Piper Sandler Q3 revenue tops estimates on higher equity financings

Overview

• Piper Sandler Q3 2025 revenue of $479 mln beats analyst expectations

• Adjusted EPS for Q3 2025 shows significant growth compared to last year

• Company completed acquisition of G Squared Capital Partners, expanding tech banking group

Outlook

• Piper Sandler did not provide specific future guidance

Result Drivers

• EQUITY FINANCINGS - Record Q3 revenues driven by increased equity financings and strong performance across business segments

• ADVISORY SERVICES - Advisory services revenues grew 13% YoY, led by financial services industry group advising on major U.S. bank M&A transactions

• CORPORATE FINANCING - Robust corporate financing activity generated $80 mln in revenues, best quarter since 2021

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the investment banking & brokerage services peer group is "buy"

• Wall Street's median 12-month price target for Piper Sandler Companies is $348.50, about 6.1% above its October 30 closing price of $327.10

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 18 three months ago

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