Piper Sandler Q2 net revenue $352M (-31% YoY); GAAP EPS $1.26, adj $2.47

PIPER SANDLER COMPANIES

2022-Q2 EPS reported $3.39 revenue$707,392,000

GAAP net revenue $352.2M, flat QoQ but down 31% YoY; investment banking $234.1M (-40% YoY).
GAAP diluted EPS $1.26, adj EPS $2.47; GAAP pre-tax margin 10.6% vs 22.4% a year ago.
Institutional brokerage $104.9M (+10% YoY) record quarter, driven by equity brokerage +47%.
Declared $0.60/share quarterly dividend payable Sept 9; repurchased 418k shares for $50M in Q2.
Closed Stamford Partners acquisition; pending DBO Partners expected Q4 2022 adds 23 professionals.

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