Piper Sandler Companies Announces 2024 Annual Meeting of Shareholders

Ticker: PIPR · Form: DEF 14A · Filed: Apr 12, 2024 · CIK: 1230245

Piper Sandler Companies DEF 14A Filing Summary
FieldDetail
CompanyPiper Sandler Companies (PIPR)
Form TypeDEF 14A
Filed DateApr 12, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$1.33 b, $166.4 m, $9, $155 million, $5 billion
Sentimentneutral

Sentiment: neutral

Topics: Proxy Statement, Annual Meeting, Financial Performance, Shareholder Returns, Market Share

TL;DR

<b>Piper Sandler Companies will hold its 2024 annual shareholder meeting virtually on May 23, 2024, reporting $1.33 billion in adjusted net revenues and $166.4 million in adjusted net income for 2023.</b>

AI Summary

PIPER SANDLER COMPANIES (PIPR) filed a Proxy Statement (DEF 14A) with the SEC on April 12, 2024. Annual meeting scheduled for May 23, 2024, held virtually via webcast. Reported adjusted net revenues of $1.33 billion for 2023. Achieved adjusted net income of $166.4 million and adjusted EPS of $9.28 in 2023. Returned $155 million to shareholders via share repurchases and dividends in 2023. Advisory services revenue declined only 9% despite a 32% drop in middle-market M&A activity.

Why It Matters

For investors and stakeholders tracking PIPER SANDLER COMPANIES, this filing contains several important signals. The virtual format for the annual meeting may increase accessibility for a broader range of shareholders. The company's ability to gain market share in advisory services despite a market downturn highlights strategic execution and client value.

Risk Assessment

Risk Level: medium — PIPER SANDLER COMPANIES shows moderate risk based on this filing. The company operates in a highly competitive financial services industry subject to significant regulatory oversight and market volatility, as evidenced by the macroeconomic uncertainties and tightened lending standards impacting client activity in 2023.

Analyst Insight

Shareholders should review the proposals and executive compensation details presented in the proxy statement to make informed voting decisions.

Financial Highlights

revenue
1.33
net Income
166.4
eps
9.28

Key Numbers

  • 1.33 — Adjusted Net Revenues (2023) (in billions of dollars)
  • 166.4 — Adjusted Net Income (2023) (in millions of dollars)
  • 9.28 — Adjusted EPS (2023) (in dollars)
  • 155 — Capital Returned to Shareholders (2023) (in millions of dollars)
  • 32 — Middle-Market M&A Decline (YoY) (percentage)
  • 9 — Advisory Services Revenue Decline (YoY) (percentage)
  • 46 — Equity Capital Raising Revenue Growth (YoY) (percentage)
  • 2024-05-23 — Annual Meeting Date (Central Time)

Key Players & Entities

  • Piper Sandler Companies (company) — Registrant name
  • May 23, 2024 (date) — Date of annual meeting
  • $1.33 billion (dollar_amount) — Adjusted net revenues for 2023
  • $166.4 million (dollar_amount) — Adjusted net income for 2023
  • $9.28 (dollar_amount) — Adjusted earnings per share for 2023
  • $155 million (dollar_amount) — Capital returned to shareholders in 2023
  • 32% (percentage) — Decline in middle-market M&A activity
  • 9% (percentage) — Decline in advisory services revenues

FAQ

When did PIPER SANDLER COMPANIES file this DEF 14A?

PIPER SANDLER COMPANIES filed this Proxy Statement (DEF 14A) with the SEC on April 12, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by PIPER SANDLER COMPANIES (PIPR).

Where can I read the original DEF 14A filing from PIPER SANDLER COMPANIES?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by PIPER SANDLER COMPANIES.

What are the key takeaways from PIPER SANDLER COMPANIES's DEF 14A?

PIPER SANDLER COMPANIES filed this DEF 14A on April 12, 2024. Key takeaways: Annual meeting scheduled for May 23, 2024, held virtually via webcast.. Reported adjusted net revenues of $1.33 billion for 2023.. Achieved adjusted net income of $166.4 million and adjusted EPS of $9.28 in 2023..

Is PIPER SANDLER COMPANIES a risky investment based on this filing?

Based on this DEF 14A, PIPER SANDLER COMPANIES presents a moderate-risk profile. The company operates in a highly competitive financial services industry subject to significant regulatory oversight and market volatility, as evidenced by the macroeconomic uncertainties and tightened lending standards impacting client activity in 2023.

What should investors do after reading PIPER SANDLER COMPANIES's DEF 14A?

