Piper Sandler Companies (NYSE:PIPR) Shares Gap Up After Strong Earnings

Piper Sandler Companies (NYSE:PIPR - Get Free Report) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $242.81, but opened at $256.61. Piper Sandler Companies shares last traded at $246.01, with a volume of 13,214 shares traded.

The financial services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.85 by $1.24. Piper Sandler Companies had a net margin of 11.87% and a return on equity of 17.00%. The company had revenue of $357.27 million for the quarter, compared to analyst estimates of $366.99 million. During the same period in the prior year, the firm earned $2.79 EPS. The firm's quarterly revenue was up 14.7% on a year-over-year basis.

Piper Sandler Companies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a $0.65 dividend. The ex-dividend date is Friday, May 30th. This represents a $2.60 annualized dividend and a yield of 1.06%. Piper Sandler Companies's dividend payout ratio is presently 22.73%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PIPR shares. The Goldman Sachs Group lowered their price objective on shares of Piper Sandler Companies from $321.00 to $286.00 and set a "neutral" rating for the company in a research report on Friday, March 14th. StockNews.com cut shares of Piper Sandler Companies from a "buy" rating to a "hold" rating in a research note on Tuesday, January 7th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Piper Sandler Companies in a research note on Monday.

Hedge Funds Weigh In On Piper Sandler Companies

Institutional investors and hedge funds have recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Piper Sandler Companies by 131.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the financial services provider's stock worth $27,000 after acquiring an additional 62 shares during the period. von Borstel & Associates Inc. bought a new stake in shares of Piper Sandler Companies in the 1st quarter valued at about $27,000. IFP Advisors Inc increased its position in Piper Sandler Companies by 2,183.3% during the 4th quarter. IFP Advisors Inc now owns 137 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 131 shares during the period. West Oak Capital LLC lifted its holdings in Piper Sandler Companies by 650.0% in the fourth quarter. West Oak Capital LLC now owns 1,500 shares of the financial services provider's stock valued at $45,000 after buying an additional 1,300 shares during the period. Finally, Park Square Financial Group LLC bought a new stake in Piper Sandler Companies in the fourth quarter worth approximately $45,000. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Piper Sandler Companies Stock Performance

The firm has a market capitalization of $4.38 billion, a P/E ratio of 24.11 and a beta of 1.50.

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.