PIPR

As the Q2 earnings season wraps, let’s dig into this quarter’s best and worst performers in the investment banking & brokerage industry, including Piper Sandler (NYSE:PIPR) and its peers. Investment banks and brokerages facilitate capital raises, mergers and acquisitions, and securities trading. The sector benefits from corporate activity during economic expansion, increased retail trading participation, and advisory opportunities in emerging sectors. Headwinds include economic cycle vulnerability affecting deal flow, compressed trading commissions due to electronic platforms, and regulatory capital requirements constraining certain higher-risk activities. The 15 investment banking & brokerage stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 4.5% while next quarter’s revenue guidance was 1.1% below. In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results. Tracing its roots back to 1895 and rebranded from Piper Jaffray in 2020, Piper Sandler (NYSE:PIPR) is an investment bank that provides advisory services, capital raising, institutional brokerage, and research for corporations, governments, and institutional investors. Piper Sandler reported revenues of $491.1 million, up 21.2% year on year. This print exceeded analysts’ expectations by 10%. Overall, it was a stunning quarter for the company with a beat of analysts’ EPS estimates. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 1.1% since reporting and currently trades at $73.00. Is now the time to buy Piper Sandler? Access our full analysis of the earnings results here, it’s free. Founded in 2006 by veteran investment bankers Joseph Perella and Peter Weinberg during a wave of boutique advisory firm launches, Perella Weinberg Partners (NASDAQ:PWP) is a global independent advisory firm that provides strategic and financial advice to corporations, financial sponsors, and government institutions. Perella Weinberg reported revenues of $156.5 million, flat year on year, outperforming analysts’ expectations by 8.1%. The business had an incredible quarter with a beat of analysts’ EPS estimates. The market seems happy with the results as the stock is up 13.7% since reporting. It currently trades at $16.95. Is now the time to buy Perella Weinberg? Access our full analysis of the earnings results here, it’s free. Founded in 1972 and known for its expertise in complex financial situations, Houlihan Lokey (NYSE:HLI) is a global investment bank specializing in mergers and acquisitions, capital markets, financial restructurings, and valuation advisory services. Houlihan Lokey reported revenues of $511 million, down 15.6% year on year, falling short of analysts’ expectations by 16.3%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates. Houlihan Lokey delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 6.1% since the results and currently trades at $130.64. Read our full analysis of Houlihan Lokey’s results here. As the nation's largest independent broker-dealer with no proprietary products of its own, LPL Financial (NASDAQ:LPLA) provides technology, compliance, and business support services to independent financial advisors and institutions who manage investments for retail clients. LPL Financial reported revenues of $5.19 billion, up 35.2% year on year. This print surpassed analysts’ expectations by 2.8%. It was a very strong quarter as it also recorded an impressive beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates. The stock is up 6.5% since reporting and currently trades at $361.22. Read our full, actionable report on LPL Financial here, it’s free. Tracing its roots back to 1890 when the firm was established in St. Louis, Stifel Financial (NYSE:SF) is a financial services firm that provides wealth management, investment banking, and institutional brokerage services to individuals, corporations, and institutions. Stifel reported revenues of $1.45 billion, up 13.2% year on year. This result beat analysts’ expectations by 2%. Overall, it was a strong quarter as it also put up a beat of analysts’ EPS estimates. The stock is up 4.1% since reporting and currently trades at $80.81. Read our full, actionable report on Stifel here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. 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Interested in Comfort Systems USA, Inc.? Here are five stocks we like better. Comfort Systems USA, Piper Sandler, and FTAI Aviation each delivered strong Q2 2026 earnings despite operating outside the tech sector. Comfort Systems posted more than 50% revenue growth and a record $14.1 billion backlog, benefiting from AI infrastructure spending. Piper Sandler and FTAI Aviation both beat expectations, with analysts projecting substantial upside of 27% and 60%, respectively, for their shares. Q2 2026 was an impressive quarter for many companies, with wave after wave of earnings wins across the S&P 500 in recent weeks. Headlines have focused on AI stock wins, but these companies do not have a monopoly on noteworthy earnings. A number of firms outside the tech sector delivered the kinds of results investors seek out, including accelerating revenue growth, margin expansion, and guidance increases. Those looking to diversify outside of tech with companies that performed well last quarter might start with Comfort Systems USA Inc. (NYSE: FIX), Piper Sandler Companies (NYSE: PIPR), and FTAI Aviation Ltd. (NASDAQ: FTAI). These three firms operate in very different industries, making them dependent upon different market factors for success, and yet they have all demonstrated strong execution in recent months. → What Rising Delivery Forecasts Say About Rivian's Stock