Piper Sandler Companies (NYSE:PIPR) Trading Down 15.7% – Here’s Why

Piper Sandler Companies (NYSE:PIPR)’s stock price dropped 15.7% during mid-day trading on Tuesday . The stock traded as low as $279.72 and last traded at $250.95. Approximately 154,087 shares changed hands during mid-day trading, an increase of 37% from the average daily volume of 112,510 shares. The stock had previously closed at $297.52.

Analyst Ratings Changes

Several equities research analysts have recently commented on PIPR shares. JMP Securities reaffirmed a “market perform” rating on shares of Piper Sandler Companies in a research report on Monday, February 3rd. The Goldman Sachs Group reduced their target price on shares of Piper Sandler Companies from $321.00 to $286.00 and set a “neutral” rating for the company in a report on Friday, March 14th. Finally, StockNews.com cut shares of Piper Sandler Companies from a “buy” rating to a “hold” rating in a research note on Tuesday, January 7th.

Piper Sandler Companies Stock Up 1.3 %

The stock has a market cap of $4.45 billion, a P/E ratio of 24.55 and a beta of 1.46. The firm has a 50 day moving average price of $260.50 and a 200 day moving average price of $287.98.

Piper Sandler Companies (NYSE:PIPR) last released its earnings results on Friday, January 31st. The financial services provider reported $4.80 EPS for the quarter, topping 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 previous year, the business posted $4.03 EPS. Equities analysts predict that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

Piper Sandler Companies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date was Tuesday, March 4th. Piper Sandler Companies’s dividend payout ratio (DPR) is 25.44%.

Institutional Investors Weigh In On Piper Sandler Companies

Institutional investors have recently bought and sold shares of the business. Citigroup Inc. boosted its stake in shares of Piper Sandler Companies by 63.4% in the third quarter. Citigroup Inc. now owns 21,496 shares of the financial services provider’s stock worth $6,101,000 after acquiring an additional 8,337 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Piper Sandler Companies by 3.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 10,032 shares of the financial services provider’s stock worth $2,847,000 after purchasing an additional 348 shares during the period. FMR LLC boosted its stake in Piper Sandler Companies by 49.0% in the 3rd quarter. FMR LLC now owns 625,048 shares of the financial services provider’s stock worth $177,395,000 after purchasing an additional 205,584 shares during the period. BNP Paribas Financial Markets grew its holdings in Piper Sandler Companies by 22.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,213 shares of the financial services provider’s stock valued at $2,615,000 after buying an additional 1,681 shares in the last quarter. Finally, Bridgewater Associates LP bought a new stake in shares of Piper Sandler Companies during the third quarter valued at approximately $1,429,000. Hedge funds and other institutional investors own 72.79% of the company’s stock.

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.