Piper Sandler Companies (NYSE:PIPR) Hits New 12-Month High After Earnings Beat

Piper Sandler Companies (NYSE:PIPR)’s share price reached a new 52-week high during trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $288.47 and last traded at $308.35, with a volume of 196700 shares changing hands. The stock had previously closed at $310.01.

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 net margin of 11.87% and a return on equity of 17.00%. During the same quarter in the prior year, the business posted $4.03 earnings per share.

Piper Sandler Companies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date is Tuesday, March 4th. Piper Sandler Companies’s payout ratio is 25.44%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. StockNews.com cut shares of Piper Sandler Companies from a “buy” rating to a “hold” rating in a research note on Tuesday, January 7th. JMP Securities reiterated a “market perform” rating on shares of Piper Sandler Companies in a research note on Monday. Finally, The Goldman Sachs Group upped their price objective on Piper Sandler Companies from $298.00 to $330.00 and gave the stock a “neutral” rating in a research note on Monday.

Hedge Funds Weigh In On Piper Sandler Companies

Several institutional investors and hedge funds have recently modified their holdings of PIPR. IFP Advisors Inc raised its position in Piper Sandler Companies by 2,183.3% during the fourth quarter. IFP Advisors Inc now owns 137 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 131 shares in the last quarter. West Oak Capital LLC increased its holdings in shares of Piper Sandler Companies by 650.0% during the 4th 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 in the last quarter. Allworth Financial LP lifted its stake in shares of Piper Sandler Companies by 238.8% in the 4th quarter. Allworth Financial LP now owns 227 shares of the financial services provider’s stock valued at $70,000 after purchasing an additional 160 shares during the period. USA Financial Formulas purchased a new stake in Piper Sandler Companies during the third quarter worth $77,000. Finally, GAMMA Investing LLC boosted its holdings in Piper Sandler Companies by 27.6% during the fourth quarter. GAMMA Investing LLC now owns 277 shares of the financial services provider’s stock worth $83,000 after buying an additional 60 shares in the last quarter. Institutional investors and hedge funds own 72.79% of the company’s stock.

Piper Sandler Companies Stock Up 1.0 %

The company’s 50-day moving average is $302.86 and its 200 day moving average is $314.09. The company has a market cap of $5.69 billion, a price-to-earnings ratio of 31.29 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.