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

Shares of Piper Sandler Companies (NYSE:PIPR) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. 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 trading hands.

The financial services provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $3.99 by $0.81. Piper Sandler Companies had a net margin of 10.84% and a return on equity of 16.06%.

Analyst Ratings Changes

PIPR has been the topic of a number of recent research reports. StockNews.com lowered Piper Sandler Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, January 7th. The Goldman Sachs Group cut shares of Piper Sandler Companies from a “buy” rating to a “neutral” rating and set a $317.00 price target for the company. in a research note on Monday, January 6th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PIPR. West Oak Capital LLC boosted its stake in 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 holdings in Piper Sandler Companies by 238.8% in the 4th quarter. Allworth Financial LP now owns 227 shares of the financial services provider’s stock worth $70,000 after purchasing an additional 160 shares during the last quarter. USA Financial Formulas bought a new position in Piper Sandler Companies in the 3rd quarter worth $77,000. GAMMA Investing LLC increased its position in Piper Sandler Companies by 27.6% in the 4th quarter. GAMMA Investing LLC now owns 277 shares of the financial services provider’s stock worth $83,000 after buying an additional 60 shares during the period. Finally, CWM LLC lifted its position in shares of Piper Sandler Companies by 22.5% in the 3rd quarter. CWM LLC now owns 310 shares of the financial services provider’s stock worth $88,000 after acquiring an additional 57 shares during the period. 72.79% of the stock is owned by institutional investors and hedge funds.

Piper Sandler Companies Stock Performance

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

Piper Sandler Companies Company Profile

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.