Piper Sandler Companies (NYSE:PIPR) Shares Gap Up on Earnings Beat

Piper Sandler Companies (NYSE:PIPR) 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 traded.

The financial services provider reported $4.80 earnings per share for the quarter, topping 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%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PIPR. StockNews.com downgraded Piper Sandler Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, January 7th. 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 for the company. in a research note on Monday, January 6th.

Institutional Trading of Piper Sandler Companies

Large investors have recently made changes to their positions in the company. FMR LLC boosted its holdings in Piper Sandler Companies by 49.0% in the 3rd 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. Fred Alger Management LLC purchased a new stake in Piper Sandler Companies during the 3rd quarter valued at about $14,645,000. Millennium Management LLC increased its stake in shares of Piper Sandler Companies by 66.0% in the second quarter. Millennium Management LLC now owns 77,804 shares of the financial services provider’s stock worth $17,908,000 after buying an additional 30,942 shares during the period. Barclays PLC raised its stake in shares of Piper Sandler Companies by 307.2% during the third quarter. Barclays PLC now owns 32,328 shares of the financial services provider’s stock valued at $9,174,000 after acquiring an additional 24,388 shares during the last quarter. Finally, Philadelphia Financial Management of San Francisco LLC purchased a new stake in Piper Sandler Companies in the 3rd quarter worth approximately $6,106,000. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Piper Sandler Companies Stock Up 3.7 %

The firm has a market cap of $5.72 billion, a P/E ratio of 34.35 and a beta of 1.46. The firm’s fifty day moving average is $300.81 and its two-hundred day moving average is $312.77.

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.