Prospects Industrial powerhouse Comfort Systems provides HVAC services to customers across commercial, industrial, and institutional settings. The company is not a tech firm, but it is a direct beneficiary of the recent spending on AI infrastructure. This means major wins for earnings season: Comfort Systems reported more than 50% year-over-year (YOY) revenue growth, comfortably beating analyst predictions. Earnings per share came close to doubling over the same period, topping expectations by an even wider margin. → NVIDIA Reveals $21 Billion SpaceX Stake: Signal of Confidence or Circular Financing? This all led to Comfort Systems' first-ever quarter with sales above $3 billion, helping to drive gross margin expansion to 25.9% and an 80% YOY increase in EBITDA. Best of all, there are signs that this momentum is likely to continue: Backlog of $14.1 billion was up 73% YOY, a record high for the company. Further, after generating almost $1 billion in free cash flow for the quarter, investors may look ahead to a dividend increase or strategic acquisitions. Even if data center demand slows, this cushion is a huge boon for Comfort Systems and could allow the company to comfortably pivot to other infrastructure projects as needed. → Walmart and Home Depot Earnings Show the K (Shaped Economy) Is Here to Stay Though overshadowed by the AI space, investment banking as an industry has experienced steady recovery this year, and Piper Sandler is among the firms making the most of this rebound. Last quarter alone, the investment bank and institutional securities company saw revenue surge by about 25% YOY and a 17-cent beat on earnings per share (EPS). Operating margin also improved for the quarter, reaching 21.8%. While there were strengths across Piper Sandler's business, health care and investment banking were standout segments. Strong advisory activity, coupled with a recovery in equity financing amid a return to capital markets, boosted the firm's business for the quarter. Perhaps most importantly for investors, Piper Sandler is a financial firm with multiple catalysts, meaning that it may not be as closely tied to interest rates as other companies in the sector. This may be why analysts see more than 27% in potential upside for shares of PIPR. FTAI Aviation occupies a unique niche in the aerospace as a commercial aircraft leasing firm. At a time when aircraft makers are working to boost production, FTAI benefits when there are shortages that prompt airlines to lease engines and seek maintenance or aftermarket services for their fleets. FTAI reported nearly 41% YOY revenue growth in the latest quarter, led by particular strength in the firm's aerospace products segment. Adjusted EBITDA also climbed, rising 51% YOY to nearly $250 million. The company's production capacity is growing, as its module production climbed by 61% since last year at this time, while management boosted its full-year production target. With a broadening market reach thanks to new partnerships providing inroads to the Middle East, Asia, and Europe, FTAI is growing its core business. Importantly, the firm can also benefit from sustained momentum in the AI space. Its joint venture, J&F Power Systems, which supplies aeroderivative gas turbines used for industrial power infrastructure, recently signed a multi-year agreement with a leading U.S. hyperscaler that will include about $1.5 billion in deliveries as part of its initial order. Analysts see lots of room for growth going forward as well. Earnings are projected to surge by almost 45% in the coming year, alongside 60% in anticipated upside for FTAI shares. This may be a reason why Wall Street is strongly supportive of FTAI, as nine analysts have rated the stock a Buy, while only two have called it a Hold. The article "Beyond Big Tech: 3 Non-Tech Earnings Winners to Watch" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. The fair value estimate for Bridgewater Bancshares has shifted from US$22.13 to US$24.00, pointing to an updated long term price target in the mid US$20s. This aligns with recent analyst research that has refreshed earnings expectations for 2026 and 2027 and reset price targets in the US$24 to US$25 range as they weigh upside potential against execution risk. As you read on, you will see how these changing targets and views contribute to the evolving narrative around Bridgewater Bancshares and what that might mean for your own watchlist. Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value Bridgewater Bancshares. Recent commentary on Bridgewater Bancshares from Stephens and Piper Sandler centers on upside potential following what both firms describe as recent share underperformance relative to bank peers. Stephens upgraded Bridgewater Bancshares to Overweight from Equal Weight and lifted its price target to US$25 from US$21.50. The firm also adjusted its operating EPS estimates to US$1.85 for 2026 and US$2.10 for 2027, which it views as better reflecting earnings power over the next two years. Piper Sandler raised its Bridgewater Bancshares target to US$24 from US$23 and maintained an Overweight rating. The firm highlights the roughly 4.8% underperformance versus the Nasdaq Bank Index as an entry point for investors who are comfortable with the current risk profile. Both Stephens and Piper Sandler acknowledge that execution risk remains an important factor, particularly around delivering on the higher 2026 and 2027 EPS estimates that underpin their revised price targets. Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives! We've flagged 1 risk for Bridgewater Bancshares. See which could impact your investment. Fair value moved from US$22.13 to US$24.00, indicating a moderate increase in the long term valuation estimate for Bridgewater Bancshares. Revenue growth in the model shifted from 10.67% to 10.61%. Net profit margin moved from 36.04% to 33.42%. Future P/E changed from 10.77x to 12.10x. The discount rate moved from 7.50% to 7.47%. Narratives connect Bridgewater Bancshares' business story to a set of earnings forecasts, risks, and a fair value estimate. They update over time as new analyst research, company actions, and market data come through. Head over to the Simply Wall St Community and follow the Narrative on Bridgewater Bancshares to stay up to date on: How expansion in the Minneapolis St. Paul metro area, along with consolidation among regional banks, is feeding into expectations for deposit growth, loan pipelines, and new client acquisition. What ongoing investment in digital banking and online platforms could mean for efficiency, customer reach, and the balance between interest and noninterest income. Key risks such as heavy exposure to commercial real estate and multifamily lending, a concentrated Minnesota footprint, rising competition, and higher regulatory and compliance costs. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BWB. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Piper Sandler Companies recently reported past second-quarter 2026 results, with revenue rising to US$496.25 million and net income to US$67.85 million, alongside higher basic and diluted earnings per share from continuing operations versus a year earlier. Alongside this earnings improvement, the firm continued returning cash to shareholders through a US$0.20 per share quarterly dividend and completion of a US$92.08 million share repurchase tranche covering 1.35% of its shares. We’ll now examine how this stronger quarterly profitability, combined with active buybacks, may influence Piper Sandler’s existing investment narrative. AI is about to change healthcare. These 42 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. To own Piper Sandler, you need to be comfortable with an investment bank whose fortunes are tied to capital markets activity and advisory fee pools. The latest quarter’s stronger earnings, together with ongoing buybacks, supports the near term catalyst of higher profitability, but does not materially change the key risk that weaker equity or debt markets could slow deal flow and pressure results. The completion of the US$92.08 million repurchase of 1.35% of shares stands out in the context of rising earnings, because it slightly lifts per share metrics at a time when investors are watching how quickly advisory, underwriting and fixed income activity can translate into sustained profitability. Yet investors should also be aware that if equity markets retreat and IPO or underwriting activity softens, Piper Sandler’s improved quarter may not fully offset... Read the full narrative on Piper Sandler Companies (it's free!) Piper Sandler Companies' narrative projects $2.6 billion revenue and $449.4 million earnings by 2029. This requires 8.5% yearly revenue growth and about a $167.7 million earnings increase from $281.7 million today. Uncover how Piper Sandler Companies' forecasts yield a $88.12 fair value, a 16% upside to its current price. Three fair value estimates from the Simply Wall St Community range from about US$34 to US$88 per share, underscoring how far apart individual views can be. Against that backdrop, the reliance on buoyant equity and financing markets for underwriting and IPO activity becomes a key issue for you to weigh when comparing these different opinions on Piper Sandler’s prospects. Explore 3 other fair value estimates on Piper Sandler Companies - why the stock might be worth as much as 16% more than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Piper Sandler Companies research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision. Our free Piper Sandler Companies research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Piper Sandler Companies' overall financial health at a glance. Our top stock finds are flying under the radar-for now. Get in early: This technology could replace computers: discover 26 stocks that are working to make quantum computing a reality. Capitalize on the AI infrastructure supercycle with our selection of the 56 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. Uncover the next big thing with 19 elite penny stocks that balance risk and reward. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PIPR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Piper Sandler Companies? Here are five stocks we like better. Strong second-quarter performance: Adjusted net revenue rose 21% year over year to $491 million, while adjusted net income reached $74 million, or $1.40 per diluted share. First-half revenue increased 22% to $961 million. Advisory led growth: Corporate investment banking revenue climbed 31% to $312 million, supported by record advisory revenue of $274 million and improved middle-market activity, particularly in financial services and healthcare. Shareholder returns and outlook: Piper Sandler returned $215 million to shareholders in the first half through dividends and repurchases, and approved a quarterly dividend of $0.20 per share. Management expects third-quarter revenue to be roughly in line with the prior-year quarter, with a healthy pipeline but weaker municipal and fixed-income activity. Record Revenue, Rising Dividends—So Why Aren't Analysts Saying Buy? Piper Sandler Companies (NYSE:PIPR) reported second-quarter adjusted net revenue of $491 million, up 21% from a year earlier, as strong advisory activity, municipal financing and equity brokerage results supported its 11th consecutive quarter of year-over-year revenue growth. The firm posted adjusted operating income of $107 million and an adjusted operating margin of 21.8% for the quarter. Adjusted net income was $74 million, or $1.40 per diluted share, according to CFO Kate Clune. Chairman and CEO Chad Abraham said the company’s adjusted EPS was $1.04. