The JPMorgan Chase & Co. reduces its investment in Piper Jaffray Cos. (PJC)

The JPMorgan Chase & Co. reduces its investment in Piper Jaffray Cos. (PJC)

JPMorgan Chase & Co. decreased its stake in Piper Jaffray Cos. (NYSE:PJC) by 2.9% during the second quarter, Holdings Channel reports. The institutional investor owned 143,153 shares of the company’s stock after selling 4,275 shares during the period. JPMorgan Chase & Co. owned approximately 1.15% of Piper Jaffray Cos. worth $5,397,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. BNP Paribas Arbitrage SA boosted its stake in shares of Piper Jaffray Cos. by 101.1% in the second quarter. BNP Paribas Arbitrage SA now owns 4,491 shares of the company’s stock valued at $169,000 after buying an additional 2,258 shares during the period. Eqis Capital Management Inc. raised its position in shares of Piper Jaffray Cos. by 10.6% in the second quarter. Eqis Capital Management Inc. now owns 5,989 shares of the company’s stock valued at $226,000 after buying an additional 572 shares in the last quarter. Adams Diversified Equity Fund Inc. bought a new position in shares of Piper Jaffray Cos. during the second quarter valued at approximately $377,000. NorthRock Partners LLC bought a new position in shares of Piper Jaffray Cos. during the first quarter valued at approximately $492,000. Finally, Virginia Retirement System bought a new position in shares of Piper Jaffray Cos. during the first quarter valued at approximately $520,000. 66.45% of the stock is currently owned by institutional investors and hedge funds.

Shares of Piper Jaffray Cos. (NYSE:PJC) traded down 2.55% on Thursday, reaching $49.29. 12,824 shares of the company traded hands. Piper Jaffray Cos. has a 52-week low of $31.66 and a 52-week high of $51.34. The firm has a 50-day moving average of $46.82 and a 200-day moving average of $43.56. The company has a market capitalization of $749.90 million, a PE ratio of 32.77 and a beta of 1.56.

Piper Jaffray Cos. (NYSE:PJC) last released its earnings results on Thursday, July 28th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.35. The firm had revenue of $170.50 million for the quarter, compared to analyst estimates of $143.86 million. Piper Jaffray Cos. had a return on equity of 5.74% and a net margin of 2.97%. The company’s revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.19 EPS. On average, equities research analysts forecast that Piper Jaffray Cos. will post $0.81 earnings per share for the current fiscal year.

Separately, TheStreet upgraded shares of Piper Jaffray Cos. from a “hold” rating to a “buy” rating in a research report on Friday, August 5th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $45.00.

In other Piper Jaffray Cos. news, insider Christopher D. Crawshaw sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $41.88, for a total value of $209,400.00. Following the sale, the insider now owns 51,651 shares of the company’s stock, valued at approximately $2,163,143.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Gregory Smith sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $41.42, for a total value of $103,550.00. Following the completion of the sale, the insider now directly owns 13,751 shares in the company, valued at approximately $569,566.42. The disclosure for this sale can be found here. 6.46% of the stock is owned by company insiders.

About Piper Jaffray Cos.

Piper Jaffray Companies is an investment bank and asset management company, which serves the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States and internationally. The Company provides products and services, including equity and debt capital markets products, financial advisory services, equity and fixed income institutional brokerage, equity and fixed income research, and asset management services.

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