Piper Sandler Companies (NYSE:PIPR) Shares Down 1.4% – Here’s Why

Piper Sandler Companies (NYSE:PIPR) shares dropped 1.4% on Tuesday . The company traded as low as $293.09 and last traded at $297.24. Approximately 150,516 shares changed hands during mid-day trading, an increase of 86% from the average daily volume of 80,976 shares. The stock had previously closed at $301.43.

Analyst Upgrades and Downgrades

PIPR has been the topic of several research analyst reports. The Goldman Sachs Group lowered Piper Sandler Companies from a “buy” rating to a “neutral” rating and set a $317.00 price target on the stock. in a research note on Monday. JMP Securities reissued a “market perform” rating on shares of Piper Sandler Companies in a research note on Tuesday, September 17th. Finally, StockNews.com lowered shares of Piper Sandler Companies from a “buy” rating to a “hold” rating in a research report on Tuesday.

Piper Sandler Companies Stock Down 1.0 %

The stock’s 50-day moving average price is $309.88 and its 200 day moving average price is $310.45. The firm has a market cap of $5.24 billion, a price-to-earnings ratio of 31.47 and a beta of 1.46.

Piper Sandler Companies (NYSE:PIPR) last issued its earnings results on Friday, October 25th. The financial services provider reported $2.57 EPS for the quarter, topping the consensus estimate of $2.53 by $0.04. Piper Sandler Companies had a return on equity of 16.06% and a net margin of 10.84%. The firm had revenue of $359.57 million during the quarter, compared to analysts’ expectations of $365.07 million. On average, research analysts predict that Piper Sandler Companies will post 11.49 EPS for the current year.

Piper Sandler Companies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 22nd were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.88%. The ex-dividend date was Friday, November 22nd. Piper Sandler Companies’s dividend payout ratio is 27.78%.

Hedge Funds Weigh In On Piper Sandler Companies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PIPR. State Street Corp grew its holdings in Piper Sandler Companies by 0.3% during the 3rd quarter. State Street Corp now owns 682,430 shares of the financial services provider’s stock worth $193,680,000 after acquiring an additional 2,137 shares during the last quarter. FMR LLC grew its holdings in Piper Sandler Companies by 49.0% during the third quarter. FMR LLC now owns 625,048 shares of the financial services provider’s stock valued at $177,395,000 after purchasing an additional 205,584 shares during the period. Geode Capital Management LLC grew its holdings in shares of Piper Sandler Companies by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 377,586 shares of the financial services provider’s stock valued at $107,184,000 after buying an additional 7,344 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Piper Sandler Companies by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 205,226 shares of the financial services provider’s stock worth $58,245,000 after acquiring an additional 2,689 shares in the last quarter. Finally, Systematic Financial Management LP increased its stake in Piper Sandler Companies by 3.4% during the 3rd quarter. Systematic Financial Management LP now owns 196,342 shares of the financial services provider’s stock worth $55,724,000 after purchasing an additional 6,507 shares in the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Piper Sandler Companies Company Profile

Piper Sandler Companies operates as an investment bank and institutional securities firm that serves corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States and internationally. It offers investment banking services and institutional sales, trading, and research services for various equity and fixed income products; advisory services, such as mergers and acquisitions, equity and debt private placements, and debt and restructuring advisory; raises capital through equity and debt financings; underwrites municipal issuances; and municipal financial advisory and loan placement services, as well as various over-the-counter derivative products.