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

Piper Sandler Companies (NYSE:PIPR) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Tuesday, Zacks reports.

Other research analysts have also recently issued research reports about the company. The Goldman Sachs Group set a $80.00 target price on Piper Sandler Companies and gave the company a “buy” rating in a research note 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $90.81.

Piper Sandler Companies Stock Performance

Piper Sandler Companies stock opened at $63.97 on Tuesday. Piper Sandler Companies has a fifty-two week low of $61.35 and a fifty-two week high of $95.07. The stock has a market cap of $4.52 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 1.93 and a beta of 1.43. The firm’s fifty 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 earnings results on Thursday, July 30th. The company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.16. Piper Sandler Companies had a net margin of 14.51% and a return on equity of 21.92%. The company had revenue of $491.14 million during the quarter, compared to analyst estimates of $445.28 million. During the same period in the previous year, the business earned $2.92 earnings per share. The firm’s quarterly revenue was up 24.9% compared to the same quarter last year. On average, analysts predict that Piper Sandler Companies will post 4.47 earnings per share for the current year.

Institutional Investors Weigh In On Piper Sandler Companies

A number of hedge funds have recently made changes to their positions in the business. ZWJ Investment Counsel Inc. boosted its stake in shares of Piper Sandler Companies by 17.1% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 3,928 shares of the company’s stock valued at $259,000 after purchasing an additional 574 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Piper Sandler Companies by 17.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,201 shares of the company’s stock valued at $145,000 after purchasing an additional 330 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Piper Sandler Companies by 11.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 9,361 shares of the company’s stock valued at $618,000 after purchasing an additional 925 shares during the last quarter. Greenwich Wealth Management LLC grew its holdings in shares of Piper Sandler Companies by 1.0% during the 2nd 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 during the last quarter. Finally, QRG Capital Management Inc. purchased a new position in Piper Sandler Companies in the 2nd quarter worth $280,000. 72.79% of the stock is currently owned by institutional investors.

About Piper Sandler Companies

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.