Piper Sandler Companies reported U.S. GAAP net revenues of $1.53 billion for the full year 2024, an increase of 13% compared to 2023. Adjusted net revenues for the year reached $1.54 billion, up 16% year-over-year, marking the firm's second strongest year on record.
For the full year, U.S. GAAP net income attributable to Piper Sandler Companies more than doubled to $181.1 million, a 112% increase from 2023, with U.S. GAAP diluted earnings per share rising 106% to $10.24. Adjusted diluted earnings per share increased 37% to $12.69.
In the fourth quarter of 2024, U.S. GAAP net revenues were $484.1 million, up 35% sequentially and 3% year-over-year. Adjusted net revenues for Q4 increased 42% quarter-over-quarter and 9% year-over-year to $498.6 million, driven by higher revenues across all businesses.
Investment banking revenues for Q4 2024 increased 55% sequentially to $373.4 million, with corporate financing revenues surging 195% quarter-over-quarter. Institutional brokerage revenues also saw a 16% sequential increase to $117.3 million.
The Board of Directors declared a special cash dividend of $3.00 per share related to fiscal year 2024 results, bringing the total dividend for 2024 to $5.50 per share, representing a 43% payout ratio of adjusted net income. Additionally, a quarterly cash dividend of $0.65 per share was declared, both payable on March 14, 2025.
The company also repurchased approximately 22,000 shares, totaling $6.5 million, in Q4 2024 to meet employee tax obligations, contributing to $66.4 million in share repurchases for the full year.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.