Comerica Bank lessened its stake in Piper Jaffray Companies (NYSE:PJC) by 5.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,875 shares of the financial services provider’s stock after selling 887 shares during the period. Comerica Bank owned approximately 0.10% of Piper Jaffray Companies worth $954,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. Legal & General Group Plc grew its stake in Piper Jaffray Companies by 6.8% in the 2nd quarter. Legal & General Group Plc now owns 28,017 shares of the financial services provider’s stock worth $1,679,000 after buying an additional 1,782 shares in the last quarter. Advisors Preferred LLC purchased a new position in Piper Jaffray Companies in the 2nd quarter worth approximately $358,000. First Trust Advisors LP grew its stake in Piper Jaffray Companies by 69.9% in the 2nd quarter. First Trust Advisors LP now owns 19,965 shares of the financial services provider’s stock worth $1,197,000 after buying an additional 8,217 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in Piper Jaffray Companies by 1.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 67,299 shares of the financial services provider’s stock worth $4,035,000 after buying an additional 764 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in Piper Jaffray Companies in the 2nd quarter worth approximately $270,000. 66.31% of the stock is owned by institutional investors and hedge funds.
Shares of Piper Jaffray Companies (PJC) opened at 54.85 on Wednesday. The company has a market capitalization of $829.00 million, a price-to-earnings ratio of 247.07 and a beta of 1.44. Piper Jaffray Companies has a one year low of $45.95 and a one year high of $81.85. The stock has a 50 day moving average of $56.82 and a 200-day moving average of $60.76.
Piper Jaffray Companies (NYSE:PJC) last announced its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.29. Piper Jaffray Companies had a net margin of 0.40% and a return on equity of 9.63%. The business had revenue of $197.75 million during the quarter. On average, equities analysts expect that Piper Jaffray Companies will post $5.39 earnings per share for the current year.
Piper Jaffray Companies declared that its board has authorized a share repurchase plan on Thursday, August 10th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 17.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Monday, August 28th were issued a $0.3125 dividend. This represents a $1.25 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Thursday, August 24th. Piper Jaffray Companies’s dividend payout ratio (DPR) is presently -1,249.88%.
Separately, BidaskClub cut shares of Piper Jaffray Companies from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Piper Jaffray Companies has an average rating of “Sell” and a consensus target price of $21.75.
In related news, insider Martin Bradley Winges sold 3,000 shares of the firm’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $64.42, for a total value of $193,260.00. Following the completion of the transaction, the insider now directly owns 46,133 shares of the company’s stock, valued at $2,971,887.86. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Christopher D. Crawshaw sold 8,168 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $63.65, for a total transaction of $519,893.20. Following the completion of the transaction, the insider now directly owns 26,583 shares of the company’s stock, valued at $1,692,007.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,988 shares of company stock valued at $827,163. 5.36% of the stock is currently owned by insiders.
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Piper Jaffray Companies Profile
Piper Jaffray Companies is an investment bank and asset management company. The Company’s segments include Capital Markets and Asset Management. The Capital Markets segment provides investment banking and institutional sales, trading and research services for various equity and fixed income products.
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