Piper Sandler Companies (NYSE:PIPR) Raised to Strong-Buy at Zacks Research

Piper Sandler Companies (NYSE:PIPR) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. The Goldman Sachs Group raised Piper Sandler Companies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $368.00 to $386.00 in a research note on Monday, November 10th. Wolfe Research reaffirmed an “outperform” rating and issued a $398.00 price objective on shares of Piper Sandler Companies in a report on Wednesday, January 7th. Bank of America assumed coverage on shares of Piper Sandler Companies in a research note on Monday, January 26th. They set an “underperform” rating and a $385.00 target price on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Piper Sandler Companies in a research report on Friday, January 23rd. Finally, Wall Street Zen upgraded shares of Piper Sandler Companies from a “hold” rating to a “buy” rating in a report on Sunday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $389.67.

Piper Sandler Companies Stock Down 5.1%

PIPR stock opened at $341.47 on Tuesday. The stock has a market cap of $6.04 billion, a PE ratio of 21.60, a price-to-earnings-growth ratio of 1.99 and a beta of 1.53. The firm’s 50-day simple moving average is $352.55 and its 200 day simple moving average is $340.04. Piper Sandler Companies has a fifty-two week low of $202.91 and a fifty-two week high of $380.26.

Piper Sandler Companies’s stock is set to split before the market opens on Tuesday, March 24th. The 4-1 split was announced on Friday, February 6th. The newly minted shares will be distributed to shareholders after the closing bell on Monday, March 23rd.

Piper Sandler Companies (NYSE:PIPR) last issued its quarterly earnings data on Friday, February 6th. The company reported $6.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.72 by $2.16. Piper Sandler Companies had a return on equity of 22.50% and a net margin of 14.77%.The business had revenue of $635.00 million during the quarter, compared to analyst estimates of $516.52 million. During the same period in the prior year, the company posted $4.80 EPS. The business’s revenue for the quarter was up 27.4% compared to the same quarter last year.

Insider Buying and Selling

In other Piper Sandler Companies news, CEO Chad R. Abraham sold 3,000 shares of the company’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $336.21, for a total value of $1,008,630.00. Following the transaction, the chief executive officer owned 53,558 shares of the company’s stock, valued at approximately $18,006,735.18. This represents a 5.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Katherine Patricia Clune sold 1,367 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $324.69, for a total value of $443,851.23. Following the sale, the chief financial officer directly owned 10,425 shares of the company’s stock, valued at approximately $3,384,893.25. This represents a 11.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 8,767 shares of company stock worth $2,937,921 over the last quarter. Insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Piper Sandler Companies

Several hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its stake in Piper Sandler Companies by 89.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 74 shares of the company’s stock worth $25,000 after purchasing an additional 35 shares in the last quarter. CENTRAL TRUST Co purchased a new stake in Piper Sandler Companies during the second quarter valued at about $28,000. Los Angeles Capital Management LLC acquired a new position in shares of Piper Sandler Companies in the fourth quarter worth about $28,000. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Piper Sandler Companies in the second quarter worth about $31,000. Finally, Whittier Trust Co. purchased a new position in shares of Piper Sandler Companies in the third quarter worth approximately $31,000. 72.79% of the stock is owned by hedge funds and other institutional investors.

Piper Sandler Companies Company Profile

Piper Sandler Companies (NYSE: PIPR) is an investment bank and institutional securities firm that provides a range of capital markets and advisory services to corporations, institutions, municipalities and high-net-worth individuals. The firm’s core activities include investment banking and M&A advisory, underwriting and distribution of equity and debt securities, public finance, and sector-focused advisory across industries such as healthcare, energy, financial services and technology.

In addition to traditional investment banking, Piper Sandler offers equity and fixed income research, institutional sales and trading, and market-making services.