Piper Sandler Companies (NYSE:PIPR) Shares Gap Up After Better-Than-Expected Earnings

Piper Sandler Companies (NYSE:PIPR)’s stock price gapped up prior to trading on Friday following a better than expected earnings announcement. 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 trading hands.

The financial services provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.99 by $0.81. Piper Sandler Companies had a return on equity of 16.06% and a net margin of 10.84%.

Wall Street Analyst Weigh In

PIPR has been the subject of several research analyst reports. The Goldman Sachs Group cut shares of Piper Sandler Companies from a “buy” rating to a “neutral” rating and set a $317.00 price target for the company. in a report on Monday, January 6th. StockNews.com downgraded Piper Sandler Companies from a “buy” rating to a “hold” rating in a research note on Tuesday, January 7th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. West Oak Capital LLC boosted its position in Piper Sandler Companies by 650.0% during the fourth quarter. West Oak Capital LLC now owns 1,500 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 1,300 shares during the last quarter. Allworth Financial LP grew its stake in shares of Piper Sandler Companies by 238.8% in the fourth quarter. Allworth Financial LP now owns 227 shares of the financial services provider’s stock valued at $70,000 after buying an additional 160 shares in the last quarter. USA Financial Formulas acquired a new position in Piper Sandler Companies during the third quarter worth $77,000. GAMMA Investing LLC lifted its stake in Piper Sandler Companies by 27.6% in the fourth quarter. GAMMA Investing LLC now owns 277 shares of the financial services provider’s stock valued at $83,000 after acquiring an additional 60 shares during the last quarter. Finally, CWM LLC increased its stake in shares of Piper Sandler Companies by 22.5% during the 3rd quarter. CWM LLC now owns 310 shares of the financial services provider’s stock worth $88,000 after purchasing an additional 57 shares during the last quarter. Institutional investors own 72.79% of the company’s stock.

Piper Sandler Companies Stock Performance

The company has a market capitalization of $5.72 billion, a P/E ratio of 34.35 and a beta of 1.46. The stock’s fifty day moving average price is $300.81 and its 200-day moving average price is $312.77.

About Piper Sandler Companies

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.