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PIPER SANDLER Piper Sandler Companies Reports Third Quarter 2021 Results ; Declares Special Dividend of $ 3.00 Per Share and Quarterly Dividend of $ 0.55 Per Share MINNEAPOLIS - October 29 , 2021 - Piper Sandler Companies ( NYSE : PIPR ) today announced its results for the third quarter of 2021 . " We generated our fourth consecutive quarter with net revenues at or above $ 400 million , driven by strong contributions across our businesses , " said Chad R. Abraham , chairman and chief executive officer . " We remain committed to returning excess capital to our shareholders and with our strong earnings and positive outlook , we declared a special cash dividend of $ 3.00 per share . " Third Quarter 2021 Results ( Dollars in millions , except per share data ) Net revenues Pre - tax margin Net income applicable to Piper Sandler Companies Earnings per diluted common share Q3 2021 $ 445.6 17.0 % $ 45.7 $ 2.68 U.S. GAAP VS. Q2-21 -12 % -540 bps -35 % -35 % VS. Q3-20 47 % 890 bps 294 % 244 % Q3 2021 $ 440.3 26.3 % $ 82.8 $ 4.55 Adjusted ( 1 ) VS. Q2-21 -11 % -140 bps -16 % -15 % VS. Q3-20 48 % 590 bps 94 % 91 % ( 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 • Net revenues for the third quarter of 2021 moderated on a sequential basis and increased compared to the third quarter of 2020 . Corporate investment banking generated revenues of $ 293 million for the third quarter of 2021 representing the fourth consecutive quarter with over $ 250 million of revenues . Performance was led by the financial services group , which registered their strongest quarter on record . Municipal financing generated record revenues of $ 42 million for the third quarter of 2021 , up 60 % over the prior year quarter compared to a decline in par value issued for the municipal negotiated market . Institutional brokerage generated revenues of $ 90 million for the third quarter of 2021 , up over the prior year quarter . For the first nine months of 2021 , net revenues exceeded $ 1.3 billion and represent our strongest first nine months on record with advisory services , corporate and municipal financing , and fixed income services all generating record year - to - date revenues . Advisory services was a significant driver of growth with revenues of $ 616 million , or 45 % of net revenues , up 125 % over the prior year . Operating results for the first nine months of 2021 continue to demonstrate our enhanced scale , diversification and ability to drive shareholder value while operating a capital - light business . Our pre - tax margin on a U.S. GAAP basis of 19.7 % for the first nine months of 2021 and our adjusted operating margin of 26.4 % were driven by record revenue levels and continued cost discipline . Net income on a U.S. GAAP basis of $ 165 million for the first nine months of 2021 and record adjusted net income of $ 257 million resulted from higher revenues and improved margins . For the first nine months of 2021 , U.S. GAAP earnings per diluted common share of $ 9.81 and our adjusted earnings per diluted common share of $ 14.08 represent the strongest first nine months on record . STRATEGIC UPDATES • On October 14 , 2021 , we announced the acquisition of Cornerstone Macro , an independent research firm that offers best - in - class macro research and equity derivatives trading to institutional investors . Adds 50+ professionals , including 21 research analysts , to our platform and represents a significant step towards building a durable $ 200 million + institutional equities business with opportunity to grow over the long term . Expected to close in the first quarter of 2022 subject to customary closing conditions and regulatory approval . TALENT • Increased our investment banking managing director headcount on a net basis for the eighth consecutive quarter including the addition of a financial sponsors managing director in Europe . Expanded our credit union coverage with the recent addition of a senior salesperson in fixed income . • Hired a director of diversity & inclusion which further advances our strategic priority of becoming a more diverse and inclusive firm . CAPITAL Declared a special cash dividend of $ 3.00 per share of common stock and a quarterly cash dividend of $ 0.55 per share of common stock . Both dividends will be paid on December 10 , 2021 to shareholders of record as of November 23 , 2021 . • Returned an aggregate of $ 117.5 million to shareholders during the first nine months of 2021 through dividends and share repurchases , including $ 32.2 million , or approximately 243,000 shares , repurchased during the third quarter of 2021 . 1