[Executive Summary & Q1 2024 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q1%202024%20Highlights) Piper Sandler Companies reported a solid start to 2024 with net revenues exceeding $330 million, with adjusted revenues up 15% YoY, and returned $88 million to shareholders [Q1 2024 Financial Overview](index=1&type=section&id=Q1%202024%20Financial%20Overview) Piper Sandler reported Q1 2024 net revenues over $330 million, with adjusted revenues up 15% YoY, and returned $88 million to shareholders - Net revenues for Q1 2024 were over **$330 million**, representing a solid start to the year, with improvement noted in advisory and equity capital markets despite persistent market headwinds[2](index=2&type=chunk) - The company returned **$88 million** of capital to shareholders during the quarter through share repurchases and dividends[2](index=2&type=chunk) Q1 2024 Key Financial Metrics (U.S. GAAP & Adjusted) | Metric (Dollars in millions, except per share data) | Q1 2024 (U.S. GAAP) | vs. Q4-23 | vs. Q1-23 | Q1 2024 (Adjusted) | vs. Q4-23 | vs. Q1-23 | | :------------------------------------------------- | :------------------ | :-------- | :-------- | :----------------- | :-------- | :-------- | | Net revenues | $343 | -27 % | 15 % | $334 | -27 % | 15 % | | Pre-tax margin | 15.3 % | -2.9pp | 6.6pp | 16.8 % | -4.9pp | 2.7pp | | Net income attributable to Piper Sandler Companies | $42 | -18 % | 66 % | $50 | -31 % | 18 % | | Earnings per diluted common share | $2.43 | -19 % | 63 % | $2.79 | -31 % | 19 % | [Business & Talent Highlights](index=1&type=section&id=Business%20%26%20Talent%20Highlights) The company saw strong performance in corporate investment banking, particularly in advisory services led by the energy & power team, and corporate financing which had its best quarter since 2021 - Advisory services revenues were diversified across most sector and product groups, with a record quarter from the energy & power team[5](index=5&type=chunk) - Corporate financing activity was strong, generating **$53 million** in revenues, marking the best quarter since 2021[5](index=5&type=chunk) - Key senior hires included Brian White as co-head of technology investment banking, Paul Robinson as head of equity-linked capital markets, Rich Steiner as head of global market structure and algorithmic trading strategies, Biren Amin as senior research analyst for healthcare equity research, and Ryan Hallam as co-head of high-yield trading[5](index=5&type=chunk) [Capital Allocation Highlights](index=1&type=section&id=Capital%20Allocation%20Highlights) Piper Sandler declared a quarterly cash dividend of $0.60 per share and returned $88 million to shareholders through dividends and share repurchases - Declared a quarterly cash dividend of **$0.60 per share** of common stock on April 26, 2024, payable on June 7, 2024[5](index=5&type=chunk) - Returned an aggregate of **$88 million** to shareholders during the quarter through share repurchases and dividends[5](index=5&type=chunk) - Repurchased approximately **289,000 shares**, or **$52 million**, of common stock related to employee tax withholdings on the vesting of restricted stock awards[5](index=5&type=chunk) [U.S. GAAP Financial Results](index=2&type=section&id=U.S.%20GAAP%20Financial%20Results) This section details Piper Sandler's Q1 2024 U.S. GAAP financial performance, covering net revenues, expenses, and profitability metrics [Net Revenues](index=2&type=section&id=Net%20Revenues) For Q1 2024, U.S. GAAP net revenues were $343.1 million, a 27% decrease QoQ but a 15% increase YoY, primarily driven by a 25% YoY increase in investment banking revenues Net Revenues (U.S. GAAP) | Metric (Dollars in thousands) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Change vs. Q4-23 | Change vs. Q1-23 | | :---------------------------- | :------------ | :------------ | :------------ | :--------------- | :--------------- | | Net revenues | $343,056 | $471,851 | $297,905 | -27 % | 15 % | - Net revenues decreased **27%** compared to Q4 2023 and increased **15%** compared to Q1 2023[10](index=10&type=chunk) [Investment Banking Revenues](index=2&type=section&id=Investment%20Banking%20Revenues) Investment banking revenues reached $230.5 million in Q1 2024, up 25% YoY, driven by strong corporate financing and advisory services, despite a QoQ decline Investment Banking Revenues (U.S. GAAP) | Category (Dollars in thousands) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Change vs. Q4-23 | Change vs. Q1-23 | | :------------------------------ | :------------ | :------------ | :------------ | :--------------- | :--------------- | | Advisory services | $157,189 | $284,317 | $140,664 | -45 % | 12 % | | Corporate financing | $52,581 | $30,178 | $26,805 | 74 % | 96 % | | Municipal financing | $20,753 | $29,280 | $16,935 | -29 % | 23 % | | Total investment banking | $230,523 | $343,775 | $184,404 | -33 % | 25 % | - Advisory services revenues increased **12% YoY** driven by a higher average fee, despite fewer completed transactions[11](index=11&type=chunk) - Corporate financing revenues increased **96% YoY** and **74% QoQ**, driven by more completed deals and an improved equity financing market, particularly for biopharma companies[11](index=11&type=chunk) [Institutional Brokerage Revenues](index=4&type=section&id=Institutional%20Brokerage%20Revenues) Institutional brokerage revenues were $91.4 million in Q1 2024, decreasing 11% QoQ and 5% YoY, with equity brokerage declining and fixed income services remaining flat Institutional Brokerage Revenues (U.S. GAAP) | Category (Dollars in thousands) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Change vs. Q4-23 | Change vs. Q1-23 | | :------------------------------ | :------------ | :------------ | :------------ | :--------------- | :--------------- | | Equity brokerage | $49,488 | $55,003 | $53,831 | -10 % | -8 % | | Fixed income services | $41,954 | $47,892 | $42,482 | -12 % | -1 % | | Total institutional brokerage | $91,442 | $102,895 | $96,313 | -11 % | -5 % | - Equity brokerage revenues decreased **10% QoQ** due to lower research services and **8% YoY** due to lower