Vault-13

PIPER SANDLER COMPANIES PJC

COM · Common Stock · CUSIP 724078100

417 institutional holders +36 vs Q3 2025
15,171,11315.2m shares reported held*
$5.2bnreported value*
58 new 132 added 127 reduced 30 sold out net sold ≈ $61.7m (-169.5k 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 ($6.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $339.51. Options: 6 managers hold calls ($19.3m notional), 6 hold puts ($8.0m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 242Q4 22: 245Q1 23: 249Q2 23: 235Q3 23: 241Q4 23: 259Q1 24: 285Q2 24: 312Q3 24: 336Q4 24: 350Q1 25: 359Q2 25: 357Q3 25: 381Q4 25: 417417Q3 22Q2 23Q1 24Q4 24Q4 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
Q3 2025381
Q4 2025417

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 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 25Q3 25: 202 bought or addedQ3 25: 127 cut or sold outQ4 25: 190 bought or addedQ4 25: 157 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024128103
Q2 2024156113
Q3 2024164119
Q4 2024164138
Q1 2025184142
Q2 2025171164
Q3 2025202127
Q4 2025190157

Calls vs puts

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

CallsPuts
$0$5m$10m$15m$20mQ1 25 calls: $13.3mQ1 25 puts: $2.5mQ1 25P/C 0.19Q2 25 calls: $8.7mQ2 25 puts: $4.0mQ2 25P/C 0.45Q3 25 calls: $17.0mQ3 25 puts: $6.1mQ3 25P/C 0.36Q4 25 calls: $19.3mQ4 25 puts: $8.0mQ4 25P/C 0.41
Numbers
QuarterCallsPutsP/C
Q1 2025$13.3m$2.5m0.19
Q2 2025$8.7m$4.0m0.45
Q3 2025$17.0m$6.1m0.36
Q4 2025$19.3m$8.0m0.41

Biggest buyers

CITADEL ADVISORS LLC Added +137,996+138.0k
EMERALD ADVISERS, LLC New +82,407+82.4k
Driehaus Capital Management LLC Added +70,482+70.5k
BlackRock, Inc. Added +56,794+56.8k
North Reef Capital Management LP Added +53,193+53.2k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND New +52,140+52.1k
EMERALD MUTUAL FUND ADVISERS TRUST New +49,246+49.2k
MORGAN STANLEY Added +29,823+29.8k
MILLENNIUM MANAGEMENT LLC Added +27,942+27.9k
SG Americas Securities, LLC Added +27,637+27.6k

Biggest sellers

JPMORGAN CHASE & CO Reduced -259,236-259.2k
FMR LLC Reduced -189,501-189.5k
FRANKLIN RESOURCES INC Reduced -80,836-80.8k
Azora Capital LP Sold out -49,507-49.5k
AMERICAN CENTURY COMPANIES INC Reduced -46,665-46.7k
LORD, ABBETT & CO. LLC Reduced -44,250-44.2k
BNP PARIBAS ASSET MANAGEMENT Holding S.A. Reduced -38,326-38.3k
GOLDMAN SACHS GROUP INC Reduced -29,907-29.9k
WELLINGTON MANAGEMENT GROUP LLP Reduced -28,952-29.0k
Balyasny Asset Management L.P. Reduced -28,378-28.4k

Biggest calls

PEAK6 LLC Unchanged $9.0m26.6k shares
JANE STREET GROUP, LLC Added $3.2m9.5k shares
D. E. Shaw & Co., Inc. Added $2.5m7.5k shares
CITADEL ADVISORS LLC Added $2.2m6.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.0m5.8k shares
SIMPLEX TRADING, LLC Added $271.8k800 shares

