BUZZ - Piper Sandler shares drop as Q3 profits miss expectations

October 30 - ** The share price of investment bank Piper Sandler (PIPR.N) fell about 4% in pre-market trading to $65.99

** According to data compiled by London Stock Exchange Group (LSEG), (link) adjusted earnings per share for the third quarter were $0.87, below analysts’ expectations of $0.92

** Third-quarter revenue was $443 million, while analysts expected $463.3 million

** The company approved a new $200 million share buyback program

** Out of five brokerages, three gave the stock a “Buy” or higher rating, one gave a “Hold” rating, and one gave a “Sell” rating; the median target price is $80 — data compiled by LSEG

** As of the previous trading day’s close, the stock was down 17.73% year-to-date

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