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Wall Street appears to be booming under U.S. President Donald Trump, and that's benefitting %InvestmentBank and small-cap stock %PiperSandler (NYSE: $PIPR ).

Piper Sandler is a small investment bank that's focused on mergers and acquisitions (M&A), initial public offerings (IPOs), investment management, and securities research.

The company appears to be in the right place at the right time as deals return to Wall Street.

Currently, the stock market is at an all-time high, IPOs are flooding the market, and M&A activity is heating up, all thanks to a more relaxed regulatory environment under President Trump.

%BankofAmerica (NYSE: $BAC ) just forecast that investment banking fees will rise 10% to 15% in the current third quarter of the year as deals surge across Wall Street.

Piper Sandler's stock is responding to the flurry of activity, having risen 27% in the past 12 months, including an 11% gain so far this year. PIPR stock is up 394% over the last five years.

The investment bank's market capitalization of $5.90 billion U.S. makes it a small-cap stock, but it continues to deliver outsized gains to its shareholders.

A dividend of $0.70 U.S. per quarter is also attractive and another reason for investors to consider the stock, which is currently trading at $333.45 U.S. per share.

The valuation is a little stretched with PIPR stock trading at 28 times future earnings estimates. But it is inline with stocks of other Wall Street investment banks.

With M&A activity and IPOs expected to remain red hot on Wall Street for the near future, and with stock trading activity at a frenzied pace, Piper Sandler looks like an interesting bet.

However, investors should keep in mind that investment banks' performance tends to be cyclical and follow the fortunes of Wall Street.