The bank posted adjusted earnings of 87 cents per share, a drop from the 96 cents reported a year prior. This performance fell short of the 93 cents per share consensus estimate among analysts surveyed by FactSet. Revenue figures followed a similar downward trajectory, sliding 8% to $443 million. This result missed the $464.3 million target anticipated by the street. Following the announcement, the stock was recently changing hands at $63.62.
Piper Sandler Shares Slip Following Third-Quarter Earnings Miss
Investors pushed Piper Sandler shares down 7.4% on Friday after the Minneapolis-based investment bank reported third-quarter results that failed to meet analyst expectations. The company saw both earnings and revenue contract compared to the same period last year, signaling a difficult quarter for the firm's bottom line.
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