Piper Sandler Companies (NYSE:PIPR) shares are trading higher after the company reported better-than-expected fourth-quarter results.
Piper Sandler reported Q4 sales of $471.85 million, beating the Wall Street Estimate of $370.12 million. Sales jumped 21% year over year.
The company reported adjusted EPS of $4.03, exceeding the analyst’s view of $2.60.
Advisory services revenues of $284.3 million for the quarter, representing the second strongest quarter on record, the company said.
Corporate financing revenues of $30.2 million fell 18% year over year due to fewer completed deals.
For the fourth quarter, non-interest expenses jumped 11% compared to the fourth quarter of 2022.
Adjusted operating income was $99.1 million, up 31% year over year, with an adjusted operating margin of 21.7%, higher than 19.3% in the year-ago quarter.
Special Dividend: The company declared a special cash dividend on the company’s common stock of $1.00 per share to be paid on March 15, 2024.
In addition, the firm declared a quarterly cash dividend on the company’s common stock of $0.60 per share.
Price Action: PIPR shares are trading higher by 5.81% to $187.65 on the last check Friday.
