Piper Sandler Companies (NYSE:PIPR) Cut to Neutral at The Goldman Sachs Group

The Goldman Sachs Group cut shares of Piper Sandler Companies (NYSE:PIPR) from a buy rating to a neutral rating in a research report released on Monday morning, Marketbeat Ratings reports. They currently have $317.00 target price on the financial services provider’s stock.

A number of other equities research analysts have also issued reports on PIPR. StockNews.com lowered shares of Piper Sandler Companies from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. JMP Securities reissued a “market perform” rating on shares of Piper Sandler Companies in a research note on Tuesday, September 17th.

Piper Sandler Companies Price Performance

PIPR opened at $294.56 on Monday. The stock’s 50 day simple moving average is $309.88 and its 200 day simple moving average is $310.45. The firm has a market cap of $5.24 billion, a price-to-earnings ratio of 31.47 and a beta of 1.46. Piper Sandler Companies has a 1 year low of $162.50 and a 1 year high of $351.80.

Piper Sandler Companies (NYSE:PIPR) last released its quarterly earnings data 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. Piper Sandler Companies had a return on equity of 16.06% and a net margin of 10.84%. The firm had revenue of $359.57 million during the quarter, compared to analyst estimates of $365.07 million. As a group, sell-side analysts anticipate that Piper Sandler Companies will post 11.49 EPS for the current year.

Piper Sandler Companies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 22nd were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend was Friday, November 22nd. Piper Sandler Companies’s payout ratio is 27.78%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PIPR. Commonwealth Equity Services LLC lifted its position in shares of Piper Sandler Companies by 2.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 2,340 shares of the financial services provider’s stock worth $539,000 after purchasing an additional 54 shares during the period. TD Asset Management Inc bought a new stake in Piper Sandler Companies during the 2nd quarter valued at approximately $483,000. Victory Capital Management Inc. grew its holdings 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 worth $3,033,000 after acquiring an additional 5,636 shares during the period. Arizona State Retirement System raised its position in shares of Piper Sandler Companies by 1.7% in the 2nd quarter. Arizona State Retirement System now owns 4,950 shares of the financial services provider’s stock worth $1,139,000 after acquiring an additional 83 shares in the last quarter. Finally, Quest Partners LLC lifted its stake in shares of 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 valued at $1,544,000 after purchasing an additional 5,648 shares during the period. 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.