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now CVS Stock is Nearing a 52-Week Low, Better Buy Than Walgreens? For the first half of 2026, Piper Sandler generated $961 million in adjusted net revenue, up 22% from the prior-year period. Operating income rose 42% to $201 million, producing a 20.9% operating margin. Net income totaled $146 million, or $2.04 per diluted share. Corporate investment banking revenue reached $312 million in the second quarter, a 31% increase from a year earlier. First-half corporate investment banking revenue totaled a record $636 million, up 30% year over year. → Microsoft Just Flipped the AI Spending Narrative Overnight Kinder Morgan Stock Bid Up In An Oil Breakout Advisory revenue rose 34% to a quarterly record of $274 million. Piper Sandler completed 83 advisory transactions, representing a 17% increase in volume, while also earning more larger fees, Abraham said. First-half advisory revenue increased 25% to $525 million. Financial services and healthcare remained the company’s two largest advisory franchises. Piper Sandler said it ranked first in U.S. bank M&A during the first half by both announced transaction count and deal value. Abraham noted that while large-scale bank M&A remained limited, middle-market transaction volume improved. → Carrier Earnings Could Send the Stock to a New All-Time High The healthcare business also contributed strongly, led by the company’s medical technology team. Abraham said market conditions for healthcare M&A had become more constructive and that Piper Sandler remained the top med-tech M&A adviser by deal count. The company said advisory revenue from private-equity clients grew 10% year over year despite what Abraham described as a challenging sponsor environment. Piper Sandler has transitioned two senior leaders from its Services and Industrials group to work alongside its head of financial sponsors on private-equity advisory efforts. During the question-and-answer session, Abraham said middle-market conditions varied by sector. Financial services and healthcare have performed well, while parts of consumer and industrial markets remained more difficult. He said pitch calendars and new mandates appeared constructive for the second half, though transaction closing rates will remain important. Corporate financing revenue increased 10% from a year earlier to $38 million in the second quarter. Piper Sandler completed 28 financings and raised $13 billion for corporate clients, primarily in healthcare. First-half corporate financing revenue rose 65% to $111 million, aided by a 33% increase in book-run transactions and higher average fees. Municipal financing revenue reached $50 million, up 18% from a year earlier and double the first-quarter level. The company underwrote 141 negotiated municipal transactions, raising $5 billion in par value. President Deb Schoneman said specialty operations, particularly special district and hospitality groups, completed several large transactions during the quarter. First-half municipal financing revenue increased 7%, outpacing 4% growth in municipal negotiated-market par value, according to the company. Schoneman said Piper Sandler expects third-quarter municipal financing revenue to decline from the “robust” second-quarter level, consistent with its outlook last year. Equity brokerage revenue rose 8% to a record $63 million in the second quarter. The company cited its trading execution capabilities and benchmark rebalancing events in June, which generated its three largest days by notional volume in firm history. First-half equity brokerage revenue increased 10% to $123 million, while trading volume rose 14% to 6.6 billion shares. Fixed-income revenue was $49 million, declining both sequentially and from a year earlier amid geopolitical developments, interest-rate uncertainty and a flattening yield curve that dampened client activity. Bank restructuring activity partly offset lower trading volumes, but declined from high levels in the comparable 2025 quarter. Schoneman said Piper Sandler expects third-quarter fixed-income revenue to be similar to the second-quarter result. Piper Sandler’s compensation ratio was 61.5% in both the second quarter and first half, improving from the prior year. Non-compensation expense was $82 million in the quarter, or 16.7% of net revenue. First-half non-compensation costs rose 8% to $168 million, primarily because of a litigation-related expense recorded in the first quarter, though they represented 17.5% of revenue, a 230-basis-point improvement from a year earlier. Abraham said the firm’s diversified industry exposure and variable compensation model have helped it manage costs. Schoneman said the company is investing in artificial intelligence tools but is pursuing a measured rollout and monitoring utilization as the technology develops. The company ended the quarter with 193 investment-banking managing directors, up 6% from a year ago. It added 12 managing directors through hiring and promotions since the beginning of 2026, while continuing to focus on selectively adding producers and managing departures and retirements. Piper Sandler repurchased approximately 391,000 shares for $31 million during the