volatility and volumes[17](index=17&type=chunk) - Fixed income services revenues decreased **12% QoQ** and were essentially flat YoY, as interest rate uncertainty continued to mute client activity[17](index=17&type=chunk) [Other Revenues (Interest Income, Investment Income)](index=4&type=section&id=Other%20Revenues) Interest income increased 14% QoQ but decreased 5% YoY to $8.3 million, while investment income was $14.2 million, a 30% decrease QoQ but a 27% increase YoY Other Revenues (U.S. GAAP) | Category (Dollars in thousands) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Change vs. Q4-23 | Change vs. Q1-23 | | :------------------------------ | :------------ | :------------ | :------------ | :--------------- | :--------------- | | Interest income | $8,306 | $7,302 | $8,712 | 14 % | -5 % | | Investment income | $14,168 | $20,235 | $11,115 | -30 % | 27 % | - Investment income primarily related to alternative asset management funds managed by the company[13](index=13&type=chunk) [Expenses](index=4&type=section&id=Expenses) Total non-interest expenses for Q1 2024 were $290.6 million, decreasing 25% QoQ but increasing 7% YoY, with compensation and non-compensation expenses showing similar trends Non-Interest Expenses (U.S. GAAP) | Category (Dollars in thousands) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Change vs. Q4-23 | Change vs. Q1-23 | | :------------------------------ | :------------ | :------------ | :------------ | :--------------- | :--------------- | | Compensation and benefits | $222,446 | $301,154 | $199,394 | -26 % | 12 % | | Non-compensation expenses | $68,188 | $84,851 | $72,702 | -20 % | -6 % | | Total non-interest expenses | $290,634 | $386,005 | $272,096 | -25 % | 7 % | - Non-compensation expenses decreased due to lower other operating expenses and acquisition-related intangible asset amortization, including a **$3.5 million** reduction in accrual for potential regulatory settlements[18](index=18&type=chunk) [Profitability & Earnings](index=4&type=section&id=Profitability%20%26%20Earnings) Pre-tax income for Q1 2024 was $52.4 million, a 39% decrease QoQ but a 103% increase YoY, with net income at $42.5 million, or $2.43 per diluted common share Profitability Metrics (U.S. GAAP) | Metric (Dollars in thousands, except per share data) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Change vs. Q4-23 | Change vs. Q1-23 | | :------------------------------------------------- | :------------ | :------------ | :------------ | :--------------- | :--------------- | | Income before income tax expense/(benefit) | $52,422 | $85,846 | $25,809 | -39 % | 103 % | | Pre-tax margin | 15.3 % | 18.2 % | 8.7 % | -2.9pp | 6.6pp | | Net income attributable to Piper Sandler Companies | $42,493 | $52,025 | $25,634 | -18 % | 66 % | | Earnings per diluted common share | $2.43 | $3.00 | $1.49 | -19 % | 63 % | - The effective tax rate for Q1 2024 was **5.4%**, including **$10.6 million** of tax benefits related to restricted stock award vestings[16](index=16&type=chunk) - Q1 2024 net income and EPS decreased QoQ due to lower net revenues and pre-tax margin, but increased YoY due to higher net revenues and pre-tax margin[17](index=17&type=chunk) [Business Metrics](index=3&type=section&id=Business%20Metrics) Operational metrics showed a mixed performance in Q1 2024, with M&A transactions decreasing while corporate equity and debt transactions priced saw significant increases Key Business Metrics | Metric | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Change vs. Q4-23 | Change vs. Q1-23 | | :---------------------------------------- | :------------ | :------------ | :------------ | :--------------- | :--------------- | | Completed M&A and restructuring transactions | 62 | 48 | 55 | -23 % | -13 % | | Total equity transactions priced | 14 | 25 | 19 | 79 % | 32 % | | Total debt and preferred transactions priced | 5 | 10 | 4 | 100 % | 150 % | | Aggregate par value of municipal issues priced (in billions) | $3.2 | $4.0 | $2.8 | 25 % | 43 % | | Number of shares traded (in billions) | 2.6 | 2.6 | 2.8 | — % | -7 % | [Non-GAAP Adjusted Financial Results](index=5&type=section&id=Non-GAAP%20Adjusted%20Financial%20Results) This section presents Piper Sandler's Q1 2024 financial performance on an adjusted, non-GAAP basis, detailing revenues, expenses, and profitability [Adjusted Net Revenues](index=5&type=section&id=Adjusted%20Net%20Revenues) Adjusted net revenues for Q1 2024 were $333.9 million, a 27% decrease QoQ but a 15% increase YoY, primarily driven by corporate investment banking activity Adjusted Net Revenues | Metric (Dollars in thousands) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Change vs. Q4-23 | Change vs. Q1-23 | | :---------------------------- | :------------ | :------------ | :------------ | :--------------- | :--------------- | | Adjusted net revenues | $333,905 | $457,393 | $289,226 | -27 % | 15 % | - The YoY increase in adjusted net revenues was driven by corporate investment banking activity, notably corporate equity financing[22](index=22&type=chunk) [Adjusted Operating Expenses](index=5&type=section&id=Adjusted%20Operating%20Expenses) Adjusted operating expenses totaled $278.0 million in Q1 2024, decreasing 22% QoQ but increasing 12% YoY, with the compensation ratio slightly down Adjusted Operating Expenses | Metric (Dollars in thousands) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Change vs. Q4-23 | Change vs. Q1-23 | | :---------------------------- | :------------ | :------------ | :------------ | :--------------- | :--------------- | | Adjusted compensation and benefits | $210,698 | $290,144 | $183,144 | -27 % | 15 % | | Adjusted non-compensation expenses | $67,261 | $68,182 | $65,306 | -1 % | 3 % | | Adjusted total operating expenses | $277,959 | $358,326 | $248,450 | -22 % | 12 % | - Adjusted compensation ratio decreased to **63.1%** in Q1 2024, down from **63.4%** in Q4 2023 and **63.3%** in Q1 2023, driven by higher adjusted net revenues[27](index=27&type=chunk) - Adjusted non-compensation expenses were **$67.3 million**, in line with both the fourth and first quarters of 