Piper Sandler Companies (NYSE:PIPR) Sets New 1-Year Low - Here's Why

Key Points

• Piper Sandler shares fell 4.7% to a new 52-week low of $67.54, trading below both their 50-day and 200-day moving averages.
• Despite the stock decline, the company exceeded quarterly expectations, reporting $1.04 in EPS versus $0.88 expected and revenue of $491.14 million, up 24.9% year over year.
• Analysts maintain a consensus “Hold” rating with a $95.06 price target, while Piper Sandler continues to pay a quarterly dividend of $0.20, yielding about 1.2%.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) reached a new 52-week low during trading on Tuesday. The stock traded as low as $67.54 and last traded at $68.6820, with a volume of 582813 shares changing hands. The stock had previously closed at $71.69.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of Piper Sandler Companies in a research report on Monday, August 17th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Piper Sandler Companies presently has an average rating of "Hold" and a consensus price target of $95.06.

Piper Sandler Companies Trading Down 4.7%

The stock has a market cap of $4.83 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 1.67 and a beta of 1.40. The stock's 50-day moving average is $75.01 and its 200-day moving average is $77.46.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.16. Piper Sandler Companies had a net margin of 14.51% and a return on equity of 21.92%. The company had revenue of $491.14 million during the quarter, compared to analyst estimates of $445.28 million. During the same period in the prior year, the business posted $2.92 EPS. The business's revenue for the quarter was up 24.9% compared to the same quarter last year. On average, equities analysts forecast that Piper Sandler Companies will post 4.51 EPS for the current year.

Piper Sandler Companies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 28th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, August 28th. Piper Sandler Companies's dividend payout ratio is 18.52%.

Hedge Funds Weigh In On Piper Sandler Companies

Several hedge funds have recently modified their holdings of PIPR. Bank of New York Mellon Corp lifted its holdings in shares of Piper Sandler Companies by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 573,217 shares of the company's stock valued at $41,466,000 after buying an additional 2,967 shares during the period. Norges Bank bought a new stake in Piper Sandler Companies in the fourth quarter worth about $79,239,000. Wellington Management Group LLP bought a new stake in Piper Sandler Companies in the second quarter worth about $13,753,000. WINTON GROUP Ltd acquired a new stake in Piper Sandler Companies in the 2nd quarter valued at about $9,445,000. Finally, Fiera Capital Corp lifted its holdings in Piper Sandler Companies by 32.4% in the 4th quarter. Fiera Capital Corp now owns 108,167 shares of the company's stock valued at $36,745,000 after acquiring an additional 26,500 shares during the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Piper Sandler Companies Company Profile

Piper Sandler Companies NYSE: PIPR is an investment banking and financial services firm that provides advisory, capital markets, institutional sales and trading, research, and public finance services. The company serves corporations, private equity firms, institutional investors, government entities, and other public-sector organizations.

Its investment banking activities include mergers and acquisitions advice, equity and debt offerings, private placements, and strategic and financial advisory services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.