[Form 4] Piper Sandler Companies Insider Trading Activity

Rhea-AI Filing Summary

This Form 4 discloses that John W. Geelan, identified as an officer (General Counsel) of Piper Sandler Companies (PIPR), reported sales of company common stock on 08/11/2025. The filing lists two non-derivative sale transactions totaling 2,000 shares: 366 shares sold at a weighted average price of $321.46 (range $321.23–$321.67) and 1,634 shares sold at a weighted average price of $322.96 (range $322.82–$323.265).

After these transactions the report shows beneficial ownership of 14,279 shares following the first reported sale and 12,645 shares following the second. No derivative transactions are reported. The filer offers to provide per-transaction quantities at specific prices upon request.

Positive

• Transparent disclosure of weighted average prices and explicit price ranges for the sales
• Post-transaction beneficial ownership levels are reported for each sale (14,279 then 12,645 shares)
• No derivative activity reported, simplifying interpretation of insider exposure
• Filer offers to provide per-transaction share counts at each price upon request

Negative

• Insider sales totaling 2,000 shares may be perceived negatively by some investors
• Reduction in beneficial ownership to 12,645 shares after the reported transactions

Insights

Securities Analyst

TL;DR: Officer sale of 2,000 PIPR shares at ~$321–$323; reported ownership falls to 12,645 shares — neutral, routine disclosure.

The filing documents two non-derivative sales by General Counsel John W. Geelan totaling 2,000 shares executed on 08/11/2025, with weighted average prices of $321.46 and $322.96 and disclosed price ranges. The report provides post-transaction beneficial ownership levels (14,279 then 12,645 shares) and no option or derivative activity. These are straightforward insider sales with full price-range disclosure and an offer to supply per-trade details; they do not, on their face, indicate operational or financial distress in the company.

Corporate Governance Expert

TL;DR: The Form 4 shows compliant, itemized disclosure by an officer; sale size is modest relative to typical material thresholds.

The report identifies the reporting person as an officer (General Counsel) and records two separate open-market sale blocks disclosed with weighted average prices and explicit price ranges, plus an undertaking to provide transaction-level breakdowns if requested. No 10b5-1 plan or derivative transactions are indicated in the content provided. From a governance and disclosure standpoint, the filing is transparent and complete for the transactions reported.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Geelan John W

(Last) (First) (Middle)

350 NORTH 5TH STREET, SUITE 1000

(Street)

MINNEAPOLIS MN 55401

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PIPER SANDLER COMPANIES [ PIPR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/11/2025		S		366	D	$321.46(1)	14,279	D
Common Stock	08/11/2025		S		1,634	D	$322.96(2)	12,645	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 for all transactions on this report is a weighted average price. The shares sold in footnotes (1) through (2) were sold in multiple transactions at the price ranges provided in footnotes (1) through (2). These shares in footnote (1) were sold in multiple transactions at prices ranging from $321.2300 to $321.6700 inclusive. The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the range set forth in footnotes (1) through (2) upon request by the SEC staff, the issuer or any shareholder of the issuer.

2. These shares were sold in multiple transactions at prices ranging from $322.8200 to $323.2650 inclusive.

Remarks:

	/s/ James Grant for John W. Geelan	08/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed the Form 4 for PIPR?

John W. Geelan, identified as an officer (General Counsel) of Piper Sandler Companies, filed the Form 4.

What transactions were reported on the PIPR Form 4?

Two non-derivative sales of common stock: 366 shares at a weighted average of $321.46 and 1,634 shares at a weighted average of $322.96.

How many PIPR shares does the reporting person own after the reported transactions?

The filing reports beneficial ownership of 14,279 shares after the first reported sale and 12,645 shares after the second.

Were any derivative securities reported on the Form 4?

No. The filing contains no entries in Table II for derivative securities.

Do the reported prices reflect single trades or ranges?

The filing reports weighted average prices and discloses that the shares were sold in multiple transactions within stated price ranges ($321.23–$321.67 and $322.82–$323.265), with the filer offering to provide per-trade counts upon request.