Piper Sandler Companies (NYSE:PIPR) Shares Down 15.7% - Here's What Happened

Piper Sandler Companies (NYSE:PIPR - Get Free Report) shares were down 15.7% 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.

Analysts Set New Price Targets

A number of research firms recently commented on PIPR. The Goldman Sachs Group dropped their price target on shares of Piper Sandler Companies from $321.00 to $286.00 and set a "neutral" rating for the company in a research note on Friday, March 14th. StockNews.com cut Piper Sandler Companies from a "buy" rating to a "hold" rating in a research note on Tuesday, January 7th. Finally, JMP Securities reissued a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday, February 3rd.

Piper Sandler Companies Stock Down 6.3 %

The stock has a market capitalization of $3.82 billion, a PE ratio of 21.10 and a beta of 1.38. The stock's 50 day moving average price is $254.46 and its 200-day moving average price is $284.92.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last issued 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 last year, the firm earned $4.03 EPS. As a group, sell-side analysts predict that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

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Piper Sandler Companies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend was Tuesday, March 4th. Piper Sandler Companies's dividend payout ratio is 25.44%.

Hedge Funds Weigh In On Piper Sandler Companies

Several institutional investors have recently made changes to their positions in PIPR. Versant Capital Management Inc grew its holdings in Piper Sandler Companies by 1,195.2% during the 1st quarter. Versant Capital Management Inc now owns 272 shares of the financial services provider's stock worth $67,000 after acquiring an additional 251 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in Piper Sandler Companies by 131.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the financial services provider's stock worth $27,000 after buying an additional 62 shares during the period. Wood Tarver Financial Group LLC purchased a new stake in Piper Sandler Companies during the fourth quarter worth $73,000. Park Square Financial Group LLC purchased a new position in shares of Piper Sandler Companies in the 4th quarter valued at $45,000. Finally, Aurdan Capital Management LLC purchased a new position in shares of Piper Sandler Companies in the 4th quarter valued at $1,664,000. Hedge funds and other institutional investors own 72.79% of the company's stock.

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.