Piper Jaffray Companies (NYSE:PJC) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Piper Jaffray Companies (NYSE:PJC) from a hold rating to a buy rating in a research note released on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $88.00 price target on the financial services provider’s stock.

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. “

A number of other research firms also recently issued reports on PJC. Buckingham Research began coverage on shares of Piper Jaffray Companies in a research report on Friday, October 4th. They issued a neutral rating and a $80.00 price target on the stock. Northland Securities reiterated a buy rating on shares of Piper Jaffray Companies in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $85.67.

Shares of Piper Jaffray Companies stock traded down $0.31 during trading hours on Thursday, reaching $79.09. The company’s stock had a trading volume of 64,479 shares, compared to its average volume of 84,112. The company’s 50 day simple moving average is $75.25 and its 200 day simple moving average is $74.90. Piper Jaffray Companies has a one year low of $61.35 and a one year high of $82.52. The stock has a market cap of $1.13 billion, a P/E ratio of 12.90 and a beta of 1.36.

Piper Jaffray Companies (NYSE:PJC) last posted its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $1.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.55 by $0.09. Piper Jaffray Companies had a net margin of 10.99% and a return on equity of 12.26%. The company had revenue of $200.74 million for the quarter, compared to the consensus estimate of $205.66 million. Analysts expect that Piper Jaffray Companies will post 6.28 EPS for the current year.

The company also recently disclosed a dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 22nd will be given a $0.375 dividend. The ex-dividend date of this dividend is Thursday, November 21st. Piper Jaffray Companies’s dividend payout ratio is presently 24.47%.

Large investors have recently modified their holdings of the stock. Simplex Trading LLC bought a new stake in Piper Jaffray Companies in the 3rd quarter valued at about $89,000. Quantamental Technologies LLC lifted its position in Piper Jaffray Companies by 87.5% in the 2nd quarter. Quantamental Technologies LLC now owns 1,500 shares of the financial services provider’s stock valued at $111,000 after purchasing an additional 700 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in Piper Jaffray Companies in the 3rd quarter valued at about $115,000. SG Americas Securities LLC bought a new stake in Piper Jaffray Companies in the 3rd quarter valued at about $170,000. Finally, Convergence Investment Partners LLC lifted its position in Piper Jaffray Companies by 17.8% in the 2nd quarter. Convergence Investment Partners LLC now owns 2,440 shares of the financial services provider’s stock valued at $181,000 after purchasing an additional 369 shares during the last quarter. Hedge funds and other institutional investors own 76.05% of the company’s stock.

Piper Jaffray Companies Company Profile

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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