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PIPER JAFFRAY COMPANIES INCREASES QUARTERLY DIVIDEND 40 PERCENT; DECLARES TWO-FOR-ONE STOCK SPLIT

 MINNEAPOLIS, Nov. 9 /PRNewswire/ -- The board of directors of Piper Jaffray Companies Inc. (NYSE: PJC), the Minneapolis-based financial services firm, today announced that it has authorized a 40 percent increase in the company's quarterly common stock dividend. The board increased its quarterly dividend from 25 cents per share to 35 cents per share, payable on Dec. 7, 1993, to shareholders of record on Nov. 23, 1993. The company last week reported record revenues of $410.7 million and net income of $41.0 million for the fiscal year ended Sept. 30, 1993.
 The board also declared a two-for-one stock split in the form of a 100 percent stock dividend to be distributed on Dec. 7, 1993, to shareholders of record on Nov. 23, 1993. Shareholders will receive one additional share of common stock of Piper Jaffray Companies Inc. for each share previously held.
 "The stock split and the dividend increase reflect the board's confidence in the future earnings strength of Piper Jaffray Companies," said Addison L. Piper, chairman of the board and chief executive officer. "We are pleased to be able to share the benefits of our strong performance in the form of a substantially increased dividend."
 Piper Jaffray Companies is the parent company of Piper Jaffray Inc., a full-service investment firm with 73 retail sales offices in 17 Midwest, Mountain, Southwest and Pacific Coast states. Piper Jaffray has capital markets offices in Denver; Des Moines, Iowa; Kansas City, Mo.; Lincoln, Neb.; London; Los Angeles; Milwaukee; Minneapolis; Portland, Ore.; San Francisco; and Seattle. Other subsidiaries include Piper Capital Management Incorporated, a money management company with more than $12 billion under management; and Piper Trust Company, which provides trust services to individuals and institutions. Founded in 1895, Piper Jaffray is a member of the New York Stock Exchange and other major stock exchanges.
 -0- 11/9/93
 /CONTACT: Marie Uhrich, public relations, of Piper Jaffray Companies, 612-342-6583/
 (PJC)


CO: Piper Jaffray Companies Inc. ST: Minnesota IN: FIN SU: DIV

DB-AL -- MN015 -- 2290 11/09/93 13:24 EST
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Publication:PR Newswire
Date:Nov 9, 1993
Words:337
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