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PIPER SANDLER Piper Sandler Companies Reports First Quarter 2021 Results ; Increases Quarterly Dividend to $ 0.45 Per Share MINNEAPOLIS - April 30 , 2021 - Piper Sandler Companies ( NYSE : PIPR ) today announced its results for the first quarter of 2021 . " We had another outstanding quarter with record revenues in excess of $ 400 million . Our performance was broad - based with both investment banking and institutional brokerage revenues hitting quarterly records , highlighting the ongoing strength and diversification of our franchise and the earnings power of our platform , " said Chad R. Abraham , chairman and chief executive officer . " We generated record adjusted net income for the quarter and we are pleased to share our continued success with our shareholders through an increase to our quarterly dividend . " ( Dollars in millions , except per share data ) Net revenues Net income applicable to Piper Sandler Companies Earnings per diluted common share First Quarter 2021 Results U.S. GAAP Adjusted ( 1 ) Q1 2021 $ 428.6 VS. Q4-20 6 % VS. Q1-20 A A $ $ 49.5 17 % 3.00 13 % 81 % N / M $ N / M $ $ Q1 2021 413.8 75.5 4.13 VS. VS. Q4-20 Q1-20 4 % 69 % 1 % 197 % -1 % 179 % • ( 1 ) A non - U.S . GAAP ( " non - GAAP " ) measure . For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures , see " Reconciliation of U.S. GAAP to Selected Summary Financial Information . " We believe that presenting our results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides the most meaningful basis for comparison of our operating results across periods . • • FINANCIAL & BUSINESS HIGHLIGHTS Record revenues for the first quarter of 2021 were driven by strong performance across all of our businesses . Corporate investment banking generated record quarterly revenues of $ 269.0 million , representing the second consecutive quarter with over $ 250 million of revenues , led by our leading healthcare franchise with strong contributions from our other industry groups . • Advisory services registered the second strongest quarter on record with $ 152.8 million of revenues for the first quarter of 2021 . Record corporate financing revenues of $ 116.1 million for the first quarter of 2021 , up 17 % over the previous quarterly peak , marks the first quarter on record of generating revenues in excess of $ 100 million . Institutional brokerage revenues of $ 109.5 million represents our strongest quarter on record and highlights the scale and diversification of the platform we have built . • Equity brokerage registered the second strongest quarter on record with $ 43.2 million of revenues for the first quarter of 2021 . • Fixed income revenues of $ 66.3 million for the first quarter of 2021 represent our strongest quarter on record . • While our revenues reflect the breadth and diversification of our platform , our operating results continue to demonstrate the power of our scale and our ability to successfully drive shareholder value through strategic investments . . • Our pre - tax margin on a U.S. GAAP basis of 19.3 % and our adjusted operating margin of 24.8 % for the first quarter of 2021 were driven primarily by record revenue levels . ⚫ For the first quarter of 2021 , we generated net income on a U.S. GAAP basis of $ 49.5 million and record adjusted net income of $ 75.5 million resulting from higher revenues and improved margins . • We generated quarterly U.S. GAAP earnings per diluted common share of $ 3.00 for the first quarter of 2021 , and our adjusted earnings per diluted common share of $ 4.13 represents the second strongest quarter on record . TALENT Named Mike Dillahunt as global co - head of investment banking and capital markets . Dillahunt previously led the expansion of the diversified industrials and services group's sector coverage as well as the growth of its private equity advisory business . • Increased our corporate investment banking managing director headcount on a net basis for the seventh consecutive quarter . • Promoted three internally developed bankers to managing director , of whom two are in healthcare and one is in technology . Added one managing director to our European healthcare team and one managing director to our diversified industrials and services group . CAPITAL • Increased the quarterly cash dividend to $ 0.45 per share of common stock which will be paid on June 11 , 2021 to shareholders of record as of May 28 , 2021 . • Returned an aggregate of $ 53.6 million to shareholders through dividends and share repurchases . • Paid an aggregate of $ 34.6 million , or $ 2.25 per share , to shareholders through the quarterly and annual special dividend . • Repurchased approximately 179,000 shares of common stock , or $ 19.0 million , at an average price of $ 106.04 per share . 1