Biggest puts

JANE STREET GROUP, LLC Added $2.6m7.6k shares
Interval Partners, LP New $2.5m7.5k shares
D. E. Shaw & Co., Inc. Added $2.1m6.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $441.6k1.3k shares
CITADEL ADVISORS LLC Reduced $237.8k700 shares
Twin Tree Management, LP Unchanged $34.0k100 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.01% of their portfolio New York, NY 2,561,4802.6m $870.2m $870.2m 0.01% Added +56.8k +56,794
2 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 2,128,1502.1m $723.0m $723.0m 0.01% Added +18.0k +17,964
3 Invesco Ltd. 0.02% of their portfolio ATLANTA, GA 716,829716.8k $243.5m $243.5m 0.02% Added +2.3k +2,285
4 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 683,921683.9k $232.3m $232.3m 0.01% Reduced -1.0k -1,038
5 GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio BOSTON, MA 395,876395.9k $134.5m $134.5m 0.01% Reduced -474 -474
6 FMR LLC 0.01% of their portfolio BOSTON, MA 352,411352.4k $119.7m $119.7m 0.01% Reduced -189.5k -189,501
7 DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio AUSTIN, TX 341,805341.8k $116.1m $116.1m 0.02% Reduced -4.7k -4,700
8 ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio NASHVILLE, TN 319,241319.2k $108.4m $108.4m 0.03% Added +11.6k +11,562
9 CITADEL ADVISORS LLC 0.07% of their portfolio MIAMI, FL 296,770296.8k $100.8m $100.8m 0.07% Added +138.0k +137,996
10 GW&K Investment Management, LLC 0.87% of their portfolio BOSTON, MA 296,342296.3k $100.7m $100.7m 0.87% Reduced -12.8k -12,767
11 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 294,624294.6k $100.1m $100.1m 0.01% Reduced -259.2k -259,236
12 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 291,977292.0k $99.2m $99.2m 0.01% Reduced -29.9k -29,907
13 Stephens Investment Management Group LLC 1.23% of their portfolio LITTLE ROCK, AR 279,037279.0k $94.8m $94.8m 1.23% Reduced -355 -355
14 WESTWOOD HOLDINGS GROUP INC 0.75% of their portfolio DALLAS, TX 272,055272.1k $92.4m $92.4m 0.75% Reduced -9.8k -9,803
15 NORGES BANK 0.01% of their portfolio OSLO, Q8 233,255233.3k $79.2m $79.2m 0.01% Not comparable
16 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 209,807209.8k $71.3m $71.3m 0.01% Added +87 +87
17 North Reef Capital Management LP 2.80% of their portfolio LAGUNA BEACH, CA 204,900204.9k $69.6m $69.6m 2.80% Added +53.2k +53,193
18 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 204,613204.6k $69.5m $69.5m 0.00% Added +29.8k +29,823
19 AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio KANSAS CITY, MO 201,369201.4k $68.4m $68.4m 0.03% Reduced -46.7k -46,665
20 SYSTEMATIC FINANCIAL MANAGEMENT LP 1.50% of their portfolio TEANECK, NJ 187,275187.3k $63.6m $63.6m 1.50% Reduced -2.1k -2,126
21 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 184,351184.4k $62.6m $62.6m 0.01% Reduced -12.0k -11,987
22 MAIRS & POWER INC 0.57% of their portfolio St Paul, MN 175,861175.9k $59.7m $59.7m 0.57% Reduced -8.7k -8,745
23 Nuveen, LLC 0.02% of their portfolio CHARLOTTE, NC 170,242170.2k $57.8m $57.8m 0.02% Added +8.0k +7,950
24 Fisher Asset Management, LLC 0.02% of their portfolio PLANO, TX 160,616160.6k $54.6m $54.6m 0.02% Reduced -4.8k -4,816
25 Driehaus Capital Management LLC 0.35% of their portfolio Chicago, IL 152,006152.0k $51.6m $51.6m 0.35% Added +70.5k +70,482
26 LOOMIS SAYLES & CO L P 0.06% of their portfolio BOSTON, MA 145,277145.3k $49.4m $49.4m 0.06% Reduced -6.8k -6,787
27 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 143,679143.7k $48.8m $48.8m 0.01% Reduced -11.1k -11,071
28 VOYA INVESTMENT MANAGEMENT LLC 0.04% of their portfolio ATLANTA, GA 132,153132.2k $44.9m $44.9m 0.04% Reduced -27.0k -26,986
29 LORD, ABBETT & CO. LLC 0.14% of their portfolio JERSEY CITY, NJ 131,766131.8k $44.8m $44.8m 0.14% Reduced -44.2k -44,250
30 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 120,125120.1k $40.8m $40.8m 0.01% Reduced -80.8k -80,836
31 Fiera Capital Corp 0.12% of their portfolio MONTREAL, A8 108,167108.2k $36.7m $36.7m 0.12% Added +26.5k +26,500
