Piper Sandler Companies reported adjusted net revenues of $383.3 million for the first quarter of 2025, an increase of 15% compared to the first quarter of 2024. U.S. GAAP net revenues also rose 4% year-over-year to $357.3 million.
Adjusted diluted earnings per share saw a significant jump of 47% year-over-year to $4.09, while U.S. GAAP diluted earnings per share increased 50% to $3.65. Advisory services revenues achieved record first-quarter revenues, growing 38% year-over-year to $216.8 million.
Institutional brokerage revenues increased 9% year-over-year to $99.3 million, driven by increased client activity. Municipal financing revenues also grew 27% to $26.4 million, while corporate financing revenues declined 32% to $35.7 million.
The firm's adjusted effective tax rate was negative 7.2% due to $25.4 million of tax benefits related to the vesting of restricted stock awards. Piper Sandler returned an aggregate of $151 million to shareholders during the quarter, including $70.3 million in dividends and $80.6 million in share repurchases for employee tax obligations.
The Board of Directors declared a quarterly cash dividend of $0.65 per share of common stock, payable on June 13, 2025, to shareholders of record as of May 30, 2025.
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