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

Piper Sandler Companies (NYSE:PIPR - Get Free Report) shares gapped up prior to trading 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 changing hands.

The financial services provider reported $4.80 EPS for the quarter, beating the consensus estimate 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 period last year, the business posted $4.03 earnings per share.

Piper Sandler Companies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Tuesday, March 4th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $2.60 dividend on an annualized basis and a yield of 0.80%. Piper Sandler Companies's dividend payout ratio is 25.44%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PIPR. StockNews.com cut shares of Piper Sandler Companies from a "buy" rating to a "hold" rating in a report on Tuesday, January 7th. JMP Securities reaffirmed a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday. Finally, The Goldman Sachs Group raised their price objective on shares of Piper Sandler Companies from $298.00 to $330.00 and gave the stock a "neutral" rating in a report on Monday.

Hedge Funds Weigh In On Piper Sandler Companies

A number of hedge funds have recently bought and sold shares of the company. State Street Corp grew its position in Piper Sandler Companies by 0.3% during the third quarter. State Street Corp now owns 682,430 shares of the financial services provider's stock valued at $193,680,000 after buying an additional 2,137 shares during the period. FMR LLC boosted its holdings in shares of 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. Geode Capital Management LLC lifted its stake in shares of Piper Sandler Companies by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 377,586 shares of the financial services provider's stock worth $107,184,000 after acquiring an additional 7,344 shares during the last quarter. Stephens Investment Management Group LLC lifted its holdings in Piper Sandler Companies by 3.4% during the 4th quarter. Stephens Investment Management Group LLC now owns 214,554 shares of the financial services provider's stock valued at $64,355,000 after buying an additional 6,970 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Piper Sandler Companies by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 205,226 shares of the financial services provider's stock worth $58,245,000 after buying an additional 2,689 shares in the last quarter. Institutional investors own 72.79% of the company's stock.

Piper Sandler Companies Trading Up 1.0 %

The stock has a market cap of $5.75 billion, a PE ratio of 31.63 and a beta of 1.46. The firm's 50-day moving average price is $303.79 and its two-hundred day moving average price is $314.55.

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.