2023[27](index=27&type=chunk) [Adjusted Operating Income & Margin](index=5&type=section&id=Adjusted%20Operating%20Income%20%26%20Margin) Adjusted operating income was $55.9 million in Q1 2024, a 44% decrease QoQ but a 37% increase YoY, with the adjusted operating margin at 16.8% Adjusted Operating Income & Margin | Metric (Dollars in thousands) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Change vs. Q4-23 | Change vs. Q1-23 | | :---------------------------- | :------------ | :------------ | :------------ | :--------------- | :--------------- | | Adjusted operating income | $55,946 | $99,067 | $40,776 | -44 % | 37 % | | Adjusted operating margin | 16.8 % | 21.7 % | 14.1 % | -4.9pp | 2.7pp | - Adjusted operating margin decreased QoQ primarily due to lower adjusted net revenues, but increased YoY primarily due to higher adjusted net revenues[24](index=24&type=chunk) [Adjusted Effective Tax Rate](index=5&type=section&id=Adjusted%20Effective%20Tax%20Rate) The adjusted effective tax rate for Q1 2024 was 10.7%, lower than Q4 2023's 26.7%, primarily due to $10.6 million in tax benefits from restricted stock award vestings Adjusted Effective Tax Rate | Metric | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | | :------------------ | :------------ | :------------ | :------------ | | Adjusted effective tax rate | 10.7 % | 26.7 % | -8.0 % | - The Q1 2024 adjusted effective tax rate included **$10.6 million** of tax benefits related to restricted stock award vestings[25](index=25&type=chunk) [Adjusted Net Income & EPS](index=5&type=section&id=Adjusted%20Net%20Income%20%26%20EPS) Adjusted net income was $50.0 million, or $2.79 per diluted common share, in Q1 2024, including $10.6 million in income tax benefits from restricted stock award vestings Adjusted Net Income & EPS | Metric (Dollars in thousands, except per share data) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Change vs. Q4-23 | Change vs. Q1-23 | | :------------------------------------------------- | :------------ | :------------ | :------------ | :--------------- | :--------------- | | Adjusted net income | $49,984 | $72,374 | $42,296 | -31 % | 18 % | | Adjusted earnings per diluted common share | $2.79 | $4.03 | $2.35 | -31 % | 19 % | - Adjusted net income for Q1 2024 included **$10.6 million**, or **$0.59 per adjusted diluted common share**, of income tax benefits related to restricted stock award vestings[26](index=26&type=chunk) - Q1 2024 results decreased QoQ due to lower adjusted net revenues and operating margin, but increased YoY due to higher adjusted net revenues and operating margin, partially offset by a higher adjusted effective tax rate[26](index=26&type=chunk) [Capital Management & Shareholder Information](index=7&type=section&id=Capital%20Management%20%26%20Shareholder%20Information) This section outlines Piper Sandler's capital allocation strategies, including dividends, share repurchases, and key human capital and shareholder data [Dividends](index=7&type=section&id=Dividends) The Board of Directors declared a quarterly cash dividend of $0.60 per share and during Q1 2024, the company paid a quarterly cash dividend of $0.60 per share and a special cash dividend of $1.00 per share, totaling $35.7 million - A quarterly cash dividend of **$0.60 per share** was declared on April 26, 2024, to be paid on June 7, 2024[28](index=28&type=chunk) - During Q1 2024, the company paid a quarterly cash dividend of **$0.60 per share** and a special cash dividend of **$1.00 per share**, totaling **$35.7 million**[28](index=28&type=chunk) [Share Repurchases](index=7&type=section&id=Share%20Repurchases) In Q1 2024, Piper Sandler repurchased approximately 289,000 shares of common stock for $52.1 million, primarily to cover employee tax obligations on restricted stock awards - Approximately **289,000 shares** of common stock were repurchased for **$52.1 million** during Q1 2024, at an average price of **$180.26 per share**[29](index=29&type=chunk) - Share repurchases were primarily related to employee tax withholdings on the vesting of restricted stock awards[29](index=29&type=chunk) [Human Capital & Shareholder Data](index=7&type=section&id=Human%20Capital%20%26%20Shareholder%20Data) As of March 31, 2024, Piper Sandler had 1,706 full-time employees and 171 corporate investment banking managing directors, with common shareholders' equity at $1,100.6 million Human Capital & Shareholder Information | Metric | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | | :---------------------------------------- | :------------ | :------------ | :------------ | | Full-time employees | 1,706 | 1,725 | 1,779 | | Corporate investment banking managing directors | 171 | 169 | 171 | | Common shareholders' equity (in millions) | $1,100.6 | $1,085.5 | $1,036.8 | | Common shares outstanding (in millions) | 15.6 | 15.2 | 14.8 | | Restricted shares outstanding (in millions) | 2.2 | 2.6 | 3.0 | | Total shares outstanding (in millions) | 17.8 | 17.8 | 17.8 | [Company Information & Forward-Looking Statements](index=7&type=section&id=Company%20Information%20%26%20Forward-Looking%20Statements) This section provides details on Piper Sandler's Q1 2024 conference call, company overview, and cautionary notes regarding forward-looking statements [Management Conference Call](index=7&type=section&id=Management%20Conference%20Call) Piper Sandler's management team hosted a conference call on April 26, 2024, to discuss Q1 2024 financial results, with details provided for access - A conference call to discuss financial results was hosted on Friday, April 26, 2024, at 9 a.m. Eastern Time[31](index=31&type=chunk) - The call featured Chad Abraham (chairman and chief executive officer), Deb Schoneman (president), and Kate Clune (chief financial officer)[31](index=31&type=chunk) [About Piper Sandler](index=7&type=section&id=About%20Piper%20Sandler) Piper Sandler Companies is a leading investment bank offering securities brokerage, investment banking, alternative asset management, and fixed income advisory services globally - Piper Sandler Companies (NYSE: PIPR) is a leading investment bank[32](index=32&type=chunk) - Services