Piper Sandler Companies (NYSE:PIPR) Shares Gap Down – Here’s Why

Piper Sandler Companies (NYSE:PIPR)’s share price gapped down before the market opened on Monday . The stock had previously closed at $326.85, but opened at $315.60. Piper Sandler Companies shares last traded at $304.5330, with a volume of 36,077 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Bank of America initiated coverage on Piper Sandler Companies in a research note on Monday, January 26th. They issued an “underperform” rating and a $385.00 target price on the stock. The Goldman Sachs Group upgraded Piper Sandler Companies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $368.00 to $386.00 in a research report on Monday, November 10th. Wall Street Zen cut Piper Sandler Companies from a “buy” rating to a “hold” rating in a report on Monday, February 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Piper Sandler Companies in a research note on Friday, January 23rd. Finally, Zacks Research raised shares of Piper Sandler Companies from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Piper Sandler Companies has an average rating of “Moderate Buy” and an average price target of $389.67.

Piper Sandler Companies Stock Down 6.5%

The company has a market cap of $5.40 billion, a PE ratio of 19.32, a PEG ratio of 1.81 and a beta of 1.53. The firm’s 50-day moving average is $350.34 and its 200-day moving average is $340.82.

Piper Sandler Companies’s stock is set to split before the market opens on Tuesday, March 24th. The 4-1 split was announced on Friday, February 6th. The newly created shares will be issued to shareholders after the market closes on Monday, March 23rd.

Piper Sandler Companies (NYSE:PIPR) last posted its earnings results on Friday, February 6th. The company reported $6.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.72 by $2.16. Piper Sandler Companies had a return on equity of 22.50% and a net margin of 14.77%.The firm had revenue of $635.00 million for the quarter, compared to the consensus estimate of $516.52 million. During the same quarter in the prior year, the business earned $4.80 EPS. The business’s revenue for the quarter was up 27.4% on a year-over-year basis.

Piper Sandler Companies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be paid a $0.70 dividend. The ex-dividend date is Tuesday, March 3rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 0.9%. Piper Sandler Companies’s payout ratio is currently 17.71%.

Insiders Place Their Bets

In related news, President Debbra L. Schoneman sold 5,240 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $350.99, for a total value of $1,839,187.60. Following the transaction, the president directly owned 2,896 shares of the company’s stock, valued at approximately $1,016,467.04. The trade was a 64.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Chad R. Abraham sold 3,000 shares of the business’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $336.21, for a total transaction of $1,008,630.00. Following the completion of the sale, the chief executive officer owned 53,558 shares in the company, valued at approximately $18,006,735.18. The trade was a 5.30% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 12,640 shares of company stock valued at $4,333,258. Company insiders own 2.70% of the company’s stock.

Institutional Trading of Piper Sandler Companies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Piper Sandler Companies by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 2,128,150 shares of the company’s stock valued at $722,954,000 after purchasing an additional 17,964 shares in the last quarter. Invesco Ltd. increased its position in Piper Sandler Companies by 0.3% during the 4th quarter. Invesco Ltd. now owns 716,829 shares of the company’s stock valued at $243,514,000 after purchasing an additional 2,285 shares during the period. Geode Capital Management LLC raised its holdings in shares of Piper Sandler Companies by 2.5% in the 2nd quarter. Geode Capital Management LLC now owns 400,772 shares of the company’s stock valued at $111,402,000 after purchasing an additional 9,759 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Piper Sandler Companies by 6.4% in the 4th quarter. JPMorgan Chase & Co. now owns 294,624 shares of the company’s stock worth $100,087,000 after purchasing an additional 17,694 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Piper Sandler Companies by 23.9% during the third quarter. American Century Companies Inc. now owns 248,034 shares of the company’s stock valued at $86,066,000 after purchasing an additional 47,885 shares in the last quarter. 72.79% of the stock is owned by hedge funds and other institutional investors.

About Piper Sandler Companies

Piper Sandler Companies (NYSE: PIPR) is an investment bank and institutional securities firm that provides a range of capital markets and advisory services to corporations, institutions, municipalities and high-net-worth individuals. The firm’s core activities include investment banking and M&A advisory, underwriting and distribution of equity and debt securities, public finance, and sector-focused advisory across industries such as healthcare, energy, financial services and technology.

In addition to traditional investment banking, Piper Sandler offers equity and fixed income research, institutional sales and trading, and market-making services.