32 Greenwich Wealth Management LLC 1.58% of their portfolio GREENWICH, CT 104,200104.2k $35.4m $35.4m 1.58% Reduced -11 -11
33 TimesSquare Capital Management, LLC 0.48% of their portfolio NEW YORK, NY 93,89393.9k $31.9m $31.9m 0.48% Added +11.0k +11,033
34 KENNEDY CAPITAL MANAGEMENT LLC 0.66% of their portfolio ST LOUIS, MO 92,33992.3k $31.4m $31.4m 0.66% Added +9.8k +9,786
35 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 86,75386.8k $29.5m $29.5m 0.01% Reduced -4.1k -4,072
36 EMERALD ADVISERS, LLC 0.86% of their portfolio LEOLA, PA 82,40782.4k $28.0m $28.0m 0.86% New
37 Balyasny Asset Management L.P. 0.05% of their portfolio Chicago, IL 82,05282.1k $27.9m $27.9m 0.05% Reduced -28.4k -28,378
38 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 81,78681.8k $27.8m $27.8m 0.00% Reduced -29.0k -28,952
39 PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio DES MOINES, IA 79,60679.6k $27.0m $27.0m 0.01% Reduced -833 -833
40 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 76,11176.1k $25.9m $25.9m 0.02% Added +12.4k +12,434
41 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 74,36074.4k $25.3m $25.3m 0.01% Reduced -13.7k -13,691
42 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 65,13565.1k $22.1m $22.1m 0.00% Added +4.0k +3,989
43 SEI INVESTMENTS CO 0.02% of their portfolio OAKS, PA 60,78560.8k $20.6m $20.6m 0.02% Added +2.5k +2,529
44 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 58,77958.8k $20.0m $20.0m 0.00% Reduced -1.4k -1,374
45 Public Sector Pension Investment Board 0.07% of their portfolio MONTREAL, A8 57,55857.6k $19.6m $19.6m 0.07% Reduced -7.3k -7,312
46 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 56,05256.1k $19.0m $19.0m 0.01% Added +27.9k +27,942
47 AXIOM INVESTORS LLC /DE 0.16% of their portfolio GREENWICH, CT 52,54752.5k $17.9m $17.9m 0.16% Reduced -7.6k -7,629
48 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.03% of their portfolio TORONTO, A6 52,14052.1k $17.7m $17.7m 0.03% New
49 JANUS HENDERSON GROUP PLC 0.01% of their portfolio LONDON, X0 51,69751.7k $17.6m $17.6m 0.01% Reduced -17.1k -17,086
50 EMERALD MUTUAL FUND ADVISERS TRUST 0.81% of their portfolio LEOLA, PA 49,24649.2k $16.7m $16.7m 0.81% New
51 FRED ALGER MANAGEMENT, LLC 0.06% of their portfolio NEW YORK, NY 48,67248.7k $16.5m $16.5m 0.06% Reduced -3.8k -3,793
52 Nicholas Investment Partners, LP 1.16% of their portfolio RANCHO SANTA FE, CA 46,90546.9k $15.9m $15.9m 1.16% Added +1.5k +1,524
53 RHUMBLINE ADVISERS 0.01% of their portfolio BOSTON, MA 46,89546.9k $15.9m $15.9m 0.01% Reduced -1.8k -1,816
54 Legal & General Group Plc 0.00% of their portfolio London, X0 43,54943.5k $14.8m $14.8m 0.00% Reduced -2.9k -2,919
55 Allspring Global Investments Holdings, LLC 0.02% of their portfolio CHARLOTTE, NC 37,01337.0k $13.0m $13.0m 0.02% Reduced -7.9k -7,922
56 Swiss National Bank 0.01% of their portfolio ZURICH, V8 34,88034.9k $11.8m $11.8m 0.01% Added +480 +480
57 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 32,77932.8k $11.1m $11.1m 0.00% Added +251 +251
58 Universal- Beteiligungs- und Servicegesellschaft mbH 0.02% of their portfolio FRANKFURT AM MAIN, 2M 32,53332.5k $11.1m $11.1m 0.02% Added +8.4k +8,449
59 CASTLEARK MANAGEMENT LLC 0.32% of their portfolio CHICAGO, IL 32,45632.5k $11.0m $11.0m 0.32% Added +4.6k +4,610
60 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 32,34032.3k $11.0m $11.0m 0.01% Reduced -300 -300
61 Verition Fund Management LLC 0.06% of their portfolio GREENWICH, CT 31,89931.9k $10.8m $10.8m 0.06% Added +23.5k +23,463
62 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 31,21331.2k $10.6m $10.6m 0.00% Added +9.4k +9,393
63 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 30,52830.5k $10.4m $10.4m 0.01% Added +27.6k +27,637
64 UBS Group AG 0.00% of their portfolio ZURICH, V8 30,28430.3k $10.3m $10.3m 0.00% Added +2.7k +2,729
65 Interval Partners, LP 0.22% of their portfolio NEW YORK, NY 27,09527.1k $9.2m $9.2m 0.22% Added +12.1k +12,107
