# Piper Sandler Companies (PIPR)

> Source: Nexqual · https://nexqual.com/PIPR · data as of 2026-10-23 19:20 UTC · cite as "Nexqual, Piper Sandler Companies (PIPR), nexqual.com/PIPR" · informational, not investment advice.

**Price:** USD 64.67 (-1.33% today) · US market open, as of October 23, 2026 at 19:20 UTC; quotes may be delayed. Prev close 65.54 · day 64.12–65.18 · 52w 61.35–95.07 · market cap $4.57B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.12B, net income $307M (14.5% margin) (SEC filings).
- Valuation: P/E 14.9x (avg 28.7x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold PIPR (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $7.1M; 1 not under a Rule 10b5-1 plan ($7.1M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.80 on a 1–5 scale) (5 analysts), mean target USD 79.38 (range 75–87.5).
- Total return with dividends: 1Y -21.8% vs S&P 500 +14.5%; 5Y +83.0% vs S&P 500 +77.1%.
- Next earnings: 2026-10-30, EPS estimate USD 0.93, revenue estimate $467M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.04B | $1.44B | $1.36B | $1.53B | $1.90B | $2.12B |
| Net income | $279M | $111M | $85.5M | $181M | $281M | $307M |
| EPS (diluted) | $4.11 | $1.63 | $1.24 | $2.56 | $3.96 | — |
| Net margin | 13.6% | 7.7% | 6.3% | 11.8% | 14.8% | 14.5% |
| Revenue growth | +63.0% | -29.7% | -5.4% | +12.8% | +24.3% | — |
| Cash + short-term investments | $971M | $366M | $383M | $483M | $809M | — |
| Total debt | $125M | $125M | $30.0M | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.9x · P/S 2.2x · P/B 3.3x · Earnings yield 6.72% · Dividend yield (paid, TTM) 3.09% · Buyback yield (TTM) 2.72%
P/E at fiscal year-ends: Dec 2025 21.5x, Dec 2024 29.3x, Dec 2023 35.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PIPR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.36% | $39.4M | Reduced -0.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-04…2026-05-05 | Doyle Jonathan J | Hd of Financial Services Group | 90,000 | $7.1M | 15.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.80 on a 1–5 scale), 5 analysts; mean target USD 79.38 (low 75, high 87.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-01 | Goldman Sachs | Target lowered | Buy | $93 → $80 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -21.8% | +83.0% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | -21.8% | +12.9% |
| Volatility (annualized) | 35.9% | 35.3% |
| Max drawdown | -31.2% (Jan 2026→Oct 2026) | -41.4% (Nov 2021→Sep 2022) |

## Peers (Capital Markets)
RIOT (Riot Platforms, Inc.) USD 12.65 -1.86% · VIRT (Virtu Financial, Inc.) USD 55.97 -0.50% · MC (Moelis & Company) USD 54.59 -0.86% · FIGR (Figure Technology Solutions, In) USD 23.07 -4.03% · BGC (BGC Group, Inc.) USD 11.79 -0.88% · WULF (TeraWulf Inc.) USD 11.42 +0.85%

## More
Full page: https://nexqual.com/PIPR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PIPR's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1230245/000123024526000013/pipr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Pershing | "To fund our business, we rely on financing provided by Pershing LLC ("Pershing") under our fully disclosed clearing agreement and Canadian Imperial Bank of Commerce ("CIBC") under a clearing arrangement with bank financi…" |
| Partner | Piper Sandler | "Our fully disclosed clearing agreement with Pershing includes a covenant requiring Piper Sandler & Co. to maintain excess net capital of $120 million." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.93 | $1.13 | -17.8% | $467.4M | 5 |
| Next quarter (ends 2026-12-31) | $1.63 | $1.67 | -2.5% | $656.4M | 5 |
| Current fiscal year (ends 2026-12-31) | $4.61 | $4.69 | -1.8% | $2.08B | 5 |
| Next fiscal year (ends 2027-12-31) | $5.41 | $5.61 | -3.6% | $2.34B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-30): ±10.3%; last 8 reports averaged ±4.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 46.1% | ±10.3% |
| 2026-12-18 | 56 | 46.1% | ±14.4% |
| 2027-03-19 | 147 | 41.6% | ±20.8% |
| 2027-06-17 | 237 | 40.5% | ±25.4% |