Vault-13

PIPER SANDLER COMPANIES PJC

COM · Common Stock · CUSIP 724078100

357 institutional holders -2 vs Q1 2025
14,983,31415.0m shares reported held*
$4.2bnreported value*
47 new 124 added 116 reduced 48 sold out net bought ≈ $168.3m (+605.6k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($7.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $277.99. Options: 8 managers hold calls ($8.7m notional), 5 hold puts ($4.0m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 242Q4 22: 245Q1 23: 249Q2 23: 235Q3 23: 241Q4 23: 259Q1 24: 285Q2 24: 312Q3 24: 336Q4 24: 350Q1 25: 359Q2 25: 357357Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022242
Q4 2022245
Q1 2023249
Q2 2023235
Q3 2023241
Q4 2023259
Q1 2024285
Q2 2024312
Q3 2024336
Q4 2024350
Q1 2025359
Q2 2025357

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q3 23: 90 bought or addedQ3 23: 101 cut or sold outQ4 23: 99 bought or addedQ4 23: 98 cut or sold outQ4 23Q1 24: 128 bought or addedQ1 24: 103 cut or sold outQ2 24: 156 bought or addedQ2 24: 113 cut or sold outQ2 24Q3 24: 164 bought or addedQ3 24: 119 cut or sold outQ4 24: 164 bought or addedQ4 24: 138 cut or sold outQ4 24Q1 25: 184 bought or addedQ1 25: 142 cut or sold outQ2 25: 171 bought or addedQ2 25: 164 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202390101
Q4 20239998
Q1 2024128103
Q2 2024156113
Q3 2024164119
Q4 2024164138
Q1 2025184142
Q2 2025171164

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5m$10m$15m$20mQ3 24 calls: $15.0mQ3 24 puts: $3.1mQ3 24P/C 0.21Q4 24 calls: $17.1mQ4 24 puts: $15.3mQ4 24P/C 0.90Q1 25 calls: $13.3mQ1 25 puts: $2.5mQ1 25P/C 0.19Q2 25 calls: $8.7mQ2 25 puts: $4.0mQ2 25P/C 0.45
Numbers
QuarterCallsPutsP/C
Q3 2024$15.0m$3.1m0.21
Q4 2024$17.1m$15.3m0.90
Q1 2025$13.3m$2.5m0.19
Q2 2025$8.7m$4.0m0.45

Biggest buyers

MILLENNIUM MANAGEMENT LLC Added +215,636+215.6k
AMERICAN CENTURY COMPANIES INC Added +184,210+184.2k
FRANKLIN RESOURCES INC New +183,569+183.6k
North Reef Capital Management LP Added +120,000+120.0k
FMR LLC Added +101,547+101.5k
Greenwich Wealth Management LLC Added +83,971+84.0k
GOLDMAN SACHS GROUP INC Added +71,866+71.9k
Invesco Ltd. Added +61,808+61.8k
Balyasny Asset Management L.P. Added +46,401+46.4k
Walleye Capital LLC Added +37,624+37.6k

Biggest sellers

BlackRock, Inc. Reduced -178,335-178.3k
VOYA INVESTMENT MANAGEMENT LLC Reduced -123,446-123.4k
LORD, ABBETT & CO. LLC Reduced -99,647-99.6k
LOOMIS SAYLES & CO L P Reduced -46,039-46.0k
JANUS HENDERSON GROUP PLC Reduced -45,765-45.8k
JANE STREET GROUP, LLC Sold out -39,159-39.2k
AXIOM INVESTORS LLC /DE Reduced -38,172-38.2k
GREAT LAKES ADVISORS, LLC Sold out -34,458-34.5k
ExodusPoint Capital Management, LP Sold out -31,492-31.5k
ALLIANCEBERNSTEIN L.P. Reduced -28,086-28.1k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $3.7m13.3k shares
PEAK6 LLC New $1.9m6.8k shares
JANE STREET GROUP, LLC Reduced $1.4m5.0k shares
WOLVERINE TRADING, LLC Reduced $676.4k2.4k shares
CITADEL ADVISORS LLC Reduced $528.1k1.9k shares
D. E. Shaw & Co., Inc. New $277.9k1.0k shares
SIMPLEX TRADING, LLC Unchanged $277.0k1.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $3.2m11.5k shares
WOLVERINE TRADING, LLC New $281.8k1.0k shares
CITADEL ADVISORS LLC Unchanged $277.9k1.0k shares
SIMPLEX TRADING, LLC Added $194.0k700 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

No one currently above 5% in the filings since 19 Dec 2024.

Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27)

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.01% of their portfolio New York, NY 2,524,5112.5m $701.7m $701.7m 0.01% Reduced -178.3k -178,335
2 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 2,088,6352.1m $580.5m $580.5m 0.01% Added +28.2k +28,175
3 Invesco Ltd. 0.03% of their portfolio ATLANTA, GA 694,312694.3k $193.0m $193.0m 0.03% Added +61.8k +61,808
4 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 680,823680.8k $189.2m $189.2m 0.01% Added +914 +914
5 FMR LLC 0.01% of their portfolio BOSTON, MA 669,594669.6k $186.1m $186.1m 0.01% Added +101.5k +101,547
6 GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio BOSTON, MA 400,772400.8k $111.4m $111.4m 0.01% Added +9.8k +9,759
7 DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio AUSTIN, TX 385,160385.2k $107.1m $107.1m 0.02% Reduced -20.8k -20,764
8 WESTWOOD HOLDINGS GROUP INC 0.69% of their portfolio DALLAS, TX 343,809343.8k $95.6m $95.6m 0.69% Reduced -13.4k -13,358
9 GW&K Investment Management, LLC 0.80% of their portfolio BOSTON, MA 322,941322.9k $89.8m $89.8m 0.80% Reduced -542 -542
10 ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio NASHVILLE, TN 314,432314.4k $87.4m $87.4m 0.03% Reduced -28.1k -28,086
11 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 290,357290.4k $80.7m $80.7m 0.01% Added +2.8k +2,839
12 Stephens Investment Management Group LLC 1.03% of their portfolio LITTLE ROCK, AR 279,542279.5k $77.7m $77.7m 1.03% Added +29.0k +29,035
13 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 255,593255.6k $71.0m $71.0m 0.01% Added +71.9k +71,866
14 MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 247,647247.6k $68.8m $68.8m 0.06% Added +215.6k +215,636
15 MAIRS & POWER INC 0.68% of their portfolio St Paul, MN 246,834246.8k $68.6m $68.6m 0.68% Added +2.2k +2,227
16 North Reef Capital Management LP 2.83% of their portfolio LAGUNA BEACH, CA 230,000230.0k $63.9m $63.9m 2.83% Added +120.0k +120,000
17 NORGES BANK 0.01% of their portfolio OSLO, Q8 215,227215.2k $59.8m $59.8m 0.01% Added +3.5k +3,537
18 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 202,065202.1k $56.2m $56.2m 0.01% Added +992 +992
19 AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio KANSAS CITY, MO 200,149200.1k $55.6m $55.6m 0.03% Added +184.2k +184,210
20 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 196,163196.2k $54.5m $54.5m 0.01% Reduced -3.1k -3,098
21 SYSTEMATIC FINANCIAL MANAGEMENT LP 1.44% of their portfolio TEANECK, NJ 194,799194.8k $54.1m $54.1m 1.44% Added +521 +521
22 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 183,569183.6k $51.0m $51.0m 0.01% New
23 Nuveen, LLC 0.01% of their portfolio CHARLOTTE, NC 176,060176.1k $48.9m $48.9m 0.01% Reduced -25.1k -25,129
24 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 175,296175.3k $48.7m $48.7m 0.00% Added +14.7k +14,696
25 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 155,743155.7k $43.3m $43.3m 0.01% Reduced -1.0k -1,008
26 Fisher Asset Management, LLC 0.02% of their portfolio PLANO, TX 150,646150.6k $41.9m $41.9m 0.02% Reduced -3.6k -3,563
27 CITADEL ADVISORS LLC 0.04% of their portfolio MIAMI, FL 150,177150.2k $41.7m $41.7m 0.04% Added +37.3k +37,342
28 VOYA INVESTMENT MANAGEMENT LLC 0.04% of their portfolio ATLANTA, GA 142,756142.8k $39.7m $39.7m 0.04% Reduced -123.4k -123,446
29 LOOMIS SAYLES & CO L P 0.05% of their portfolio BOSTON, MA 138,630138.6k $38.5m $38.5m 0.05% Reduced -46.0k -46,039
30 LORD, ABBETT & CO. LLC 0.11% of their portfolio JERSEY CITY, NJ 124,839124.8k $34.7m $34.7m 0.11% Reduced -99.6k -99,647
31 Greenwich Wealth Management LLC 1.41% of their portfolio GREENWICH, CT 104,200104.2k $29.0m $29.0m 1.41% Added +84.0k +83,971
32 Balyasny Asset Management L.P. 0.06% of their portfolio Chicago, IL 87,99788.0k $24.5m $24.5m 0.06% Added +46.4k +46,401