quarter and paid $14 million in quarterly cash dividends. During the first half, it returned $215 million to shareholders, including $115 million of dividends and $101 million of share repurchases. The board approved a quarterly cash dividend of $0.20 per share, payable Sept. 11 to shareholders of record as of Aug. 28. Looking ahead, Clune said the company expects third-quarter net revenue to be in line with the third quarter of 2025, while entering the remainder of the year with what management described as a healthy pipeline and active client engagement. Piper Sandler Companies (NYSE: PIPR) is an investment bank and institutional securities firm that provides a range of capital markets and advisory services to corporations, institutions, municipalities and high-net-worth individuals. The firm’s core activities include investment banking and M&A advisory, underwriting and distribution of equity and debt securities, public finance, and sector-focused advisory across industries such as healthcare, energy, financial services and technology. In addition to traditional investment banking, Piper Sandler offers equity and fixed income research, institutional sales and trading, and market-making services. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Piper Sandler Companies Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Piper Sandler Cos (NYSE:PIPR) reported its 11th consecutive quarter of year-over-year revenue growth, demonstrating the durability of its business model. Corporate investment banking revenues hit a record first-half performance of $636 million, up 30% year-over-year, driven by robust advisory activity. Advisory services achieved record second-quarter revenues of $274 million, up 34% year-over-year, with strong contributions from financial services and healthcare. The company maintained a strong operating margin of 21.8% in Q2, with operating income growth outpacing revenue growth, highlighting scalability. Piper Sandler Cos (NYSE:PIPR) returned $215 million to shareholders in the first half of 2026 through dividends and share repurchases, reflecting disciplined capital management. Fixed income revenues declined sequentially and year-over-year due to challenging market conditions, including geopolitical events and interest rate uncertainty. Corporate financing revenues fell sharply from the very strong first quarter, highlighting volatility in the business. The company expects third-quarter net revenues to be in line with the prior year, suggesting a potential slowdown in growth momentum. Large-scale M&A activity in the financial services sector remained lacking, with only middle-market volume showing improvement. Non-compensation expenses are expected to face upward pressure from double occupancy costs in New York and ongoing technology investments. Here are the key highlights from the Piper Sandler Companies (NYSE:PIPR) Q2 2026 earnings call, presented as Q&A pairs. Warning! GuruFocus has detected 3 Warning Signs with STU:WIS. Is PIPR fairly valued? Test your thesis with our free DCF calculator. Q: The middle market M&A environment appears to be developing gradually. Are you seeing a more meaningful shift from dialogue to execution, and does the current level of activity give you confidence that middle market M&A can build from here? A: (Chad Abraham, Chairman and CEO) Results vary by sector. Our two biggest sectors, financial services and healthcare, have been pretty good in the middle market, which is driving our results. Our sponsor business was up slightly, suggesting we are gaining share. However, other parts of the middle market, like consumer and some industrials, remain tougher. The pitch calendars and new mandates look good for the back half, but close rates across the industry have been a bit lower than in the past, so execution will be key. Q: Your cost discipline is notably better than many peers. What has allowed you to offset upward structural cost drivers like AI spend and data so effectively? A: (Chad Abraham, Chairman and CEO) On the compensation side, our diversified business mix (depositories, energy, healthcare) helps smooth out cycles. We also run a very variable, pay-for-performance comp model with few fixed contracts, which allows us to manage the comp ratio tightly. (Kate Klune, CFO) On the non-comp side, we had a natural offset from the double expense of the Minneapolis move not bleeding into 2026. We are seeing some upward pressure from data contracts and a new double-rent situation in New York, but we manage this through good hygiene, control, and transparency on how we deploy resources like AI. Q: Advisory revenues were strong, but you completed fewer transactions. How much of the average fee expansion was structural versus deal mix driven, and is the higher fee level sustainable? A: (Chad Abraham, Chairman and CEO) The mix of larger fees is quite good and the pipeline for larger fees is also strong. This year is going to be more of a fee-size story than a volume story. We don't expect the same total deal volume uptick we saw last year, but the outcome will depend on how many of those larger fee transactions close in Q4. Q: Given the strong momentum in the first half, is it fair to underwrite a similar ramp in advisory revenues for the back half of 2026? A: (Chad Abraham, Chairman and CEO) No, we do not think the growth rate in the back half will be the same as the front half because the comps get much tougher. Our back half last year was very strong. Our growth for the full year will depend on a list of larger fee transactions closing in Q4, but we still feel really good about our growth for the year. Q: Several