provider’s stock valued at $1,130,000 after acquiring an additional 70 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Piper Sandler Companies by 11.8% in the third quarter. Deutsche Bank AG now owns 9,421 shares of the financial services provider’s stock valued at $1,369,000 after acquiring an additional 991 shares in the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PIPR has been the subject of several research reports. JMP Securities reiterated a “market perform” rating on shares of Piper Sandler Companies in a research report on Tuesday, April 9th. StockNews.com raised shares of Piper Sandler Companies from a “hold” rating to a “buy” rating in a report on Wednesday, February 28th.

Piper Sandler Companies Trading Up 1.5 %

NYSE PIPR traded up $2.98 on Friday, reaching $206.14. 74,500 shares of the company were exchanged, compared to its average volume of 98,875. Piper Sandler Companies has a fifty-two week low of $120.97 and a fifty-two week high of $207.06. The stock has a market capitalization of $3.65 billion, a P/E ratio of 35.06 and a beta of 1.40. The business’s fifty day moving average price is $194.88 and its 200 day moving average price is $190.42.

Piper Sandler Companies (NYSE:PIPR) last announced its quarterly earnings data on Friday, April 26th. The financial services provider reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.90. Piper Sandler Companies had a net margin of 7.33% and a return on equity of 13.83%. The firm had revenue of $335.29 million during the quarter, compared to analyst estimates of $314.97 million. During the same quarter in the prior year, the firm posted $2.35 earnings per share. Piper Sandler Companies’s quarterly revenue was up 15.5% on a year-over-year basis. Equities research analysts forecast that Piper Sandler Companies will post 11.82 earnings per share for the current year.

Piper Sandler Companies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be issued a dividend of $0.60 per share. The ex-dividend date is Thursday, May 23rd. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.16%. Piper Sandler Companies’s dividend payout ratio is currently 40.82%.

Insider Activity

In other news, insider Jonathan J. Doyle sold 19,987 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $183.90, for a total transaction of $3,675,609.30. Following the completion of the transaction, the insider now directly owns 176,227 shares in the company, valued at approximately $32,408,145.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Chad R. Abraham sold 6,662 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $185.03, for a total transaction of $1,232,669.86. Following the completion of the transaction, the chief executive officer now directly owns 36,454 shares in the company, valued at $6,745,083.62. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jonathan J. Doyle sold 19,987 shares of Piper Sandler Companies stock in a transaction on Monday, February 5th. The shares were sold at an average price of $183.90, for a total value of $3,675,609.30. Following the completion of the sale, the insider now directly owns 176,227 shares of the company’s stock, valued at $32,408,145.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 53,524 shares of company stock valued at $9,838,711. 3.00% of the stock is currently owned by company insiders.

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.