33 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 82,54982.5k $22.9m $22.9m 0.01% Added +4.4k +4,421
34 PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio DES MOINES, IA 81,59481.6k $22.7m $22.7m 0.01% Added +1.1k +1,107
35 JANUS HENDERSON GROUP PLC 0.01% of their portfolio LONDON, X0 81,00181.0k $22.5m $22.5m 0.01% Reduced -45.8k -45,765
36 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 79,94179.9k $22.2m $22.2m 0.00% Added +35.6k +35,618
37 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 70,68870.7k $19.6m $19.6m 0.00% Added +9.9k +9,851
38 KENNEDY CAPITAL MANAGEMENT LLC 0.46% of their portfolio ST LOUIS, MO 68,97669.0k $19.2m $19.2m 0.46% Reduced -1.5k -1,481
39 Public Sector Pension Investment Board 0.07% of their portfolio MONTREAL, A8 56,06656.1k $15.6m $15.6m 0.07% Added +5.0k +4,969
40 SEI INVESTMENTS CO 0.02% of their portfolio OAKS, PA 54,61454.6k $15.2m $15.2m 0.02% Added +6.7k +6,746
41 Allspring Global Investments Holdings, LLC 0.03% of their portfolio CHARLOTTE, NC 54,35554.4k $15.5m $15.5m 0.03% Added +14.2k +14,241
42 MetLife Investment Management, LLC 0.08% of their portfolio Whippany, NJ 50,77350.8k $14.1m $14.1m 0.08% Added +136 +136
43 RHUMBLINE ADVISERS 0.01% of their portfolio BOSTON, MA 48,68348.7k $13.5m $13.5m 0.01% Added +1.4k +1,416
44 Walleye Capital LLC 0.12% of their portfolio NEW YORK, NY 48,14748.1k $13.4m $13.4m 0.12% Added +37.6k +37,624
45 Legal & General Group Plc 0.00% of their portfolio London, X0 47,63547.6k $13.2m $13.2m 0.00% Added +2.3k +2,317
46 PRUDENTIAL FINANCIAL INC 0.02% of their portfolio NEWARK, NJ 47,30847.3k $13.1m $13.1m 0.02% Added +707 +707
47 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 46,39846.4k $12.9m $12.9m 0.00% Added +26.5k +26,487
48 FRED ALGER MANAGEMENT, LLC 0.06% of their portfolio NEW YORK, NY 46,10346.1k $12.8m $12.8m 0.06% Reduced -23.0k -23,042
49 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 43,49443.5k $12.1m $12.1m 0.00% Added +7.8k +7,843
50 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 41,68641.7k $11.6m $11.6m 0.00% Added +414 +414
51 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.03% of their portfolio Paris, I0 41,06041.1k $11.4m $11.4m 0.03% Reduced -3.6k -3,584
52 Beacon Pointe Advisors, LLC 0.11% of their portfolio NEWPORT BEACH, CA 38,55438.6k $10.7m $10.7m 0.11% Unchanged
53 UBS Group AG 0.00% of their portfolio ZURICH, V8 37,21637.2k $10.3m $10.3m 0.00% Added +8.2k +8,237
54 Swiss National Bank 0.01% of their portfolio ZURICH, V8 33,90033.9k $9.4m $9.4m 0.01% Reduced -600 -600
55 AXIOM INVESTORS LLC /DE 0.08% of their portfolio GREENWICH, CT 33,42633.4k $9.3m $9.3m 0.08% Reduced -38.2k -38,172
56 NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio NEW YORK, NY 30,05730.1k $8.4m $8.4m 0.01% Reduced -344 -344
57 Point72 Asset Management, L.P. 0.02% of their portfolio STAMFORD, CT 28,90328.9k $8.0m $8.0m 0.02% New
58 NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio ALBANY, NY 26,84926.8k $7.5m $7.5m 0.02% Reduced -300 -300
59 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 25,28825.3k $7.0m $7.0m 0.00% Added +36 +36
60 Moody Aldrich Partners LLC 1.36% of their portfolio MARBLEHEAD, MA 25,24625.2k $7.0m $7.0m 1.36% Added +2.1k +2,095
61 STATE OF WISCONSIN INVESTMENT BOARD 0.02% of their portfolio MADISON, WI 25,06525.1k $7.0m $7.0m 0.02% Reduced -2.8k -2,780
62 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 24,71824.7k $6.9m $6.9m 0.01% Added +28 +28
63 Nicholas Investment Partners, LP 0.60% of their portfolio RANCHO SANTA FE, CA 24,29324.3k $6.8m $6.8m 0.60% Added +2.9k +2,906
64 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 23,52623.5k $6.5m $6.5m 0.01% Added +1.9k +1,907
65 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 23,49523.5k $6.5m $6.5m 0.00% New
66 TEACHER RETIREMENT SYSTEM OF TEXAS 0.03% of their portfolio AUSTIN, TX 23,21623.2k $6.5m $6.5m 0.03% Reduced -1.7k -1,693