include securities brokerage and investment banking in the U.S., U.K., and Hong Kong, as well as alternative asset management and fixed income advisory services[32](index=32&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=8&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) The report contains forward-looking statements subject to significant risks and uncertainties, including market conditions and revenue variations, which could cause actual results to differ materially - Forward-looking statements are subject to significant risks and uncertainties that are difficult to predict[34](index=34&type=chunk) - Key risks include variations in revenues from corporate advisory and financing transactions, market, geopolitical and economic conditions, interest rate volatility, and stock price fluctuations[36](index=36&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements, and the company undertakes no obligation to update them[36](index=36&type=chunk) [Financial Statements & Reconciliations](index=9&type=section&id=Financial%20Statements%20%26%20Reconciliations) This section provides detailed U.S. GAAP and non-GAAP financial statements, along with reconciliations and explanatory notes for adjusted measures [U.S. GAAP Results of Operations](index=9&type=section&id=U.S.%20GAAP%20Results%20of%20Operations) This section provides the detailed unaudited U.S. GAAP income statement for the three months ended March 31, 2024, December 31, 2023, and March 31, 2023, covering revenues, non-interest expenses, income before tax, net income, and earnings per share U.S. GAAP Results of Operations (Selected Data) | Metric (Amounts in thousands, except per share data) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | | :------------------------------------------------- | :------------ | :------------ | :------------ | | Net revenues | $343,056 | $471,851 | $297,905 | | Total non-interest expenses | $290,634 | $386,005 | $272,096 | | Income before income tax expense/(benefit) | $52,422 | $85,846 | $25,809 | | Net income attributable to Piper Sandler Companies | $42,493 | $52,025 | $25,634 | | Diluted EPS | $2.43 | $3.00 | $1.49 | [Non-GAAP Selected Summary Financial Information](index=10&type=section&id=Non-GAAP%20Selected%20Summary%20Financial%20Information) This section presents the preliminary selected summary financial information on an adjusted, non-GAAP basis for the three months ended March 31, 2024, December 31, 2023, and March 31, 2023, providing a comparative view of adjusted revenues, expenses, income, and earnings per share Non-GAAP Selected Summary Financial Information (Selected Data) | Metric (Amounts in thousands, except per share data) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | | :------------------------------------------------- | :------------ | :------------ | :------------ | | Adjusted net revenues | $333,905 | $457,393 | $289,226 | | Adjusted total operating expenses | $277,959 | $358,326 | $248,450 | | Adjusted operating income | $55,946 | $99,067 | $40,776 | | Adjusted net income | $49,984 | $72,374 | $42,296 | | Adjusted earnings per diluted common share | $2.79 | $4.03 | $2.35 | [Reconciliation of U.S. GAAP to Non-GAAP Measures](index=11&type=section&id=Reconciliation%20of%20U.S.%20GAAP%20to%20Non-GAAP%20Measures) This section provides a detailed reconciliation of U.S. GAAP financial measures to their corresponding non-GAAP adjusted measures for key metrics, outlining specific adjustments made for each period - Detailed reconciliation tables are provided for net revenues, compensation and benefits, non-compensation expenses, income before income tax, income tax expense, net income attributable to Piper Sandler Companies, and earnings per diluted common share[39](index=39&type=chunk)[40](index=40&type=chunk) - Adjustments include items such as investment income related to noncontrolling interests, interest expense on long-term financing, compensation from acquisition-related agreements, restructuring and integration costs, amortization of intangible assets, and non-compensation expenses from potential regulatory settlements[39](index=39&type=chunk)[40](index=40&type=chunk) [Notes to Non-GAAP Financial Schedules](index=13&type=section&id=Notes%20to%20Non-GAAP%20Financial%20Schedules) This section provides explanations for the non-GAAP financial measures presented, detailing specific exclusions and adjustments made to U.S. GAAP measures to offer a more meaningful basis for comparing operating results - Non-GAAP measures are presented to provide a more meaningful basis for comparison of operating results across periods by excluding certain items not indicative of core operating results[43](index=43&type=chunk) - Specific adjustments include exclusions for investment income and non-compensation expenses related to noncontrolling interests, acquisition-related compensation and non-compensation expenses, restructuring and integration costs, amortization of acquisition-related intangible assets, and non-compensation expenses from potential regulatory settlements[43](index=43&type=chunk)

Have you been paying attention to shares of Piper Sandler Companies (PIPR) ? Shares have been on the move with the stock up 5.4% over the past month. The stock hit a new 52-week high of $200 in the previous session. Piper Sandler Companies has gained 13.5% since the start of the year compared to the 8.3% move for the Zacks Finance sector and the 9.9% return for the Zacks Financial - Investment Bank industry.What's Driving the Outperformance?The stock has a great record of positive earnings surprises, as it ...

NEW YORK--(BUSINESS WIRE)--Piper Sandler Companies (NYSE: PIPR), a leading investment bank, is pleased to announce the addition of Biren Amin as a managing director and senior research analyst to the healthcare equity research team. Amin’s coverage will focus on biotechnology companies. “We are excited to welcome Biren to the equity research team. His well-respected and recognized biotechnology research experience, along with public and private company CFO experience, will expand and strengthen our industr ...

