Piper Sandler Companies (NYSE:PIPR) Shares Gap Up After Strong Earnings

Piper Sandler Companies (NYSE:PIPR)’s stock price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $310.01, but opened at $327.00. Piper Sandler Companies shares last traded at $327.18, with a volume of 12,795 shares.

The financial services provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.99 by $0.81. Piper Sandler Companies had a return on equity of 16.06% and a net margin of 10.84%. During the same period in the prior year, the firm posted $4.03 EPS.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PIPR. The Goldman Sachs Group downgraded shares of Piper Sandler Companies from a “buy” rating to a “neutral” rating and set a $317.00 target price on the stock. in a research note on Monday, January 6th. StockNews.com lowered Piper Sandler Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, January 7th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Piper Sandler Companies by 0.3% in the 3rd quarter. State Street Corp now owns 682,430 shares of the financial services provider’s stock valued at $193,680,000 after acquiring an additional 2,137 shares during the last quarter. FMR LLC increased its stake in Piper Sandler Companies by 49.0% in 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 last quarter. Geode Capital Management LLC raised its holdings in Piper Sandler Companies by 2.0% during the third quarter. Geode Capital Management LLC now owns 377,586 shares of the financial services provider’s stock worth $107,184,000 after purchasing an additional 7,344 shares in the last quarter. Stephens Investment Management Group LLC lifted its position in shares of Piper Sandler Companies by 3.4% during the 4th quarter. Stephens Investment Management Group LLC now owns 214,554 shares of the financial services provider’s stock worth $64,355,000 after buying an additional 6,970 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Piper Sandler Companies by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 205,226 shares of the financial services provider’s stock valued at $58,245,000 after buying an additional 2,689 shares in the last quarter. Hedge funds and other institutional investors own 72.79% of the company’s stock.

Piper Sandler Companies Stock Performance

The stock’s 50-day moving average is $301.34 and its 200 day moving average is $313.50. The stock has a market capitalization of $5.65 billion, a PE ratio of 33.93 and a beta of 1.46.

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.