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

Piper Sandler Companies (NYSE:PIPR)’s share 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 changing hands.

The financial services provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate 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 Analysts Forecast Growth

A number of research analysts have recently commented on PIPR shares. StockNews.com cut shares of Piper Sandler Companies from a “buy” rating to a “hold” rating in a report on Tuesday, January 7th. The Goldman Sachs Group cut Piper Sandler Companies from a “buy” rating to a “neutral” rating and set a $317.00 price target on the stock. in a report on Monday, January 6th.

Institutional Investors Weigh In On Piper Sandler Companies

Institutional investors have recently made changes to their positions in the stock. Allworth Financial LP increased its position in shares of Piper Sandler Companies by 238.8% during the fourth quarter. Allworth Financial LP now owns 227 shares of the financial services provider’s stock worth $70,000 after buying an additional 160 shares during the period. Principal Securities Inc. boosted its position in Piper Sandler Companies by 280.9% during the fourth quarter. Principal Securities Inc. now owns 339 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 250 shares during the last quarter. Vicus Capital acquired a new stake in Piper Sandler Companies during the 4th quarter worth about $207,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Piper Sandler Companies in the 4th quarter worth about $3,293,000. Finally, Van ECK Associates Corp acquired a new position in shares of Piper Sandler Companies in the 4th quarter valued at about $4,275,000. Institutional investors own 72.79% of the company’s stock.

Piper Sandler Companies Trading Up 3.7 %

The firm has a 50-day moving average of $300.81 and a 200 day moving average of $312.77. The company has a market cap of $5.72 billion, a P/E ratio of 34.35 and a beta of 1.46.

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.