66 STATE OF WISCONSIN INVESTMENT BOARD 0.02% of their portfolio MADISON, WI 26,37626.4k $9.0m $9.0m 0.02% Added +711 +711
67 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 26,37526.4k $9.0m $9.0m 0.01% Added +5.5k +5,541
68 PRUDENTIAL FINANCIAL INC 0.01% of their portfolio NEWARK, NJ 24,74524.7k $8.4m $8.4m 0.01% Added +1.6k +1,593
69 Qube Research & Technologies Ltd 0.01% of their portfolio LONDON, X0 24,38424.4k $8.3m $8.3m 0.01% New
70 NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio ALBANY, NY 24,02024.0k $8.2m $8.2m 0.02% Reduced -100 -100
71 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 24,01124.0k $8.2m $8.2m 0.00% Reduced -1.6k -1,628
72 Moody Aldrich Partners LLC 1.47% of their portfolio MARBLEHEAD, MA 23,19023.2k $7.9m $7.9m 1.47% Reduced -1.1k -1,126
73 Cander Asset Management LP 1.45% of their portfolio NEW YORK, NY 23,08023.1k $7.8m $7.8m 1.45% First filing
74 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 22,88722.9k $7.8m $7.8m 0.00% Added +295 +295
75 TEACHER RETIREMENT SYSTEM OF TEXAS 0.03% of their portfolio AUSTIN, TX 22,54122.5k $7.7m $7.7m 0.03% Added +1.6k +1,616
76 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 22,26622.3k $7.6m $7.6m 0.01% Added +10.9k +10,865
77 KING LUTHER CAPITAL MANAGEMENT CORP 0.03% of their portfolio FORT WORTH, TX 19,84419.8k $6.7m $6.7m 0.03% Reduced -1.8k -1,761
78 NATIXIS ADVISORS, LLC 0.01% of their portfolio Boston, MA 17,11017.1k $5.8m $5.8m 0.01% Reduced -3.9k -3,943
79 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio WEST SACRAMENTO, CA 16,84216.8k $5.7m $5.7m 0.01% Added +159 +159
80 CANADA LIFE ASSURANCE Co 0.01% of their portfolio WINNIPEG, A2 16,64416.6k $5.7m $5.7m 0.01% Reduced -2.3k -2,290
81 Orion Porfolio Solutions, LLC 0.04% of their portfolio OMAHA, NE 16,52616.5k $5.6m $5.6m 0.04% Reduced -1.7k -1,679
82 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 16,13016.1k $5.5m $5.5m 0.00% Added +611 +611
83 Lisanti Capital Growth, LLC 1.28% of their portfolio NEW YORK, NY 15,91015.9k $5.4m $5.4m 1.28% Reduced -50 -50
84 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 15,25215.3k $5.2m $5.2m 0.00% New
85 ExodusPoint Capital Management, LP 0.06% of their portfolio NEW YORK, NY 15,19115.2k $5.2m $5.2m 0.06% Reduced -14.6k -14,561
86 EFG International AG 0.10% of their portfolio Zurich, V8 15,04515.0k $5.1m $5.1m 0.10% First filing
87 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 14,83714.8k $792.6k $792.6k 0.00% Added +13.1k +13,136
88 New Age Alpha Advisors, LLC 0.22% of their portfolio RYE, NY 14,76314.8k $5.0m $5.0m 0.22% Added +14.0k +13,979
89 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 14,46514.5k $4.9m $4.9m 0.00% Added +433 +433
90 CRAWFORD INVESTMENT COUNSEL INC 0.08% of their portfolio ATLANTA, GA 14,20014.2k $4.8m $4.8m 0.08% Added +500 +500
91 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 13,69813.7k $4.7m $4.7m 0.01% Reduced -7.7k -7,709
92 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 13,65113.7k $4.6m $4.6m 0.01% Added +1.7k +1,660
93 Legato Capital Management LLC 0.37% of their portfolio San Francisco, CA 12,48312.5k $4.2m $4.2m 0.37% Added +3.8k +3,781
94 CI INVESTMENTS INC. 0.02% of their portfolio TORONTO, Z4 12,19512.2k $4.1m $4.1m 0.02% Added +3.2k +3,238
95 Bridgewater Associates, LP 0.01% of their portfolio Westport, CT 12,06312.1k $4.1m $4.1m 0.01% New
96 Trexquant Investment LP 0.03% of their portfolio STAMFORD, CT 11,33011.3k $3.8m $3.8m 0.03% New
97 State of Alaska, Department of Revenue 0.04% of their portfolio JUNEAU, AK 11,22911.2k $3.8m $3.8m 0.04% Added +2.2k +2,177
98 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 10,87710.9k $4.0m $4.0m 0.01% Reduced -1.1k -1,067
99 Cinctive Capital Management LP 0.20% of their portfolio New York, NY 10,38110.4k $3.5m $3.5m 0.20% Reduced -2.0k -1,964
100 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 10,13710.1k $3.4m $3.4m 0.00% Reduced -14.2k -14,169