It seems to be a wise idea to add Piper Sandler Companies (PIPR) stock to your portfolio, given the strength in its fundamentals and solid prospects. Moreover, the company’s steady capital-deployment activities reflect a strong balance sheet position.Analysts also seem optimistic about the company’s performance. Over the past 60 days, the Zacks Consensus Estimate for earnings moved 9.1% upward for 2024. The company currently sports a Zacks Rank #1 (Strong Buy).Shares of Piper Sandler have jumped 35.2% in th ...

Have you been paying attention to shares of Piper Sandler Companies (PIPR) ? Shares have been on the move with the stock up 4.9% over the past month. The stock hit a new 52-week high of $193.38 in the previous session. Piper Sandler Companies has gained 8.6% since the start of the year compared to the 4.7% move for the Zacks Finance sector and the 4.6% return for the Zacks Financial - Investment Bank industry.What's Driving the Outperformance?The stock has a great record of positive earnings surprises, as i ...

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a great growth stock is not easy at all.In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Sty ...

MINNEAPOLIS--(BUSINESS WIRE)--Piper Sandler Companies (NYSE: PIPR), a leading investment bank, today announced that effective immediately, Brian White has been appointed co-head of technology investment banking, joining Steven Schmidt, who shares the same title. White assumes the role from Nicholas Osborne, who will become chairman of technology investment banking and focus on clients and driving revenue and growth for the firm. “Brian is a great leader and an exceptional banker who has built a strong secu ...

Part I [Business](index=3&type=section&id=Item%201.%20Business) Piper Sandler Companies is a U.S.-based investment bank and institutional securities firm operating as a single segment, providing financial advisory, capital raising, brokerage, research, and asset management services to middle-market clients, and is subject to extensive regulation - Piper Sandler operates as an investment bank and institutional securities firm, serving corporations, private equity, public entities, and institutional investors in the U.S. and internationally (London, Aberdeen, Hong Kong)[14](index=14&type=chunk) - The company's business is organized into one reportable segment that encompasses Investment Banking (M&A, capital raising), Equity and Fixed Income Institutional Brokerage (advisory, trade execution, research), and Alternative Asset Management Funds[15](index=15&type=chunk)[16](index=16&type=chunk)[18](index=18&type=chunk) - As of December 31, 2023, the company had **1,725 full-time employees**, including **169 corporate investment banking managing directors** The substantial majority of its net revenues and long-lived assets are located in the U.S[20](index=20&type=chunk)[24](index=24&type=chunk) - The company is heavily regulated by U.S. federal and state agencies, SROs like FINRA, and international bodies including the U.K.'s Financial Conduct Authority and Hong Kong's Securities and Futures Commission[32](index=32&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [Risk Factors](index=8&type=section&id=Item%201A.%20Risk%20Factors) The company faces material risks including sensitivity to economic conditions, intense competition for talent, reliance on clearing brokers, potential counterparty defaults with a **$6.7 million** interest rate swap exposure, operational dependency on technology, cybersecurity threats, and ongoing SEC/CFTC record-keeping investigations - The business is highly sensitive to market and economic conditions In 2023, efforts by the U.S. Federal Reserve to combat inflation led to higher interest rates and macroeconomic uncertainty, which muted client activity across advisory, equity capital markets, and fixed income businesses[51](index=51&type=chunk)[53](index=53&type=chunk) - The company faces significant human capital risk due to intense competition for qualified employees in the financial services industry The loss of a small number of high-revenue-producing employees could adversely affect results[67](index=67&type=chunk)[69](index=69&type=chunk) - The company is exposed to credit risk from third-party defaults As of December 31, 2023, this included a **$6.7 million** credit exposure to four non-publicly rated counterparties in its matched-book interest rate swap program[85](index=85&type=chunk)[86](index=86&type=chunk) - A significant operational risk is the reliance on third-party clearing brokers, particularly Pershing LLC, for most customer transactions Any failure by the clearing agent could significantly disrupt operations[96](index=96&type=chunk) - The company is subject to extensive regulation and faces legal risks, including ongoing investigations by the SEC and CFTC regarding compliance with recordkeeping requirements for business-related communications on unapproved electronic channels[112](index=112&type=chunk)[113](index=113&type=chunk) - The company's dividend policy, which targets returning **30% to 50% of adjusted net income**, is discretionary and can be changed at any time by the board of directors[123](index=123&type=chunk) [Unresolved Staff Comments](index=22&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has **no unresolved staff comments** from the SEC - There are **no unresolved staff comments**[126](index=126&type=chunk) [Cybersecurity](index=23&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity risk management is overseen by the audit committee and managed by the Chief Information and Operations Officer, aligning with NIST framework, undergoing annual third-party assessments, and having no material incidents to date - The company's cybersecurity program utilizes the National Institute of Standards and Technology (NIST) Cybersecurity Framework and undergoes annual assessments by a third-party consultant[130](index=130&type=chunk) - Oversight is provided by the audit committee of the board of directors, with the Chief Information and Operations Officer leading the information security and technology departments[128](index=128&type=chunk)[129](index=129&type=chunk) - The company is not aware of any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect its business, strategy, operations, or financial condition[137](index=137&type=chunk) [Properties](index=24&type=section&id=Item%202.