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PIPER SANDLER MINNEAPOLIS - July 30 , 2021 - Piper Sandler Companies ( NYSE : PIPR ) today announced its results for the second quarter of 2021 . " Record revenues and earnings for the second quarter of 2021 were led by outstanding advisory activity , " said Chad R. Abraham , chairman and chief executive officer . " Many of our corporate investment banking industry and product teams registered record performance on a year - to - date basis driving total corporate investment banking revenues of $ 620 million for the first half of 2021 , a two fold increase over the prior year period . Our industry team pipelines remain at record levels and we expect to finish the year strong . " Second Quarter 2021 Results ( Dollars in millions , except per share data ) Net revenues Piper Sandler Companies Reports Second Quarter 2021 Results ; Increases Quarterly Dividend to $ 0.55 Per Share Pre - tax margin Net income applicable to Piper Sandler Companies Earnings per diluted common share Q2 2021 $ 508.6 22.4 % $ 69.8 $ 4.12 ● U.S. GAAP VS. Q1-21 19 % 310 bps 41 % 37 % VS. Q2-20 74 % 1,990 bps N / M N / M ● Q2 2021 $ 492.7 27.7 % $ 98.6 $ 5.37 ● Adjusted ( 1 ) VS. N / M - Not meaningful ( 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 Q1-21 19 % 290 bps 31 % 30 % • Record net revenues for the second quarter of 2021 were driven by strong contributions from our investment banking businesses . Advisory services produced record revenues of $ 249 million for the second quarter of 2021 , an increase of 63 % over the first quarter of 2021 , driven by strong performance across many of our industry and product teams . VS. Q2-20 68 % 1,000 bps 186 % 178 % • For the second quarter of 2021 , municipal financing revenues of $ 36 million increased 33 % sequentially and represent our second strongest quarter on record . • For the first half of 2021 , we generated net revenues in excess of $ 900 million representing our strongest first half on record . Investment banking generated revenues of $ 683 million , up 90 % over last year as advisory services , corporate and municipal financing all had record first half revenues driven by strong execution across our industry and product teams . Corporate financing generated revenues of $ 102 million for the current quarter representing the second consecutive quarter with revenues in excess of $ 100 million . Institutional brokerage generated record first half revenues of $ 205 million , up 15 % over 2020 driven by fixed income services as the breadth of our product offerings and deep client relationships are driving strong results . • Our operating results for the first half of 2021 continue to demonstrate our enhanced scale and ability to successfully drive shareholder value . Our pre - tax margin on a U.S. GAAP basis of 21.0 % for the first half of 2021 and our adjusted operating margin of 26.4 % were driven by record revenue levels . For the first half of 2021 , U.S. GAAP earnings per diluted common share of $ 7.14 and our adjusted earnings per diluted common share of $ 9.51 represent the strongest start to a year on record . TALENT • Increased our corporate investment banking managing director headcount on a net basis during the quarter with additions in healthcare services , medtech , renewables and clean energy , oilfield services and equipment , and industrial software and technology . Record net income on a U.S. GAAP basis of $ 119 million for the first half of 2021 and record adjusted net income of $ 174 million resulted from higher revenues and improved margins . • Continued to build out our public finance special districts group with the recent addition of three bankers , and over the last six months , we have grown the team to over 20 dedicated professionals . Expanded our equity research coverage with the addition of two senior analysts in the technology sector . CAPITAL • Increased the quarterly cash dividend to $ 0.55 per share of common stock , which will be paid on September 10 , 2021 to shareholders of record as of August 27 , 2021. This quarterly cash dividend represents a 22 % increase compared to the quarterly cash dividend paid for the first quarter of 2021 . • Returned an aggregate of $ 77.2 million to shareholders during the first half of 2021 through dividends and share repurchases . Paid an aggregate of $ 41.0 million , or $ 2.70 per share , to shareholders through the quarterly and annual special dividend . Repurchased approximately 321,000 shares of common stock , or $ 36.2 million , at an average price of $ 112.75 per share . 1