On May 3, Zacks Investment Research upgraded
Piper Jaffray Companies
) to a Zacks Rank #1 (Strong Buy).
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PIPER JAFFRAY (PJC): Free Stock Analysis
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Why the Upgrade?
The uptick in the rank of this Minnesota-based investment
brokerage firm was driven by strong estimate revisions on the
back of impressive first-quarter 2014 results. Notably, with
this, the company has delivered positive earnings surprises in 3
of the trailing 4 quarters with an average beat of 41.2%.
On Apr 24, Piper Jaffray released its first-quarter 2014 results.
Adjusted net income from continuing operations came in at $1.24,
outpacing the Zacks Consensus Estimate by 36.3%. Results
benefited from top-line growth, partially offset by higher
Adjusted net income increased 68.7% to $20.0 million, while
adjusted net revenues stood at $161.5 million, up 51.3% year over
year. However, total non-interest expenses increased 48.2% year
Piper Jaffray operates in two segments - Capital Markets and
Asset Management. Notably, both the segment reflected
year-over-year growth in net revenues. Driven by net inflows and
market appreciation, assets under management nudged up 12.7% year
over year to $11.5 billion.
The Zacks Consensus Estimate for 2014 advanced 25.7% to $3.59 per
share over the past 30 days. Also, for 2015, it moved north 13.0%
to $3.64 per share.
Other Stocks to Consider
Other stocks in this space worth considering include
Interactive Brokers Group, Inc.
Investment Technology Group Inc.
). All three stocks hold the same rank as Piper Jaffray.