Piper Sandler Companies' (PIPR) "Hold (C)" Rating Reaffirmed at Weiss Ratings

Key Points

• Piper Sandler Companies' stock has received a "hold (c)" rating from Weiss Ratings, reinforcing its average rating of "Hold" with a price target of $312.50.
• The company reported strong quarterly earnings with $2.95 earnings per share, exceeding estimates by $0.96, and a revenue of $405.39 million, which was above analyst expectations.
• Insiders have recently sold a significant amount of stock, with sales totaling over $8 million in the past three months, indicating a potential decrease in their ownership percentages.

Piper Sandler Companies (NYSE:PIPR - Get Free Report)'s stock had its "hold (c)" rating reiterated by investment analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Several other research analysts also recently commented on PIPR. Zacks Research downgraded Piper Sandler Companies from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 30th. Wolfe Research raised Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price objective on the stock in a research note on Thursday, July 10th. Finally, Wall Street Zen downgraded Piper Sandler Companies from a "buy" rating to a "hold" rating in a research note on Saturday, October 4th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $312.50.

Piper Sandler Companies Stock Performance

Shares of PIPR opened at $339.76 on Wednesday. Piper Sandler Companies has a 52-week low of $202.91 and a 52-week high of $374.77. The firm has a fifty day simple moving average of $337.02. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 28.67 and a beta of 1.45.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The financial services provider reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $1.99 by $0.96. The business had revenue of $405.39 million for the quarter, compared to analyst estimates of $349.40 million. Piper Sandler Companies had a return on equity of 18.67% and a net margin of 13.18%.Piper Sandler Companies's quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.52 EPS. On average, equities analysts expect that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jonathan J. Doyle sold 3,536 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $316.84, for a total value of $1,120,346.24. Following the completion of the transaction, the insider directly owned 132,910 shares of the company's stock, valued at $42,111,204.40. This represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Scott C. Taylor sold 2,600 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $319.86, for a total value of $831,636.00. Following the completion of the transaction, the director directly owned 16,319 shares of the company's stock, valued at approximately $5,219,795.34. This represents a 13.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,136 shares of company stock valued at $8,380,342. Insiders own 2.70% of the company's stock.

Hedge Funds Weigh In On Piper Sandler Companies

Several institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Piper Sandler Companies during the second quarter worth $59,820,000. Nuveen LLC bought a new stake in Piper Sandler Companies during the first quarter worth about $49,826,000. American Century Companies Inc. lifted its position in Piper Sandler Companies by 1,155.7% in the 2nd quarter. American Century Companies Inc. now owns 200,149 shares of the financial services provider's stock worth $55,630,000 after buying an additional 184,210 shares during the last quarter. Franklin Resources Inc. bought a new stake in shares of Piper Sandler Companies in the 2nd quarter worth approximately $51,021,000. Finally, Westwood Holdings Group Inc. lifted its holdings in shares of Piper Sandler Companies by 35.0% in the 1st quarter. Westwood Holdings Group Inc. now owns 357,167 shares of the financial services provider's stock worth $88,456,000 after acquiring an additional 92,527 shares during the last quarter. 72.79% of the stock is owned by institutional investors.

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.

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