Piper Sandler (PIPR)
Advises middle-market clients and executes equity, debt and municipal market transactions.
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Advises middle-market companies and financial sponsors on M&A, restructurings and capital raising, while serving public issuers through municipal finance and institutions through equity and fixed-income brokerage and research. Fees and trading revenue flow through one reportable segment whose activity is concentrated in the United States.
Advises corporations and financial sponsors on mergers and acquisitions, restructuring, private capital, and equity and debt financing, with a focus on middle-market sectors. Public finance teams underwrite municipal issues and advise government and nonprofit borrowers.
Pairs this investment-banking platform with institutional equity and fixed-income sales, trading and research. Alternative asset funds invest firm and outside capital in merchant banking and healthcare strategies. Most revenue and long-lived assets remain in the United States, alongside offices in Europe, Hong Kong and Abu Dhabi.
Operating as one reportable segment lets sector advisory, underwriting, research and trading teams share relationships across products. Revenue depends on advisory completions, underwriting activity, client trading and asset-management fees; broker-dealer and advisory entities are subject to capital, conduct, recordkeeping and anti-money-laundering rules.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Apr 14, 2026 | Goldman Sachs | Target | Target: $292 | Target: $97 |
| Jan 26, 2026 | Piper Sandler | Target | Target: $140 | Target: $385 |
| Jan 7, 2026 | Wolfe Research | Target | Target: — | Target: $398 |
| Nov 10, 2025 | Goldman Sachs | Upgrade | ||
| Jul 10, 2025 | Wolfe Research | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $304.2M · Total debt $175.0M · Total assets $2.33B · Shareholders' equity $1.37B
- Revenue
- $496.3M
- Operating income
- $101.2M
- Net income
- $67.8M
HistoryDividendAnnual yield
| Institutions | ≈ 86.62% | 61.22M shares | |
|---|---|---|---|
| 425 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 2.45% | 1.73M shares | |
| 17 holders · as of Sep 14, 2026 | |||
| Other | ≈ 10.93% | 7.72M shares | |
| remainder | |||
70.67M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
1 position filed across a stock split leaves its adjustment unstated and stays out of the bar.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.63% | 11.05M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 7.34% | 5.19M | as of Jun 30, 2026 |
Invesco Ltd.Institution | 4.45% | 3.14M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.30% | 3.04M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.13% | 2.92M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 5, 2026 | Jonathan J. Doyle | director, officer: Hd of Financial Services Group | −45,000 | $80.47 |
| May 4, 2026 | Jonathan J. Doyle | director, officer: Hd of Financial Services Group | −45,000 | $77.22 |
| Feb 11, 2026 | Debbra L. Schoneman | officer: President | −5,240 | $350.99 |
| Nov 28, 2025 | Chad R. Abraham | director, officer: CEO and Chairman | −3,000 | $336.21 |
| Nov 26, 2025 | Chad R. Abraham | director, officer: CEO and Chairman | −4,400 | $337.60 |
- Jefferies Financial Group
Broadest overlap in advisory, capital markets, equities, and fixed income
- Stifel Financial
Closest listed peer across middle-market banking and public finance
- Houlihan Lokey
Direct advisory rival in M&A, capital markets, and restructuring
- Raymond James Financial
Capital-markets peer in advisory, underwriting, research, and public finance
- Moelis & Company
Independent advisory competitor in M&A, restructuring, and private capital
- Evercore
Advisory and institutional-equities peer with larger-company skew
- Lazard
Global financial-advisory peer with private-capital overlap
- PJT Partners
Specialist advisory rival in restructuring, capital markets, and private capital
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Piper Sandler | $72.67 | −0.10% | $4.91B | 16.9 | 14.6 | 2.3 | +22.2% |
| Jefferies Financial Group | $47.46 | +0.14% | $9.64B | 13.2 | 11.8 | 0.8 | −11.5% |
| Stifel Financial | $72.89 | −0.40% | $11.09B | 8.6 | 10.4 | 1.7 | +13.2% |
| Houlihan Lokey | $130.68 | −0.23% | $9.15B | 22.0 | 17.2 | 3.6 | −15.6% |
| Raymond James Financial | $158.93 | −0.29% | $30.62B | 13.9 | 11.5 | 1.8 | +3.8% |
| Moelis & Company | $58.58 | −0.51% | $4.36B | 20.5 | 16.7 | 2.8 | +12.1% |
| Evercore | $262.05 | −0.44% | $10.18B | 14.9 | 13.7 | 2.1 | +19.2% |
| Lazard | $36.66 | +0.16% | $3.57B | 17.6 | 11.4 | 1.1 | −2.7% |
| PJT Partners | $151.55 | +0.88% | $3.84B | 25.2 | 18.0 | 2.0 | +19.5% |
| Median | 16.3 | 12.7 | 1.9 | +7.9% |