Piper Sandler Companies
- Open
- 75.34
- Day high
- 75.64
- Day low
- 74.71
- Prev close
- 75.61
- Volume
- 791K
- Mkt cap
- $5.3B
- P/E (TTM)
- 16.5
- EPS (TTM)
- $4.55
- P/B
- 3.9
- P/S
- 2.5
- Yield
- 9.06%
- Per share
- $6.80
Piper Sandler Companies (PIPR) is a Financial Services company listed on NYSE. The stock is down 8% over the past year.
Piper Sandler Companies (PIPR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PIPR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.88 | $1.04 | +18.9% | $496M | +10.3% |
| May 1, 2026 | $0.85 | $1.00 | +17.6% | $474M | +8.6% |
| Feb 6, 2026 | $4.75 | $6.88 | +44.8% | $667M | +50.8% |
| Oct 31, 2025 | $3.17 | $3.82 | +20.4% | $462M | +9.5% |
| Aug 1, 2025 | $2.02 | $2.95 | +45.8% | $399M | -2.2% |
| May 2, 2025 | $2.45 | $4.09 | +67.1% | $357M | -9.8% |
| Jan 31, 2025 | $4.02 | $4.80 | +19.3% | $467M | +20.2% |
| Oct 25, 2024 | $2.67 | $2.57 | -3.7% | $361M | -1.3% |
| Aug 2, 2024 | $2.23 | $2.52 | +13.2% | $340M | -24.9% |
| Apr 26, 2024 | $2.19 | $2.79 | +27.7% | $344M | +10.0% |
| Feb 2, 2024 | $2.58 | $4.03 | +56.0% | $474M | +29.7% |
| Oct 27, 2023 | $1.69 | $1.76 | +4.1% | $278M | -5.9% |
PIPR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | SORAN PHILIPdirector | Grant | 345 | — |
| Jul 1, 2026 | Gallo Ann Cdirector | Grant | 345 | — |
| Jul 1, 2026 | Sterling Brian Rdirector | Grant | 345 | — |
| Jun 15, 2026 | Mitchell Robbindirector | Grant | 40 | — |
| Jun 15, 2026 | Gallo Ann Cdirector | Grant | 20 | — |
| Jun 15, 2026 | SORAN PHILIPdirector | Grant | 206 | — |
| Jun 15, 2026 | HOLT VICTORIA Mdirector | Grant | 76 | — |
| Jun 15, 2026 | Sterling Brian Rdirector | Grant | 31 | — |
| Jun 15, 2026 | TAYLOR SCOTT Cdirector | Grant | 87 | — |
| May 21, 2026 | Gallo Ann Cdirector | Grant | 1,875 | — |
| May 21, 2026 | Sterling Brian Rdirector | Grant | 1,875 | — |
| May 21, 2026 | SORAN PHILIPdirector | Grant | 1,875 | — |
| May 21, 2026 | ESSIG STUARTdirector | Grant | 1,875 | — |
| May 21, 2026 | TAYLOR SCOTT Cdirector | Grant | 1,875 | — |
| May 21, 2026 | SCHREIER THOMAS S JRdirector | Grant | 1,875 | — |
Source: PIPR SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full PIPR insider & 13F page →Piper Sandler Companies company profile
Overview
Piper Sandler Companies (NYSE:PIPR) is a Minneapolis-based investment banking and institutional securities firm founded in 1895. Originally known as Piper Jaffray Companies, the firm changed its name to Piper Sandler Companies in January 2020. With over 125 years of history, the company has evolved from a regional securities firm into a nationally recognized investment bank serving corporations, private equity groups, public entities, non-profit organizations, and institutional investors across the United States and internationally. The firm went public in 2004 and has built its reputation as a leading middle-market investment bank through strategic acquisitions and organic growth.
Business
Piper Sandler operates as a full-service investment bank and institutional securities firm in the financial services sector. The company provides comprehensive investment banking services, which form the core of its business model. Investment banking involves advising companies on major financial transactions such as mergers and acquisitions, raising capital through stock or bond offerings, and providing strategic financial advice. This is distinct from commercial banking, as investment banks do not take deposits or make traditional loans to consumers. The company operates through several key business segments: 1. Corporate Investment Banking (approximately 64% of total revenues): This segment provides advisory services for mergers and acquisitions, equity and debt financing, and restructuring services. The firm serves clients across various industries including technology, healthcare, financial services, energy, and consumer products. Advisory services represent the largest component, generating around $800+ million annually. 2. Public Finance (approximately 8% of revenues): This division focuses on municipal bond underwriting and financial advisory services for state and local governments, educational institutions, healthcare systems, and non-profit organizations. When governments need to raise money for infrastructure projects or other public purposes, they issue municipal bonds, and Piper Sandler helps structure and sell these bonds to investors. 3. Equity Brokerage (approximately 14% of revenues): This segment provides research, sales, and trading services for institutional investors such as pension funds, mutual funds, and hedge funds. The firm employs research analysts who publish reports on public companies, and sales traders who execute stock transactions for institutional clients. 4. Fixed Income Services (approximately 12% of revenues): This division trades and provides advisory services for bonds and other debt securities, including corporate bonds, municipal bonds, and structured products. Fixed income refers to investments that pay regular, predictable returns, primarily bonds. The firm also engages in alternative asset management, where it manages investment funds and invests its own capital alongside outside investors in various opportunities.