Shareholders should review the proposals and executive compensation details presented in the proxy statement to make informed voting decisions. The overall sentiment from this filing is neutral.

Risk Factors

  • Macroeconomic Uncertainty [medium — market]: Persistent inflation, higher interest rates, and tightened lending standards contributed to macroeconomic uncertainty and muted client activity in 2023.
  • M&A Market Decline [medium — market]: Overall middle-market mergers and acquisitions activity declined 32% from 2022, impacting business volumes.
  • Competitive Landscape [medium — operational]: The company operates in a competitive financial services industry requiring continuous adaptation to market conditions and client needs.

Filing Stats: 4,478 words · 18 min read · ~15 pages · Grade level 12.1 · Accepted 2024-04-12 09:30:37

Key Financial Figures

  • $1.33 b — the year with adjusted net revenues of $1.33 billion, adjusted net income of $166.4 mi
  • $166.4 m — f $1.33 billion, adjusted net income of $166.4 million, and adjusted earnings per share
  • $9 — ion, and adjusted earnings per share of $9.28, and we returned $155 million of cap
  • $155 million — ngs per share of $9.28, and we returned $155 million of capital to shareholders through shar
  • $5 billion — quity capital raising revenues from sub-$5 billion market cap companies increased 46% in 2
  • $1.33B — 2023 performance highlights include: $1.33B Adjusted Net Revenues We generated
  • $1.33 billion — We generated adjusted net revenues of $1.33 billion. $166.4M Adjusted Net Income We
  • $166.4M — justed net revenues of $1.33 billion. $166.4M Adjusted Net Income We achieved ad
  • $166.4 million — me We achieved adjusted net income of $166.4 million. $9.28 Adjusted Earnings Per Share
  • $9.28 — djusted net income of $166.4 million. $9.28 Adjusted Earnings Per Share We ach

Filing Documents

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 23 Compensation Discussion and Analysis 23 Compensation Committee Report 45 Summary Compensation Table 46 Grants of Plan-Based Awards 48 Outstanding Equity Awards at Fiscal Year-End 49 Option Exercises and Stock Vested 50 Potential Payments Upon Termination or Change-in-Control 50 Pay Versus Performance 52 CEO Pay Ratio 55 Equity Compensation Plan Information 55 Risk Assessment of Compensation Policies and Practices 56

SECURITY OWNERSHIP

SECURITY OWNERSHIP 57 Stock Ownership Guidelines 57 Beneficial Ownership of Directors, Nominees and Executive Officers 57 Beneficial Owners of More than Five Percent of Our Common Stock 59 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS 60 Compensation Committee Interlocks and Insider Participation 60 Transactions with Related Persons 60 Review and Approval of Transactions with Related Persons 60 AUDIT COMMITTEE REPORT AND PAYMENT OF FEES TO OUR INDEPENDENT AUDITOR 61 Audit Committee Report 61 Auditor Fees 61 TABLE OF CONTENTS Auditor Services Pre-Approval Policy 62 PROPOSAL TWO—RATIFICATION OF SELECTION OF INDEPENDENT AUDITOR 63 PROPOSAL THREE—ADVISORY (NON-BINDING) VOTE ON EXECUTIVE COMPENSATION 64 QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING AND VOTING 66 SHAREHOLDER PROPOSALS FOR THE 2025 ANNUAL MEETING 71 HOUSEHOLDING 71 OTHER MATTERS 72 APPENDIX A—RECONCILIATION OF U.S. GAAP FINANCIAL PERFORMANCE FIGURES TO ADJUSTED NON-GAAP FINANCIAL INFORMATION A-1 TABLE OF CONTENTS PROXY STATEMENT 2024 ANNUAL MEETING OF SHAREHOLDERS TO BE HELD MAY 23, 2024 INTRODUCTION The Board of Directors of Piper Sandler Companies is soliciting proxies for use at the annual meeting of shareholders to be held virtually on May 23, 2024, and at any adjournment or postponement of the meeting. The notice of Internet Availability of Proxy Materials, which contains instructions on how to access this proxy statement and our annual report online, is first being mailed to shareholders on or about April 12, 2024. Executive Summary This summary highlights information contained elsewhere in this proxy statement. This summary does not contain all the information that you should consider, and you should read the entire proxy statement carefully before voting. Annual Meeting of Shareholders Date and Time: Thursday, May 23, 2024, at 2:00 p.m., Central Time Website: www.virtualshareholdermeeting.com/PI

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