Piper Sandler Companies (NYSE:PIPR) Stock Price Down 2.8% – Here’s What Happened

Piper Sandler Companies (NYSE:PIPR) traded down 2.8% during mid-day trading on Tuesday . The company traded as low as $310.96 and last traded at $312.19. 94,825 shares traded hands during mid-day trading, an increase of 17% from the average session volume of 80,976 shares. The stock had previously closed at $321.34.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. StockNews.com cut shares of Piper Sandler Companies from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. JMP Securities reissued a “market perform” rating on shares of Piper Sandler Companies in a report on Tuesday, September 17th.

Piper Sandler Companies Stock Down 2.8 %

The company’s 50 day moving average is $333.27 and its two-hundred day moving average is $305.14. The company has a market capitalization of $5.55 billion, a PE ratio of 33.35 and a beta of 1.43.

Piper Sandler Companies (NYSE:PIPR) last released its quarterly earnings results on Friday, October 25th. The financial services provider reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $0.04. Piper Sandler Companies had a net margin of 10.84% and a return on equity of 16.06%. The company had revenue of $359.57 million for the quarter, compared to the consensus estimate of $365.07 million. Analysts forecast 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 issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Friday, November 22nd. Piper Sandler Companies’s payout ratio is 27.78%.

Hedge Funds Weigh In On Piper Sandler Companies

A number of institutional investors and hedge funds have recently modified their holdings of PIPR. State Street Corp raised its holdings in Piper Sandler Companies by 0.3% during the 3rd 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 increased its position in Piper Sandler Companies by 49.0% during the third quarter. FMR LLC now owns 625,048 shares of the financial services provider’s stock valued at $177,395,000 after acquiring an additional 205,584 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Piper Sandler Companies by 2.0% in the third quarter. Geode Capital Management LLC now owns 377,586 shares of the financial services provider’s stock valued at $107,184,000 after acquiring an additional 7,344 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Piper Sandler Companies by 1.3% in 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 acquiring an additional 2,689 shares during the last quarter. Finally, Systematic Financial Management LP boosted its stake in shares of Piper Sandler Companies by 3.4% during the 3rd quarter. Systematic Financial Management LP now owns 196,342 shares of the financial services provider’s stock worth $55,724,000 after purchasing an additional 6,507 shares during the period. 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.