%20Properties) As of February 20, 2024, Piper Sandler operates from **59** principal leased offices across **31** states, D.C., London, Aberdeen, and Hong Kong, with a new **15-year** lease signed for its future Minneapolis headquarters - The company conducts operations through **59** principal leased offices in **31** states, Washington D.C., and internationally in London, Aberdeen, and Hong Kong[138](index=138&type=chunk) - A new **15-year** lease agreement was signed in December 2022 for a future principal executive office in Minneapolis, Minnesota[138](index=138&type=chunk) [Legal Proceedings](index=24&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal and regulatory proceedings, notably cooperating with ongoing SEC and CFTC investigations into recordkeeping, for which it has accrued an estimated **$20.0 million** for potential civil penalties - The company is cooperating with SEC and CFTC investigations into compliance with recordkeeping requirements for business-related communications on unapproved electronic messaging channels[504](index=504&type=chunk) - As of December 31, 2023, the company has accrued **$20.0 million** for estimated civil penalties related to these investigations[504](index=504&type=chunk) - The high end of the range of reasonably estimable losses in excess of amounts accrued for all legal matters was approximately **$3.0 million** as of December 31, 2023[505](index=505&type=chunk) [Mine Safety Disclosures](index=24&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) **Not applicable** to the company - **Not applicable**[140](index=140&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=25&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Piper Sandler's common stock trades on the NYSE under 'PIPR', with a dividend policy targeting **30% to 50%** of adjusted net income, and an authorized **$150.0 million** share repurchase program with **$138 million** remaining as of year-end 2023 - The company's common stock is listed on the New York Stock Exchange under the symbol 'PIPR'[142](index=142&type=chunk) - The dividend policy targets a return of **30% to 50%** of fiscal year adjusted net income to shareholders A special dividend of **$1.00 per share** and a quarterly dividend of **$0.60 per share** were declared payable in March 2024[143](index=143&type=chunk)[144](index=144&type=chunk) Issuer Purchases of Equity Securities (Q4 2023) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Approximate Dollar Value of Shares Yet to be Purchased Under the Plans or Programs | | :--- | :--- | :--- | :--- | | October 2023 | 14,088 | $144.13 | $138 million | | November 2023 | 1,787 | $152.51 | $138 million | | December 2023 | 4,326 | $174.87 | $138 million | | **Total** | **20,201** | **$151.45** | **$138 million** | - A share repurchase program of up to **$150.0 million** was authorized effective May 6, 2022, through December 31, 2024 As of December 31, 2023, approximately **$138 million** remained available under this authorization[148](index=148&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For fiscal year 2023, Piper Sandler reported a **5.4%** decrease in GAAP net revenues to **$1.35 billion** and a **22.8%** decrease in GAAP net income to **$85.5 million**, driven by challenging market conditions and increased non-compensation expenses due to a **$20.0 million** regulatory accrual, while maintaining strong liquidity and an adjusted leverage ratio of **2.2** [Executive Overview and Financial Highlights](index=28&type=section&id=Executive%20Overview%20and%20Financial%20Highlights) In 2023, Piper Sandler faced a challenging market, resulting in a **5.4%** decrease in GAAP net revenues to **$1.35 billion** and a **22.8%** drop in net income to **$85.5 million**, with adjusted EPS falling to **$9.28** from **$11.26** in 2022, while strategically expanding its corporate investment banking managing directors by **6.3%** to **169** and building out its non-agency structured credit business, with non-GAAP results excluding **$21.5 million** in expenses related to potential regulatory settlements 2023 vs 2022 Financial Highlights (U.S. GAAP) | Metric | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Net revenues | **$1,347,967** | **$1,425,638** | **(5.4%)** | | Net income attributable to Piper Sandler Companies | **$85,491** | **$110,674** | **(22.8%)** | | Earnings per diluted common share | **$4.96** | **$6.52** | **(23.9%)** | 2023 vs 2022 Financial Highlights (Non-GAAP) | Metric | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Adjusted net revenues | **$1,330,197** | **$1,433,713** | **(7.2%)** | | Adjusted net income attributable to Piper Sandler Companies | **$166,393** | **$201,317** | **(17.3%)** | | Adjusted earnings per diluted common share | **$9.28** | **$11.26** | **(17.6%)** | - Non-GAAP results for 2023 exclude **$21.5 million** in non-compensation expenses related to potential regulatory settlements with the SEC and CFTC regarding recordkeeping requirements[157](index=157&type=chunk) - Strategic activities in 2023 included increasing corporate investment banking managing directors to **169** (up **6.3%**) and expanding the fixed income services team's non-agency structured credit capabilities[160](index=160&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) In 2023, net revenues fell **5.4%** to **$1.35 billion**, with investment banking revenues decreasing **8.5%** to **$923.8 million** and institutional brokerage revenues falling **6.8%** to **$377.5 million**, while total non-interest expenses decreased **5.1%** to **$1.23 billion**, though other operating expenses surged **157.7%** to **$46.4 million** due to a **$20.0 million** regulatory accrual and a **$7.5 million** receivable write-off Revenues by Source (2023 vs 2022) | Revenue Source | 2023 (in thousands) | 2022 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | **Investment banking** | **$923,812** | **$1,009,509** | **(8.5%)** | | - Advisory services | **$709,316** | **$776,428** | **(8.6%)** | | - Corporate financing | **$131,077** | **$125,342** | **4.6%** | | - Municipal financing | **$83,419** | **$107,739** | **(22.6%)** | | **Institutional brokerage** | **$377,539** | **$405,267** | **(6.8%)** | | - Equity brokerage | **$209,512** | **$210,314** | **(0.4%)** | | - Fixed income services | **$168,027** | **$194,953** | **(13.8%)** | | **Total Net Revenues** | **$1,347,967** | **$1,425,638** | **(5.4%)** | - Compensation and benefits expense decreased **8.8%** to **$897.0 million**, corresponding to lower revenues The compensation ratio was **66.5%** in 2023, down from **69.0%** in 2022[184](index=184&type=chunk) - Other operating expenses increased significantly to **$46.4 million** in 2023 from **$18.0 million** in 2022, primarily due to a **$20.0 million** accrual for estimated civil penalties for regulatory settlements and a **$7.5 million** write-off of an uncollectible receivable[195](index=195&type=chunk) - The provision for income taxes was **$23.6 million**, resulting in an effective tax rate of **19.3%** This included **$16.6 million** in tax benefits related to stock-based compensation[196](index=196&type=chunk) [Critical Accounting Policies and Estimates](index=44&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) The company's critical accounting policies involve significant management estimation and judgment, including the valuation of financial instruments, particularly Level III assets, the annual impairment assessment of goodwill and intangible assets, accounting for stock-based compensation, and determining income tax provisions and reserves for uncertain