Piper Jaffray Co (PJC) is a small cap (~$550M market cap) investment bank and asset management company that is one of the few financial sector stocks carrying an attractive valuation at this time. Earlier this year, the company's stock was a major winner having doubled over the course of the last year, (see chart below), but since that time the stock has fallen back dramatically mainly on concerns about adverse effects of rising rates on the firm. This one-off issue clouds an otherwise promising recovery for a financial firm that has rapidly growing revenues and is trading slightly below tangible book value, and considerably below book value (tangible and intangible assets).
Given this valuation gap between PJC...
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