Piper Sandler Companies (NYSE:PIPR) Stock Price Down 1.4% - Here's Why

Piper Sandler Companies (NYSE:PIPR - Get Free Report) was down 1.4% during trading on Tuesday . The company traded as low as $293.09 and last traded at $297.24. Approximately 150,516 shares traded hands during trading, an increase of 86% from the average daily volume of 80,976 shares. The stock had previously closed at $301.43.

Analyst Ratings Changes

Several research firms have recently weighed in on PIPR. The Goldman Sachs Group downgraded 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. StockNews.com lowered shares of Piper Sandler Companies from a "buy" rating to a "hold" rating in a research report on Tuesday. Finally, JMP Securities reissued a "market perform" rating on shares of Piper Sandler Companies in a research report on Tuesday, September 17th.

Piper Sandler Companies Price Performance

The stock has a market capitalization of $5.29 billion, a P/E ratio of 31.79 and a beta of 1.46. The stock has a fifty day moving average price of $308.41 and a 200 day moving average price of $310.64.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last posted 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. The business had revenue of $359.57 million during the quarter, compared to analyst estimates of $365.07 million. Piper Sandler Companies had a return on equity of 16.06% and a net margin of 10.84%. Research analysts anticipate that Piper Sandler Companies will post 11.49 earnings per share for the current year.

Piper Sandler Companies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 22nd were issued a $0.65 dividend. The ex-dividend date was Friday, November 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.87%. Piper Sandler Companies's payout ratio is currently 27.78%.

Institutional Investors Weigh In On Piper Sandler Companies

A number of institutional investors and hedge funds have recently bought and sold shares of PIPR. Commonwealth Equity Services LLC lifted its holdings in shares of Piper Sandler Companies by 2.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 2,340 shares of the financial services provider's stock worth $539,000 after acquiring an additional 54 shares during the last quarter. TD Asset Management Inc purchased a new position in shares of Piper Sandler Companies in the 2nd quarter worth about $483,000. Victory Capital Management Inc. increased its position in shares of Piper Sandler Companies by 74.7% during the 2nd quarter. Victory Capital Management Inc. now owns 13,176 shares of the financial services provider's stock valued at $3,033,000 after purchasing an additional 5,636 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Piper Sandler Companies by 1.7% during the 2nd quarter. Arizona State Retirement System now owns 4,950 shares of the financial services provider's stock valued at $1,139,000 after buying an additional 83 shares in the last quarter. Finally, Quest Partners LLC lifted its position in Piper Sandler Companies by 531.8% in the 2nd quarter. Quest Partners LLC now owns 6,710 shares of the financial services provider's stock worth $1,544,000 after buying an additional 5,648 shares during the last quarter. 72.79% of the stock is owned by hedge funds and other institutional investors.

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.