Piper Sandler Companies (NYSE:PIPR) Stock Dropped to Strong Sell by Zacks Research

Zacks Research downgraded shares of Piper Sandler Companies (NYSE:PIPR) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday morning,Zacks reports.

A number of other brokerages have also commented on PIPR. The Goldman Sachs Group set a $80.00 target price on shares of Piper Sandler Companies and gave the stock a “buy” rating in a research report on Thursday, October 1st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Piper Sandler Companies in a research note on Monday, August 17th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $90.81.

Piper Sandler Companies Trading Up 0.2%

NYSE PIPR opened at $63.97 on Tuesday. The stock has a market cap of $4.52 billion, a PE ratio of 14.83, a PEG ratio of 1.93 and a beta of 1.43. Piper Sandler Companies has a 12 month low of $61.35 and a 12 month high of $95.07. The company’s 50-day moving average price is $72.35 and its 200-day moving average price is $76.75.

Piper Sandler Companies (NYSE:PIPR) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.16. The company had revenue of $491.14 million during the quarter, compared to analyst estimates of $445.28 million. Piper Sandler Companies had a net margin of 14.51% and a return on equity of 21.92%. The firm’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same quarter last year, the business posted $2.92 EPS. As a group, sell-side analysts forecast that Piper Sandler Companies will post 4.47 earnings per share for the current year.

Piper Sandler Companies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 28th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, August 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.3%. Piper Sandler Companies’s dividend payout ratio is presently 18.52%.

Hedge Funds Weigh In On Piper Sandler Companies

Several institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its position in shares of Piper Sandler Companies by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 573,217 shares of the company’s stock worth $41,466,000 after purchasing an additional 2,967 shares during the period. Greenwich Wealth Management LLC boosted its stake in shares of Piper Sandler Companies by 1.0% during the second quarter. Greenwich Wealth Management LLC now owns 420,805 shares of the company’s stock valued at $30,441,000 after purchasing an additional 4,036 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Piper Sandler Companies during the second quarter valued at approximately $13,753,000. WINTON GROUP Ltd purchased a new position in Piper Sandler Companies during the second quarter valued at approximately $9,445,000. Finally, Public Employees Retirement System of Ohio increased its holdings in Piper Sandler Companies by 27.8% during the second quarter. Public Employees Retirement System of Ohio now owns 41,572 shares of the company’s stock valued at $3,007,000 after buying an additional 9,044 shares during the period. Hedge funds and other institutional investors own 72.79% of the company’s stock.

Piper Sandler Companies Company Profile

Piper Sandler Companies (NYSE:PIPR) is a U.S.-based investment bank and financial services firm that provides capital markets and advisory services to corporations, financial institutions, public entities and other organizations. Its activities include investment banking, mergers and acquisitions advisory, equity and debt offerings, private placements, restructuring advice and strategic consulting.

The company also offers institutional securities services, including equity and fixed-income research, sales and trading, and municipal finance capabilities.