Piper Sandler Companies (NYSE:PIPR) Upgraded at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Piper Sandler Companies (NYSE:PIPR) from a neutral rating to a buy rating in a research note issued to investors on Monday morning, MarketBeat reports. The Goldman Sachs Group currently has $386.00 price target on the financial services provider’s stock, up from their previous price target of $368.00.

PIPR has been the subject of several other research reports. Zacks Research upgraded Piper Sandler Companies from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Piper Sandler Companies in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Piper Sandler Companies from a “hold” rating to a “buy” rating in a report on Sunday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $362.50.

Piper Sandler Companies Stock Up 0.7%

Shares of Piper Sandler Companies stock opened at $338.94 on Monday. The firm has a market cap of $6.00 billion, a price-to-earnings ratio of 28.60 and a beta of 1.50. Piper Sandler Companies has a 52-week low of $202.91 and a 52-week high of $374.77. The company’s 50-day simple moving average is $340.40 and its 200-day simple moving average is $305.97.

Piper Sandler Companies (NYSE:PIPR) last announced its quarterly earnings data on Friday, October 31st. The financial services provider reported $3.82 EPS for the quarter, beating analysts’ consensus estimates of $2.96 by $0.86. Piper Sandler Companies had a net margin of 13.18% and a return on equity of 18.67%. The firm had revenue of $455.31 million during the quarter, compared to the consensus estimate of $408.40 million. During the same quarter last year, the firm earned $2.57 earnings per share. The firm’s revenue was up 33.3% compared to the same quarter last year. Equities research analysts anticipate that Piper Sandler Companies will post 14.14 EPS for the current year.

Piper Sandler Companies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Tuesday, November 25th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, November 25th. Piper Sandler Companies’s payout ratio is 21.10%.

Insider Activity at Piper Sandler Companies

In related news, President Debbra L. Schoneman sold 2,500 shares of the business’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $330.33, for a total value of $825,825.00. Following the sale, the president directly owned 2,896 shares in the company, valued at $956,635.68. The trade was a 46.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is owned by corporate insiders.

Institutional Trading of Piper Sandler Companies

Several large investors have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. purchased a new stake in Piper Sandler Companies in the 1st quarter valued at about $215,000. Bank of New York Mellon Corp boosted its position in shares of Piper Sandler Companies by 0.6% in the first quarter. Bank of New York Mellon Corp now owns 156,751 shares of the financial services provider’s stock worth $38,821,000 after acquiring an additional 992 shares during the last quarter. First Citizens Bank & Trust Co. boosted its position in shares of Piper Sandler Companies by 195.3% in the second quarter. First Citizens Bank & Trust Co. now owns 2,658 shares of the financial services provider’s stock worth $739,000 after acquiring an additional 1,758 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Piper Sandler Companies by 1.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,902 shares of the financial services provider’s stock valued at $3,492,000 after purchasing an additional 160 shares during the period. Finally, Strs Ohio acquired a new position in Piper Sandler Companies during the first quarter worth approximately $1,238,000. 72.79% of the stock is currently owned by institutional investors and hedge funds.

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.