Lord Abbett & CO. LLC Trims Holdings in Piper Jaffray Companies (PJC)
Lord Abbett & CO. LLC reduced its stake in Piper Jaffray Companies (NYSE:PJC) by 44.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 70,134 shares of the financial services provider’s stock after selling 55,568 shares during the period. Lord Abbett & CO. LLC owned approximately 0.46% of Piper Jaffray Companies worth $4,204,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. increased its holdings in shares of Piper Jaffray Companies by 47,403.3% in the 1st quarter. BlackRock Inc. now owns 1,812,252 shares of the financial services provider’s stock worth $115,713,000 after buying an additional 1,808,437 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Piper Jaffray Companies by 284.0% in the 1st quarter. Renaissance Technologies LLC now owns 112,500 shares of the financial services provider’s stock worth $7,183,000 after buying an additional 83,200 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Piper Jaffray Companies by 5.5% in the 1st quarter. Vanguard Group Inc. now owns 1,291,674 shares of the financial services provider’s stock worth $82,473,000 after buying an additional 67,880 shares during the last quarter. AJO LP bought a new stake in shares of Piper Jaffray Companies in the 2nd quarter worth about $3,712,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Piper Jaffray Companies by 25.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 220,942 shares of the financial services provider’s stock worth $13,245,000 after buying an additional 45,253 shares during the last quarter. Institutional investors own 65.69% of the company’s stock.
A number of analysts have recently weighed in on PJC shares. Keefe, Bruyette & Woods started coverage on shares of Piper Jaffray Companies in a report on Monday, October 16th. They issued a “mkt perform” rating and a $64.00 target price on the stock. BidaskClub downgraded shares of Piper Jaffray Companies from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. Piper Jaffray Companies currently has an average rating of “Hold” and a consensus price target of $27.79.
Shares of Piper Jaffray Companies (NYSE PJC) opened at 70.40 on Tuesday. The stock has a 50 day moving average of $59.58 and a 200-day moving average of $59.93. The company has a market capitalization of $1.06 billion, a P/E ratio of 317.12 and a beta of 1.45. Piper Jaffray Companies has a 12-month low of $52.75 and a 12-month high of $81.85.
Piper Jaffray Companies (NYSE:PJC) last issued its earnings results on Thursday, October 26th. The financial services provider reported $2.13 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $1.07. Piper Jaffray Companies had a negative net margin of 6.30% and a positive return on equity of 10.99%. The business had revenue of $240.57 million during the quarter. Equities research analysts forecast that Piper Jaffray Companies will post $5.65 EPS for the current year.
Piper Jaffray Companies announced that its board has initiated a stock buyback program on Thursday, August 10th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 17.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 29th will be given a dividend of $0.3125 per share. This represents a $1.25 annualized dividend and a yield of 1.78%. The ex-dividend date is Tuesday, November 28th. Piper Jaffray Companies’s payout ratio is currently -26.54%.
In related news, insider Christopher D. Crawshaw sold 8,168 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 26,583 shares in the company, valued at $1,692,007.95. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 5.36% of the stock is currently owned by company insiders.
Piper Jaffray Companies Company 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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