PIPER JAFFRAY DECLARES STOCK SPLIT, QUARTERLY DIVIDEND
PIPER JAFFRAY DECLARES STOCK SPLIT, QUARTERLY DIVIDEND MINNEAPOLIS, Nov. 6 /PRNewswire/ -- The board of directors of
Piper Jaffray Incorporated (NASDAQ: PIPR), parent company of the Minneapolis-based investment firm of Piper, Jaffray & Hopwood, today declared a 2-for-1 stock split effected in the form of a 100 percent stock dividend to be distributed on Dec. 10, 1991, to shareholders of record at the close of business on Nov. 26, 1991. Shareholders will receive one additional share of common stock, par value $1 per share, of Piper Jaffray Incorporated for each one share previously held. The company yesterday reported record revenues of $267.8 million and net income of $19.3 million for the fiscal year ended Sept. 23, 1991.
The company also increased its quarterly dividend to 35 cents per share from 30 cents per share on its common stock, payable Dec. 10, 1991, to shareholders of record on Nov. 26, 1991. The new dividend was declared under the revised dividend policy announced July 25, 1991. Under the new dividend policy, the company intends to pay quarterly dividends in March, June, September and December. Piper Jaffray Incorporated is the parent company of Piper, Jaffray & Hopwood, a full-service investment firm with 66 retail offices in 16 Midwest, Mountain and Pacific Northwest states. The firm has capital markets offices in Minneapolis, New York, Seattle, Portland, Los Angeles, Kansas City, Denver, Boston and London. Other subsidiaries include Piper Capital Management, an asset management company with more than $5.4 billion under management, and Piper Trust, which provides trust services to individuals and institutions. Founded in 1895, Piper, Jaffray & Hopwood Incorporated is a member of the New York Stock Exchange and other major stock, futures and options exchanges. -0- 11/6/91 /CONTACT: Marie Uhrich of Piper, Jaffray and Hopwood Inc., 612-342-6583/ (PIPR) CO: PIPER ST: Minnesota IN: FIN SU: DIV AL-JS -- MN012 -- 1810 11/06/91 14:47 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 6, 1991|
|Previous Article:||PAN AM REPORTS OCTOBER TRAFFIC|
|Next Article:||COTTON STATES LIFE AND HEALTH INSURANCE COMPANY ANNOUNCES THIRD QUARTER RESULTS|