Piper Sandler Companies (NYSE:PIPR) Stock Price Down 1.7% – Here’s Why

Shares of Piper Sandler Companies (NYSE:PIPR) traded down 1.7% during mid-day trading on Tuesday . The stock traded as low as $342.00 and last traded at $342.80. 54,612 shares changed hands during trading, a decline of 53% from the average session volume of 117,434 shares. The stock had previously closed at $348.81.

Analysts Set New Price Targets

PIPR has been the topic of several recent research reports. JMP Securities reaffirmed a “market perform” rating on shares of Piper Sandler Companies in a report on Tuesday, September 17th. StockNews.com cut shares of Piper Sandler Companies from a “buy” rating to a “hold” rating in a report on Monday, October 28th.

Piper Sandler Companies Price Performance

The stock has a market cap of $6.10 billion, a price-to-earnings ratio of 36.65 and a beta of 1.39. The business’s 50-day simple moving average is $317.71 and its two-hundred day simple moving average is $292.04.

Piper Sandler Companies (NYSE:PIPR) last issued its earnings results on Friday, October 25th. The financial services provider reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.04. Piper Sandler Companies had a net margin of 10.84% and a return on equity of 16.06%. The firm had revenue of $359.57 million for the quarter, compared to analyst estimates of $365.07 million. Equities research analysts forecast that Piper Sandler Companies will post 11.49 earnings per share for the current year.

Piper Sandler Companies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.76%. Piper Sandler Companies’s dividend payout ratio (DPR) is presently 27.78%.

Hedge Funds Weigh In On Piper Sandler Companies

A number of hedge funds have recently modified their holdings of PIPR. Blue Trust Inc. lifted its holdings in Piper Sandler Companies by 194.7% in the second quarter. Blue Trust Inc. now owns 112 shares of the financial services provider’s stock valued at $26,000 after buying an additional 74 shares during the period. nVerses Capital LLC lifted its holdings in Piper Sandler Companies by 100.0% in the second quarter. nVerses Capital LLC now owns 200 shares of the financial services provider’s stock valued at $46,000 after buying an additional 100 shares during the period. USA Financial Formulas acquired a new position in Piper Sandler Companies in the third quarter valued at $77,000. FSC Wealth Advisors LLC lifted its holdings in Piper Sandler Companies by 39.0% in the second quarter. FSC Wealth Advisors LLC now owns 346 shares of the financial services provider’s stock valued at $80,000 after buying an additional 97 shares during the period. Finally, CWM LLC lifted its holdings in Piper Sandler Companies by 22.5% in the third quarter. CWM LLC now owns 310 shares of the financial services provider’s stock valued at $88,000 after buying an additional 57 shares during the period. Institutional investors and hedge funds own 72.79% of the company’s stock.

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.