Bank of America Begins Coverage on Piper Sandler Companies (NYSE:PIPR)

Bank of America assumed coverage on shares of Piper Sandler Companies (NYSE:PIPR) in a note issued to investors on Monday, Marketbeat.com reports. The brokerage set an “underperform” rating and a $385.00 price target on the stock. Bank of America‘s price target would indicate a potential upside of 8.87% from the company’s current price.

A number of other analysts have also weighed in on the company. Wolfe Research reiterated an “outperform” rating and issued a $398.00 target price on shares of Piper Sandler Companies in a research note on Wednesday, January 7th. Wall Street Zen raised shares of Piper Sandler Companies from a “hold” rating to a “buy” rating in a research note on Sunday, October 12th. Zacks Research cut shares of Piper Sandler Companies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Weiss Ratings restated a “hold (c)” rating on shares of Piper Sandler Companies in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group raised shares of Piper Sandler Companies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $368.00 to $386.00 in a research note on Monday, November 10th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $389.67.

Piper Sandler Companies Price Performance

Shares of PIPR traded up $353.64 during midday trading on Monday, hitting $353.64. The stock has a market cap of $6.26 billion, a PE ratio of 26.61 and a beta of 1.54.

Piper Sandler Companies (NYSE:PIPR) last posted its quarterly earnings data on Friday, October 31st. The company reported $3.82 earnings per share for the quarter, topping analysts’ consensus estimates of $2.96 by $0.86. The firm had revenue of $455.31 million during the quarter, compared to analysts’ expectations of $408.40 million. During the same period last year, the company earned $2.57 earnings per share. The business’s revenue for the quarter was up 33.3% compared to the same quarter last year.

Insider Buying and Selling

In related news, CFO Katherine Patricia Clune sold 1,367 shares of the business’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $324.69, for a total transaction of $443,851.23. Following the transaction, the chief financial officer directly owned 10,425 shares in the company, valued at $3,384,893.25. The trade was a 11.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Debbra L. Schoneman sold 2,500 shares of the stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $330.33, for a total value of $825,825.00. Following the completion of the sale, the president owned 2,896 shares of the company’s stock, valued at approximately $956,635.68. This trade represents a 46.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 11,267 shares of company stock worth $3,763,746 in the last 90 days. 2.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Piper Sandler Companies

Several institutional investors and hedge funds have recently made changes to their positions in PIPR. First Citizens Bank & Trust Co. boosted its position in Piper Sandler Companies by 195.3% in the second quarter. First Citizens Bank & Trust Co. now owns 2,658 shares of the company’s stock valued at $739,000 after buying an additional 1,758 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Piper Sandler Companies by 1,155.7% during the second quarter. American Century Companies Inc. now owns 200,149 shares of the company’s stock worth $55,630,000 after purchasing an additional 184,210 shares during the last quarter. Fluent Financial LLC purchased a new stake in shares of Piper Sandler Companies in the second quarter worth about $1,755,000. Calamos Advisors LLC grew its stake in shares of Piper Sandler Companies by 93.7% during the 3rd quarter. Calamos Advisors LLC now owns 6,147 shares of the company’s stock worth $2,133,000 after purchasing an additional 2,973 shares during the period. Finally, State of Alaska Department of Revenue raised its position in shares of Piper Sandler Companies by 9.7% in the second quarter. State of Alaska Department of Revenue now owns 9,789 shares of the company’s stock worth $2,720,000 after acquiring an additional 868 shares during the period. 72.79% of the stock is currently owned by institutional investors and hedge funds.

About Piper Sandler Companies

Piper Sandler Companies (NYSE: PIPR) is an investment bank and institutional securities firm that provides a range of capital markets and advisory services to corporations, institutions, municipalities and high-net-worth individuals. The firm’s core activities include investment banking and M&A advisory, underwriting and distribution of equity and debt securities, public finance, and sector-focused advisory across industries such as healthcare, energy, financial services and technology.

In addition to traditional investment banking, Piper Sandler offers equity and fixed income research, institutional sales and trading, and market-making services.