Piper Jaffray Companies Announces Share Repurchase Authorization
August 10 2017 - 4:10PM
Business Wire
Piper Jaffray Companies (NYSE: PJC) today announced that its
board of directors has authorized the repurchase of up to $150.0
million of the company's outstanding common stock. The share
repurchase program will be used as part of the company’s capital
allocation strategy, which includes returning capital to its
shareholders, and to offset the dilutive effect of employee
equity-based compensation. The authorization becomes effective on
September 30, 2017, at the same time that the company’s existing
$150.0 million repurchase authorization expires. The company
currently has approximately $69.8 million available for future
repurchases under the existing authorization. The new $150.0
million authorization will expire on September 30, 2019. As of July
26, 2017, the company had 15,114,175 million shares of common stock
outstanding.
About Piper JaffrayPiper 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., 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 StatementsThis
press release contains forward-looking statements. Statements that
are not historical or current facts, including statements about
beliefs and expectations, are forward-looking statements and are
subject to significant risks and uncertainties that are difficult
to predict. These forward-looking statements cover, among other
things, statements made about our share repurchase plans, our
liquidity and capital resources or other similar matters. These
statements involve inherent risks and uncertainties, both known and
unknown, and important factors could cause actual results to differ
materially from those anticipated or discussed in the
forward-looking statements, including (1) our ability to effect the
repurchase program depends in part upon our results of operations
and profitability and may be impacted by negative operating
conditions, (2) an inability to access capital readily or on terms
favorable to us could impair our ability to effect the repurchase
program, and (3) the other factors described under "Risk Factors"
in Part I, Item 1A of our Annual Report on Form 10-K for the year
ended December 31, 2016 and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in Part II, Item
7 of our Annual Report on Form 10-K for the year ended December 31,
2016, and updated in our subsequent reports filed with the SEC
(available at our website at www.piperjaffray.com and at the SEC
website at www.sec.gov). Forward-looking statements speak only as
of the date they are made, and readers are cautioned not to place
undue reliance on them. We undertake no obligation to update them
in light of new information or future events.
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© 2017 Piper Jaffray Companies. 800 Nicollet Mall, Minneapolis,
Minnesota 55402-7036
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version on businesswire.com: http://www.businesswire.com/news/home/20170810005847/en/
Piper Jaffray CompaniesInvestor Relations:Thomas Smith,
612-303-6336thomas.g.smith@pjc.com
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