Piper Jaffray Companies (PJC) Approves $100M Buyback

August 15, 2012 3:16 PM EDT
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Piper Jaffray Companies (NYSE: PJC) today announced that its board of directors has authorized the repurchase of up to $100 million of the company’s outstanding common stock, effective Oct. 1, 2012. The principal purpose of the share repurchase program is to manage the firm’s equity capital relative to its overall capital structure and to offset the dilutive effect of employee equity-based awards.

The share repurchase authorization expires Sept. 30, 2014. As of Aug. 10, 2012, Piper Jaffray Companies had 17.8 million common shares outstanding.

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