Piper Jaffray Companies (NYSE:PJC) reported on Wednesday that Q1 net income over tripled, helped by lower costs.
The Minneapolis-based company declared a profit of $9M, or 57 cents a share, in contrast with $2.5M, or 15 cents a share, in the similar quarter previous year.
The firm reported that excluding losses associated to its shuttered Hong Kong capital markets business and an asset management division that it plans to sell, Piper declared a profit from continuing operations of 60 cents a share, increased from 33 cents a share a year before.
Revenue dropped 3% to $109.5M, hurt by a 16% decrease in investment banking revenue.
Moving readers toward the broader market, let’s consider percentage change in stocks prices of other stocks in the similar sector who contribute major role in the market that includes Knight Capital Group Inc. (NYSE:KCG) lost -1.88%, Rydex S&P MidCap 400 Pure Growth ETF (NYSE:RFG) edged down -2.01%, Greenhill & Co., Inc. (NYSE:GHL) which also decreased -1.64% and SWS Group, Inc. (NYSE:SWS) closed down -6.20%.
Piper Jaffray Companies (NYSE:PJC) stock’s trade at beginning with a price of $32.00 and throughout the trading session climbed at a high of $32.61 other than when day-trade ended the stock finally decreased -0.92% to $32.32.
The stock is going forward its 52 week low with 67.03% and lagging behind from its 52 week high price with -24.06%. PJC last month stock price volatility remained 2.70%.
PJC stock institutional ownership remained 71.37% while insider ownership included 3.78%. In its share capital PJC has 17.68 million outstanding shares among them 17.26 million shares have been floated in market exchange.
Company’s beta coefficient included 1.34. Beta factors measures the amount of market risk associated with market trade.
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