67 KING LUTHER CAPITAL MANAGEMENT CORP 0.03% of their portfolio FORT WORTH, TX 21,60521.6k $6.0m $6.0m 0.03% Unchanged
68 Interval Partners, LP 0.13% of their portfolio NEW YORK, NY 21,08821.1k $5.9m $5.9m 0.13% Added +19.2k +19,174
69 Capitolis Liquid Global Markets LLC 0.04% of their portfolio NEW YORK, NY 20,90020.9k $5.8m $5.8m 0.04% New
70 NATIXIS ADVISORS, LLC 0.01% of their portfolio Boston, MA 19,45119.5k $5.4m $5.4m 0.01% Added +1.8k +1,808
71 CANADA LIFE ASSURANCE Co 0.01% of their portfolio WINNIPEG, A2 18,68318.7k $5.2m $5.2m 0.01% Added +5 +5
72 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 18,09518.1k $5.0m $5.0m 0.01% Reduced -17.2k -17,200
73 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 16,83816.8k $4.7m $4.7m 0.00% Reduced -9.0k -8,975
74 CRAWFORD INVESTMENT COUNSEL INC 0.08% of their portfolio ATLANTA, GA 16,70016.7k $4.6m $4.6m 0.08% Added +350 +350
75 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio WEST SACRAMENTO, CA 16,33816.3k $4.5m $4.5m 0.01% Unchanged
76 Orion Porfolio Solutions, LLC 0.04% of their portfolio OMAHA, NE 16,13616.1k $4.5m $4.5m 0.04% Added +882 +882
77 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 14,85514.9k $4.1m $4.1m 0.00% Added +1.1k +1,095
78 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 14,77914.8k $4.1m $4.1m 0.01% Added +870 +870
79 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 14,64114.6k $4.1m $4.1m 0.00% Added +2.0k +1,992
80 EFG Asset Management (North America) Corp. 0.55% of their portfolio Portland, OR 14,09614.1k $3.9m $3.9m 0.55% Added +4.1k +4,122
81 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 13,15413.2k $3.7m $3.7m 0.00% Added +1.3k +1,306
82 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 12,42212.4k $3.5m $3.5m 0.01% Reduced -225 -225
83 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 12,32112.3k $3.4m $3.4m 0.00% Reduced -1.9k -1,850
84 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 12,24512.2k $3.4m $3.4m 0.00% Reduced -2.8k -2,795
85 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 12,08312.1k $3.4m $3.4m 0.01% Added +257 +257
86 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 11,90211.9k $3.5m $3.5m 0.01% Added +160 +160
87 BOOTHBAY FUND MANAGEMENT, LLC 0.10% of their portfolio NEW YORK, NY 11,51511.5k $3.2m $3.2m 0.10% New
88 Ensign Peak Advisors, Inc 0.01% of their portfolio SALT LAKE CITY, UT 11,41811.4k $3.2m $3.2m 0.01% Reduced -262 -262
89 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 11,41211.4k $3.2m $3.2m 0.00% Reduced -2.0k -2,019
90 JAMES INVESTMENT RESEARCH, INC. 0.36% of their portfolio ALPHA, OH 10,97511.0k $3.1m $3.1m 0.36% Unchanged
91 Lisanti Capital Growth, LLC 0.83% of their portfolio NEW YORK, NY 10,81010.8k $3.0m $3.0m 0.83% Reduced -6.5k -6,490
92 MARTINGALE ASSET MANAGEMENT L P 0.07% of their portfolio BOSTON, MA 10,44910.4k $2.9m $2.9m 0.07% Reduced -1 -1
93 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio COLUMBUS, OH 10,13210.1k $2.8m $2.8m 0.01% Reduced -13 -13
94 Cinctive Capital Management LP 0.15% of their portfolio New York, NY 9,8089.8k $2.7m $2.7m 0.15% New
95 State of Alaska, Department of Revenue 0.03% of their portfolio JUNEAU, AK 9,7899.8k $2.7m $2.7m 0.03% Added +868 +868
96 Oliver Luxxe Assets LLC 0.48% of their portfolio GLADSTONE, NJ 9,7159.7k $2.7m $2.7m 0.48% Added +89 +89
97 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.01% of their portfolio CAUSEWAY BAY, K3 9,5929.6k $2.7m $2.7m 0.01% Reduced -757 -757
98 Mariner, LLC 0.00% of their portfolio Overland Park, KS 9,4519.5k $2.6m $2.6m 0.00% Reduced -357 -357
99 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 9,2849.3k $2.6m $2.6m 0.00% Reduced -739 -739
100 TUDOR INVESTMENT CORP ET AL 0.02% of their portfolio STAMFORD, CT 9,0259.0k $2.5m $2.5m 0.02% Added +7.6k +7,591