money center banks have announced a renewed focus on middle market banking. How does this change your view of the competitive environment? A: (Chad Abraham, Chairman and CEO) I've been doing this for 35 years and have seen this cycle six or seven times. I don't take it lightly, but I'm not too worried. In the middle market, especially with sponsors, getting hired is about deal flow, not just showing up. It takes years to build that deal flow. It's not easy to just come in and out of that world. On select transactions, competition may increase, but in general, it's not a trend I'm worried about. Q: Your ECM business has been volatile this year. Could you help us think through the outlook for the business? A: (Chad Abraham, Chairman and CEO) Q1 was a huge outperformance, while Q2 was an underperformance. For the first half in total, it's pretty good. It's hard to benchmark quarterly because a single high or low biotech fee can impact the numbers. The lion's share of our ECM business is healthcare/biotech, and that backlog is good and stocks are trading well. If we have a second half like the first half, it would be a good ECM year. Other spaces like industrial tech are pockets of strength, but our focus is on the healthy healthcare sector. Q: The municipal financing business saw a nice uptick sequentially. How much of that was timing or pull-forward versus genuine demand recovery? A: (Deb Shoneman, President) It was a combination of both demand recovery and several large transactions coming together in the same quarter. Normally, we see a steady increase quarter-over-quarter, but last year was driven by tax law change fears. This quarter, it was really a number of larger transactions coming together, which will make this year's trends look more like last year's than the historical pattern. Q: If short-term rates were to move higher from here, how much would that change activity levels in your fixed income and municipal underwriting businesses? A: (Deb Shoneman, President) For the depository segment (about half of our fixed income business), the fed funds to 5-year spread finally got positive, which is good for banks. If that turns around again, it would put pressure on that client segment. For the municipal business, the impact is less about short-term rates and more about what happens to longer-term rates (10-year to 30-year), which would affect overall sentiment and demand. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Piper Sandler Companies (PIPR) came out with quarterly earnings of $1.04 per share, beating the Zacks Consensus Estimate of $0.85 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +22.35%. A quarter ago, it was expected that this company would post earnings of $0.85 per share when it actually produced earnings of $1, delivering a surprise of +17.65%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. PIPER SANDLR CP, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $491.14 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 14.08%. This compares to year-ago revenues of $405.39 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. PIPER SANDLR CP shares have lost about 13.1% since the beginning of the year versus the S&P 500's gain of 6.9%. While PIPER SANDLR CP has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for PIPER SANDLR CP was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.15 on $515.93 million in revenues for the coming quarter and $4.56 on $2.01 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Webull Corporation (BULL), another stock in the same industry, has yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of +102.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Webull Corporation's revenues are expected to be $175 million, up 33.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Piper Sandler Companies (PIPR) : Free Stock Analysis Report Webull Corporation (BULL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The market expects Upstart Holdings, Inc. (UPST) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 4. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This company is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of +61.1%. Revenues are expected to be $354.89 million, up 37.9% from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Upstart, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -13.79%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that Upstart will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Upstart would post earnings of $0.39 per share when it actually produced earnings of $0.30, delivering a surprise of -23.08%. Over the last four quarters, the company has beaten consensus EPS estimates two times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Upstart doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Piper Sandler Companies (PIPR), another stock in the Zacks Financial - Miscellaneous Services industry, is expected to report earnings per share of $0.85 for the quarter ended June 2026. This estimate points to a year-over-year change of +14.9%. Revenues for the quarter are expected to be $430.53 million, up 6.2% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for PIPER SANDLR CP has remained unchanged. Nevertheless, the company now has an Earnings ESP of +4.14%, reflecting a higher Most Accurate Estimate. When combined with a Zacks Rank of #4 (Sell), this Earnings ESP makes it difficult to conclusively predict that PIPER SANDLR CP will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Upstart Holdings, Inc. (UPST) : Free Stock Analysis Report Piper Sandler Companies (PIPR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research