MINNEAPOLIS--(BUSINESS WIRE)--Piper Jaffray Companies (NYSE: PJC), a leading investment bank and asset management firm, today announced that its board of directors has authorized the initiation of a dividend program under which Piper Jaffray intends to pay a regular quarterly cash dividend to shareholders of its common stock. In connection with the dividend program, the board declared a cash dividend on the company’s common stock of $0.3125 per share for the first quarter of 2017, payable March 13, 2017, to shareholders of record at the close of business on February 20, 2017. This marks the first time in its history that Piper Jaffray has paid a dividend to its shareholders.
“We’ve consistently strived to return capital to our shareholders through our share repurchase program. The growth and diversification of our business enabled us to add a quarterly dividend as another way to return capital to shareholders, while still ensuring that we have sufficient capital to continue to invest in and grow our business,” said Andrew Duff, chairman and chief executive officer of Piper Jaffray.
As of December 31, 2016, Piper Jaffray had 15,218,050 common shares outstanding and 14,562 shareholders of record.
Future declarations of quarterly dividends are subject to the determination and discretion of the Piper Jaffray board of directors.
Andrew Duff, chairman and chief executive officer, and Debbra Schoneman, chief financial officer, will host a conference call to discuss fourth quarter and full-year 2016 financial results, as well as the quarterly dividend, on Thursday, February 2, 2017 at 9 a.m. ET (8 a.m. CT). The earnings release will be available on or after February 2, 2017 at the firm's website at piperjaffray.com. The call can be accessed via webcast or by dialing 888 810-0209 or 706 902-1361 (international) and referencing reservation #48531107. Callers should dial in at least 15 minutes prior to the call time. A replay of the conference call will be available beginning at approximately 12 p.m. ET (11 a.m. CT) on February 2, 2017 at piperjaffray.com or by calling 855 859-2056 and referencing reservation #48531107.
About Piper Jaffray
Piper Jaffray Companies (NYSE: PJC) is a leading investment bank and asset management firm. Securities brokerage and investment banking services are offered in the U.S. through Piper Jaffray & Co., member SIPC and FINRA; in Europe through Piper Jaffray Ltd. and Simmons & Company International Limited, authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Jaffray Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through five separate investment advisory affiliates―U.S. Securities and Exchange Commission (SEC) registered Advisory Research, Inc.; Piper Jaffray Investment Management LLC, PJC Capital Partners LLC and Piper Jaffray & Co.; and Guernsey-based Parallel General Partners Limited, authorized and regulated by the Guernsey Financial Services Commission.
Cautionary Note Regarding Forward-Looking Information
This announcement contains forward-looking statements, including without limitation those regarding Piper Jaffray’s future business outlook and plans to pay quarterly dividends to its shareholders. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. These factors are identified under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2015, and updated in our subsequent reports filed with the SEC. These reports are available at www.piperjaffray.com or www.sec.gov. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.
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