Piper Jaffray Companies (NYSE:PJC) Downgraded by Zacks Investment Research to Sell

Piper Jaffray Companies (NYSE:PJC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Piper Jaffray Companies is a focused securities firm dedicated to delivering superior financial advice, investment products and transaction execution within selected sectors of the financial services marketplace. They operate through two primary revenue-generating segments: Capital Markets and Private Client Services. Investment Research, an independent group reporting to the CEO, supports clients of both segments. The firm serves corporations, government and non-profit entities, and institutional investors on a national basis. “

Several other analysts also recently issued reports on the company. Northland Securities reissued a “buy” rating and issued a $89.00 price target on shares of Piper Jaffray Companies in a report on Friday, July 26th. Buckingham Research began coverage on Piper Jaffray Companies in a report on Friday, October 4th. They issued a “neutral” rating and a $80.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $85.33.

NYSE:PJC opened at $72.33 on Tuesday. The business’s 50 day moving average is $73.82 and its two-hundred day moving average is $74.75. Piper Jaffray Companies has a 52 week low of $61.35 and a 52 week high of $82.52. The company has a market cap of $1.02 billion, a PE ratio of 10.67 and a beta of 1.37.

Piper Jaffray Companies (NYSE:PJC) last released its earnings results on Friday, July 26th. The financial services provider reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.27. Piper Jaffray Companies had a return on equity of 12.54% and a net margin of 7.80%. The company had revenue of $172.42 million for the quarter, compared to the consensus estimate of $155.26 million. During the same quarter last year, the business posted $0.92 EPS. Analysts anticipate that Piper Jaffray Companies will post 6.23 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in PJC. Invesco Ltd. lifted its holdings in shares of Piper Jaffray Companies by 56.8% in the 2nd quarter. Invesco Ltd. now owns 500,774 shares of the financial services provider’s stock worth $37,191,000 after purchasing an additional 181,489 shares during the last quarter. APG Asset Management N.V. increased its position in Piper Jaffray Companies by 935.3% in the 2nd quarter. APG Asset Management N.V. now owns 70,400 shares of the financial services provider’s stock valued at $4,591,000 after acquiring an additional 63,600 shares during the period. Wells Fargo & Company MN increased its position in Piper Jaffray Companies by 68.3% in the 2nd quarter. Wells Fargo & Company MN now owns 131,161 shares of the financial services provider’s stock valued at $9,742,000 after acquiring an additional 53,225 shares during the period. Morgan Stanley increased its position in Piper Jaffray Companies by 69.5% in the 2nd quarter. Morgan Stanley now owns 68,570 shares of the financial services provider’s stock valued at $5,092,000 after acquiring an additional 28,115 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its position in Piper Jaffray Companies by 83.0% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 61,439 shares of the financial services provider’s stock valued at $4,563,000 after acquiring an additional 27,860 shares during the period. 78.14% of the stock is currently owned by institutional investors and hedge funds.

About Piper Jaffray Companies

Piper Jaffray Companies operates as an investment bank and asset management firm that serves corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States and internationally. The company's Capital Markets segment offers investment banking and institutional sales, trading, and research services for various equity and fixed income products.

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