Piper Jaffray Announces a 20% Increase in Quarterly Dividends and a New Annual Special Dividend
November 09 2017 - 8:30AM
Business Wire
Piper Jaffray Companies (NYSE: PJC), a leading investment bank
and asset management firm, today announced that its Board of
Directors has approved a new dividend policy intended to return
from 30% to 50% of its non-GAAP net income to shareholders each
year, beginning with fiscal year 2017. After taking into account
the regular quarterly dividends made during the year, the Board of
Directors intends to declare an annual special dividend payable in
the first quarter of each year to return from 30% to 50% of its
non-GAAP net income from the previous fiscal year. The Board of
Directors also intends to increase its regular quarterly dividend
by 20% from $0.3125 per share to $0.375 per share beginning in the
first quarter of fiscal year 2018.
“Today’s announcement is a result of the tremendous progress
that we’ve made over the past five years to grow our advisory
business, which generates significant earnings and requires less
capital to operate,” said Andrew S. Duff, chairman and CEO of Piper
Jaffray. “This new policy is intended to be a consistent component
of our capital deployment strategy, and another means of providing
returns to our shareholders. The level of earnings we are now
generating allows us to take a balanced approach of returning
capital to our shareholders while continuing to invest in the
business to drive growth and enhance shareholder returns. We will
continue to pursue both organic and strategic opportunities that we
believe make sense for our company and shareholders.”
The Piper Jaffray Board of Directors will continue to review the
dividend policy as part of the company’s commitment to maximizing
shareholder value, taking into consideration overall financial
performance and market conditions.
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.
Follow Piper Jaffray: LinkedIn | Facebook | Twitter
Cautionary Note Regarding Forward-Looking InformationThis
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 intent and ability to pay annual
and quarterly dividends to our shareholders, or other similar
matters. Forward-looking 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. A further listing and
description of these and other risks, uncertainties and important
factors can be found in the sections titled “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 piperjaffray.com and at the SEC
website at 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.
© 2017 Piper Jaffray Companies, 800 Nicollet Mall, Suite 1000,
Minneapolis, Minnesota 55402-7036
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version on businesswire.com: http://www.businesswire.com/news/home/20171109005245/en/
Piper Jaffray CompaniesThomas Smith, 612-303-6336Investor
Relationsthomas.g.smith@pjc.com
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