tax positions - Valuation of financial instruments, especially Level III assets like investments in private companies, requires significant management estimation using techniques such as discounted cash flow analyses and comparable company multiples[222](index=222&type=chunk)[224](index=224&type=chunk) - Goodwill and intangible assets, totaling **$301.8 million** and **$116.2 million** respectively at year-end, are tested for impairment annually in the fourth quarter The 2023 test, a qualitative assessment, resulted in no impairment[225](index=225&type=chunk)[228](index=228&type=chunk) - The company establishes reserves for uncertain tax positions As of December 31, 2023, a **$1.8 million** liability was recorded for uncertain state income tax positions[235](index=235&type=chunk) [Liquidity, Funding and Capital Resources](index=46&type=section&id=Liquidity%2C%20Funding%20and%20Capital%20Resources) The company maintains a diversified funding strategy, including clearing arrangements, a **$100 million** unsecured revolving credit facility, and a **$50 million** committed line, having repaid **$125 million** of Class B Notes in 2023, ending the year with an adjusted leverage ratio of **2.2**, and its broker-dealer subsidiary remaining well-capitalized with net capital of **$247.9 million** - Cash and cash equivalents increased by **$17.5 million** to **$383.1 million** at year-end 2023 Operating activities provided **$275.6 million** in cash[244](index=244&type=chunk) Leverage Ratios | Metric | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Assets (in thousands) | **$2,140,983** | **$2,181,557** | | Total Shareholders' Equity (in thousands) | **$1,299,473** | **$1,254,028** | | Leverage Ratio | **1.6** | **1.7** | | Adjusted Leverage Ratio | **2.2** | **2.4** | - Primary funding sources include clearing arrangements with Pershing and CIBC, a **$100 million** unsecured revolving credit facility (renewed and upsized in Q4 2023), and a **$50 million** committed line (renewed and downsized in Q4 2023)[251](index=251&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk)[255](index=255&type=chunk) - The company's U.S. broker-dealer subsidiary, Piper Sandler & Co., had net capital of **$247.9 million**, exceeding the SEC's minimum requirement by **$246.9 million** as of December 31, 2023[261](index=261&type=chunk) - The company has off-balance sheet investment commitments of **$95.1 million** to various limited partnerships or LLCs with no specified call dates[269](index=269&type=chunk)[507](index=507&type=chunk) [Risk Management](index=52&type=section&id=Risk%20Management) The company employs a formal, independent risk management process overseen by the board's audit committee, managing market risk where a **50 basis point** adverse change in rates would decrease fixed income portfolio value by an estimated **$0.3 million**, and credit risk with over **93%** of its rated fixed income portfolio rated 'A' or higher, noting a **$6.7 million** uncollateralized credit exposure to four non-publicly rated entities in its derivative program - The audit committee of the board of directors oversees management's risk processes, with specific risk oversight delegated to various committees and senior leadership[274](index=274&type=chunk) - For market risk, the company estimates that a parallel **50 basis point** adverse change in interest rates would result in a decrease of approximately **$0.3 million** in the carrying value of its fixed income inventory as of December 31, 2023[283](index=283&type=chunk) Credit Rating of Long Fixed Income Securities (as of Dec 31, 2023) | Rating | % of Total Portfolio | | :--- | :--- | | AAA | **20.8%** | | AA | **50.3%** | | A | **22.6%** | | BBB | **1.5%** | | BB | —% | | Not Rated | **4.8%** | - The company has a concentrated counterparty credit exposure of **$6.7 million** with four non-publicly rated entities within its matched-book derivative program, with one counterparty representing **$5.8 million** of this exposure[299](index=299&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section incorporates by reference the information provided under the 'Risk Management' section in Item 7, detailing the company's exposure to and management of strategic, market, liquidity, credit, operational, human capital, and legal risks - The information required for this item is incorporated by reference from the "Risk Management" section of Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations[308](index=308&type=chunk) [Financial Statements and Supplementary Data](index=58&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the company's consolidated financial statements for the fiscal year ended December 31, 2023, along with the independent auditor's report, including the Consolidated Statements of Financial Condition, Operations, Comprehensive Income, Changes in Shareholders' Equity, and Cash Flows, plus detailed notes and unaudited quarterly data [Management's Report on Internal Control Over Financial Reporting](index=58&type=section&id=Management%27s%20Report%20on%20Internal%20Control%20Over%20Financial%20Reporting) Management is responsible for establishing and maintaining adequate internal control over financial reporting, concluding that the company maintained **effective** internal control as of December 31, 2023, based on the COSO 2013 framework, with Ernst & Young LLP issuing an **unqualified opinion** on its effectiveness - Management concluded that the company's internal control over financial reporting was **effective** as of December 31, 2023, based on the criteria set forth by COSO in the Internal Control-Integrated Framework (2013)[311](index=311&type=chunk) - The independent registered public accounting firm, Ernst & Young LLP, issued an **unqualified opinion** on the effectiveness of the company's internal control over financial reporting[312](index=312&type=chunk)[315](index=315&type=chunk) [Consolidated Financial Statements](index=62&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements present the company's financial position as of December 31, 2023 and 2022, and its results of operations and cash flows for the three years ended December 31, 2023, with key 2023 figures including total assets of **$2.14 billion**, total liabilities of **$841.5 million**, total shareholders' equity of **$1.30 billion**, and net income of **$85.5 million** or **$4.96** per diluted share Consolidated Statement of Financial Condition (Year-End) | (in thousands) | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$2,140,983** | **$2,181,557** | | Cash and cash equivalents | **$383,098** | **$365,624** | | Goodwill | **$301,760** | **$301,151** | | **Total Liabilities** | **$841,510** | **$927,529** | | Accrued compensation | **$486,145** | **$565,738** | | **Total Shareholders' Equity** | **$1,299,473** | **$1,254,028** | Consolidated Statement of Operations (Full Year) | (in thousands, except per share) | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net Revenues | **$1,347,967** | **$1,425,638** | **$2,031,061** | | Total Non-interest Expenses | **$1,225,381** | **$1,291,269** | **$1,589,549** | | Net Income Attributable to Piper Sandler Companies | **$85,491** | **$110,674** | **$278,514** | | Diluted EPS | **$4.96** | **$6.52** | **$16.43** | [Notes to the Consolidated Financial Statements](index=67&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed information supporting the consolidated financial statements, including accounting policies for revenue recognition, fair value measurements, and business combinations, detailing 2022 acquisitions, Level III assets at **$233.0 million**, a **$20.0 million** accrual for regulatory investigations, and **$93.8 million** in unrecognized stock-based compensation cost - The company completed three acquisitions in 2022: DBO Partners (technology investment banking), Stamford Partners (European consumer M&A), and Cornerstone Macro (macro research)[400](index=400&type=chunk)[407](index=407&type=chunk)[410](index=410&type=chunk) - As of Dec 31, 2023, the company had **$233.0 million** in Level III assets measured at fair value, representing **21.9%** of total financial instruments measured at fair value These assets require significant management judgment for valuation[453](index=453&type=chunk) - The company has accrued **$20.0 million** for estimated civil penalties related to ongoing SEC and CFTC investigations into recordkeeping requirements for business-related communications[504](index=504&type=chunk) - As of Dec 31, 2023, there was **$93.8 million** of total unrecognized compensation cost related to unvested restricted stock and restricted stock units, expected to be recognized over a weighted average period of **2.9 years**[556](index=556&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=112&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports **no changes in or disagreements** with its accountants on any matter of accounting principles or practices, or financial statement disclosure - **None**[605](index=605&type=chunk) [Controls and Procedures](index=112&type=section&id=Item%209A.%20Controls%20and%20Procedures) Based on management's evaluation, including the CEO and CFO, the company's disclosure controls and procedures were deemed **effective** as of December 31, 2023, with **no material changes** to internal control over financial reporting during the fourth quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures are **effective**[606](index=606&type=chunk) - **No changes** in the system of internal control over financial reporting occurred during the fourth quarter of 2023 that materially affected, or are reasonably likely to materially affect, internal controls[607](index=607&type=chunk) [Other Information](index=112&type=section&id=Item%209B.%20Other%20Information) **No director or officer** adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the fourth quarter ended December 31, 2023 - **No director or officer** adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the fourth quarter ended December 31, 2023[609](index=609&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=113&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding executive officers, directors, the audit committee, and codes of ethics is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - This section incorporates by reference information from the registrant's Proxy Statement for its 2024 Annual Meeting of Shareholders[8](index=8&type=chunk)[612](index=612&type=chunk) [Executive Compensation](index=113&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive and director compensation, including compensation committee interlocks and insider participation, is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - This section incorporates by reference information from the registrant's Proxy Statement for its 2024 Annual Meeting of Shareholders[8](index=8&type=chunk)[613](index=613&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=113&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership by beneficial owners, management, and directors, as well as details on equity compensation plans, is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - This section incorporates by reference information from the registrant's Proxy Statement for its 2024 Annual Meeting of Shareholders[8](index=8&type=chunk)[614](index=614&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=113&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding director independence and the review and approval of transactions with related persons is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - This section incorporates by reference information from the registrant's Proxy Statement for its 2024 Annual Meeting of Shareholders[8](index=8&type=chunk)[615](index=615&type=chunk) [Principal Accountant Fees and Services](index=113&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding fees paid to the principal accountant and the audit committee's pre-approval policies for auditor services is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - This section incorporates by reference information from the registrant's Proxy Statement for its 2024 Annual Meeting of Shareholders[8](index=8&type=chunk)[616](index=616&type=chunk) Part IV [Exhibit and Financial Statement Schedules](index=114&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, included in Item 8, and notes that all required financial statement schedules are either included, inapplicable, or not required, also providing a detailed index of all exhibits filed with the Form 10-K - The Consolidated Financial Statements are included in Part II, Item 8 of the Form 10-K[617](index=617&type=chunk) - All financial statement schedules have been included in the Consolidated Financial Statements or related footnotes, or are inapplicable[618](index=618&type=chunk) [Form 10-K Summary](index=116&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports that **no Form 10-K summary** is provided - **None**[623](index=623&type=chunk)

NEW YORK--(BUSINESS WIRE)--Piper Sandler Companies (NYSE: PIPR), is pleased to announce the hiring of Rich Steiner as managing director and head of global market structure and algorithmic trading strategies. In addition, Ashley Teti joins the firm as a director in equity algorithmic sales. Steiner will be based in Atlanta and Teti will be located in New York. “With a wealth of experience in the financial services industry, Rich and Ashley bring a track record of leadership and a commitment to fostering tra ...

MINNEAPOLIS--(BUSINESS WIRE)--Piper Sandler Companies (NYSE: PIPR) has released its most recent financial results. The complete earnings release can be found on the firm’s website at pipersandler.com/earnings Join the earnings conference call on Friday, February 2, 2024 at 8:00 a.m. CT. Dial-in 888 394-8218 (in the U.S.)   +1 773 305-6853 (outside the U.S.) Passcode 7250922 Access the conference call audio webcast. A playback of the call will be available at pipersandle ...