Revenue model
Piper Sandler generates revenue through multiple streams within the investment banking industry. The primary revenue model is fee-based services rather than product sales, with income generated through: Advisory Fees: The largest revenue source comes from advising clients on mergers, acquisitions, and strategic transactions. These fees are typically calculated as a percentage of the transaction value, often ranging from 0.5% to 2% depending on deal size and complexity. Larger deals generally command lower percentage fees but higher absolute dollar amounts. Underwriting Fees: When companies issue stocks or bonds, Piper Sandler earns fees for structuring, marketing, and selling these securities to investors. The firm acts as an intermediary, buying securities from issuers and reselling them to institutional investors, earning a spread on the transaction. Trading Commissions and Spreads: The equity and fixed income brokerage segments generate revenue through commissions on trades executed for institutional clients and through bid-ask spreads on securities trading. Municipal Finance Fees: Revenue from underwriting municipal bonds and providing financial advisory services to government entities. The paying customers are primarily corporations seeking strategic advice or capital raising services, private equity firms buying and selling companies, government entities issuing municipal bonds, and institutional investors requiring research and trading services. Several factors influence the company's profit margins. Market volatility can both help and hurt - while it may reduce client confidence in pursuing transactions, it can also increase trading volumes and demand for advisory services. Interest rate environments significantly impact both M&A activity and fixed income trading profitability. Economic cycles drive deal flow, with robust economies typically generating more M&A and financing activity. Competition from larger Wall Street banks and boutique advisory firms can pressure fee rates. Talent costs represent the largest expense, as the firm must attract and retain experienced managing directors and analysts in a competitive market where compensation often represents 60-65% of revenues.
Competitive moat
Piper Sandler's competitive moat is moderate but not particularly strong, typical of middle-market investment banking firms. The company's primary advantages stem from its specialized industry expertise and long-standing client relationships. With 185 managing directors focused on specific industry verticals like healthcare, technology, financial services, and energy, the firm has developed deep sector knowledge that allows it to provide specialized advice and maintain relationships with industry participants over multiple transaction cycles. The firm's middle-market focus provides some defensive positioning against larger Wall Street banks, which often prioritize larger, more lucrative deals. Piper Sandler has established itself as the number two ranked firm for U.S. M&A transactions under $1 billion, creating a strong reputation in this market segment. This positioning allows the firm to develop closer relationships with mid-sized companies and private equity firms that may be overlooked by bulge bracket banks. However, the moat faces significant challenges. The investment banking industry has low barriers to entry for experienced professionals who can start boutique firms or join competitors. Client relationships, while valuable, often follow individual bankers rather than staying with firms, making talent retention critical. The firm competes against both larger banks with greater resources and smaller boutiques that can offer more personalized service or lower fees. Technology disruption poses a growing threat, with fintech companies and automated platforms beginning to handle smaller transactions and certain advisory functions. Additionally, regulatory changes and market consolidation could alter the competitive landscape. The firm's moat is primarily dependent on maintaining its reputation, retaining key talent, and continuing to execute successful transactions for clients, making it more fragile than asset-heavy or technology-protected businesses.
Risks & safety
Piper Sandler demonstrates a strong financial position with minimal solvency risk, though the business model creates inherent volatility in cash flows and earnings. • Liquidity Position: Excellent with $483 million in cash and short-term investments as of Q4 2024, representing over 20% of total assets. Current ratio of 23.0 indicates very strong short-term liquidity. • Debt Levels: Conservative debt-to-equity ratio of 8.0%, indicating minimal financial leverage and low solvency risk. • Cash Flow Characteristics: Operating cash flows can be volatile due to the nature of investment banking, ranging from negative $207 million in Q1 2025 to positive $313 million for full year 2024. This volatility is typical for the industry due to timing of deal completions and working capital fluctuations. • Valuation Metrics: Trading at 15.6x P/E ratio based on recent earnings, which appears reasonable for a cyclical financial services firm. EV/EBITDA of 17.2x suggests moderate valuation levels. • Profitability Consistency: Return on equity of 14.8% for 2024 demonstrates solid profitability, though this varies significantly with market cycles. • Other Considerations: The firm's compensation structure (60-65% of revenues) provides some expense flexibility during downturns, and the diversified revenue streams across different service lines offer some stability.
Recent development
Over the past few years, Piper Sandler has pursued an aggressive growth-through-acquisition strategy while expanding its talent base and service capabilities. The firm completed several strategic acquisitions including DBO Partners in 2022, which doubled its technology banking platform, Cornerstone Macro for macro research capabilities, Stamford Partners to expand European food and beverage M&A capabilities, and most recently Aviditi Advisors in 2024, adding 45 professionals including 11 managing directors focused on private capital advisory services. The company has significantly expanded its managing director headcount from 159 in 2022 to 185 by early 2025, representing the most in the firm's history. This expansion has been particularly focused on high-growth sectors including technology, healthcare, financial services, and energy. The firm has set an ambitious target of reaching $2 billion in annual corporate investment banking revenues over the medium term, compared to current levels of approximately $980 million. Technology investments have become a key focus, with the firm developing electronic trading capabilities and expanding its research product internationally. The company has also enhanced its fixed income capabilities, investing in structured products, securitization, and municipal franchise expansion. The firm has maintained disciplined capital allocation, returning $140 million to shareholders in 2024 through dividends and share repurchases while keeping share count relatively flat since 2021. Recent quarters have shown strong performance in advisory services, with the firm maintaining its position as a top-three investment bank in middle-market deal activity and strengthening relationships with private equity clients, which have become an increasingly important revenue source.
PIPR company profile · for informational purposes only — not investment advice.
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