Destination Wealth Management Reduces Stock Position in Piper Sandler Companies (NYSE:PIPR)

Destination Wealth Management cut its stake in Piper Sandler Companies (NYSE:PIPR) by 27.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,486 shares of the financial services provider’s stock after selling 562 shares during the period. Destination Wealth Management’s holdings in Piper Sandler Companies were worth $446,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PIPR. FMR LLC increased its holdings in Piper Sandler Companies by 49.0% in the third quarter. FMR LLC now owns 625,048 shares of the financial services provider’s stock valued at $177,395,000 after buying an additional 205,584 shares in the last quarter. Fred Alger Management LLC purchased a new position in shares of Piper Sandler Companies during the 3rd quarter worth approximately $14,645,000. Proficio Capital Partners LLC purchased a new position in shares of Piper Sandler Companies during the 4th quarter worth approximately $8,097,000. Raymond James Financial Inc. purchased a new position in shares of Piper Sandler Companies during the 4th quarter worth approximately $7,464,000. Finally, Barclays PLC increased its stake in shares of Piper Sandler Companies by 307.2% during the 3rd quarter. Barclays PLC now owns 32,328 shares of the financial services provider’s stock worth $9,174,000 after purchasing an additional 24,388 shares in the last quarter. 72.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Piper Sandler Companies from $298.00 to $330.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. StockNews.com cut shares of Piper Sandler Companies from a “buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Finally, JMP Securities reissued a “market perform” rating on shares of Piper Sandler Companies in a research note on Monday, February 3rd.

Piper Sandler Companies Stock Performance

Shares of NYSE PIPR opened at $253.70 on Friday. Piper Sandler Companies has a 1 year low of $183.58 and a 1 year high of $351.80. The firm’s 50 day moving average price is $293.96 and its 200 day moving average price is $304.17. The firm has a market cap of $4.50 billion, a P/E ratio of 24.82 and a beta of 1.46.

Piper Sandler Companies (NYSE:PIPR) last announced its earnings results on Friday, January 31st. The financial services provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.99 by $0.81. Piper Sandler Companies had a net margin of 11.87% and a return on equity of 17.00%. During the same quarter last year, the company earned $4.03 EPS. As a group, equities analysts predict that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Tuesday, March 4th will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $2.60 dividend on an annualized basis and a yield of 1.02%. Piper Sandler Companies’s dividend payout ratio (DPR) is currently 25.44%.

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.