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Vanguard Capital Management and certain affiliates report beneficial ownership of Piper Sandler Cos common stock. They beneficially own 3,576,376 shares of common stock, representing 5.03% of the class as of June 30, 2026. The position is held across Vanguard-managed funds and accounts where Vanguard Capital Management LLC or specified affiliates exercise investment authority.
Within this stake, Vanguard has sole voting power over 538,050 shares and sole dispositive power over 3,576,376 shares, with no shared voting or dispositive power reported. Dividends and sale proceeds from these securities are payable to Vanguard-managed investment companies and other accounts, and no other single person has an interest in more than 5% of the class through these holdings.
Piper Sandler Companies reported strong Q2 2026 results, with U.S. GAAP net revenues of $495.5 million, up 25% year-over-year and 4% sequentially. Net income attributable to Piper Sandler Companies was $67.8 million and diluted EPS was $0.95, both up 61% from Q2 2025. Pre-tax margin expanded to 20.3% from 12.3% a year earlier. On a non-GAAP basis, adjusted net revenues were $491.1 million, up 21% year-over-year, while adjusted net income was $74.5 million and adjusted diluted EPS was $1.04, up 41%, with an adjusted operating margin of 21.8%.
Growth was led by advisory and financing businesses. Advisory services revenues rose to $274.2 million, up 34% year-over-year and 9% sequentially, while municipal financing revenues reached $49.5 million, up 18% year-over-year and 107% sequentially; equity brokerage generated $62.9 million, up 8% year-over-year, and fixed income services produced $48.6 million, down 14%. Non-interest expenses were $395.1 million, up 14% year-over-year, but the compensation ratio improved to 62.3% from 65.1%, and non-compensation expenses fell 4%. First-half 2026 net revenues were $969.9 million, up 29% year-over-year, which management described as the best first-half revenues on record. The board declared a quarterly dividend of $0.20 per share, and capital returns in the first half totaled $215 million, including $114.6 million of dividends and $100.9 million of share repurchases (1.3 million shares).
Piper Sandler Companies director Brian R. Sterling reported a compensation-related share award. On June 30, 2026, he accrued 345 shares of phantom stock by electing to defer his quarterly director cash retainer fees. These phantom shares will be paid in common stock after his board service ends.
Following this accrual, Sterling directly holds 104,910 shares of common stock. The transaction reflects a grant/award acquisition rather than an open-market purchase or sale.
PIPER SANDLER COMPANIES director Philip Soran acquired 345 shares tied to his board compensation. The Form 4 shows an "A" code transaction for 345 shares of Common Stock at a price of $0.00 per share, reflecting a grant or award rather than an open-market purchase.
According to the footnote, Soran elected to defer quarterly director cash retainer fees, which resulted in the accrual of 345 shares of phantom stock to his account. These phantom shares become payable in common stock on the last day of the year in which his service as a director ends. Following this award, his direct holdings total 81,633 shares of common stock.
Gallo Ann C reported acquisition or exercise transactions in this Form 4 filing.
Piper Sandler Companies director Ann C. Gallo reported a compensation-related stock accrual. She elected to defer her quarterly director cash retainer, resulting in an award of 345 shares of phantom stock at no cash cost. These phantom shares will be paid out in common stock on the last day of the year in which her board service ends. Following this grant, she directly holds 8,071 shares of Piper Sandler common stock.
Piper Sandler Companies director Scott C. Taylor reported an automatic stock-related award. On the reported date, he acquired 87 shares of common stock at no cost, described as dividend-equivalent phantom stock credited under the directors' deferred compensation plan. This increased his direct holdings to 68,014 common shares.
Sterling Brian R reported acquisition or exercise transactions in this Form 4 filing.
Piper Sandler Companies director Brian R. Sterling received a grant of 31 shares of common stock-equivalent phantom stock as compensation. The award was recorded at a price of $0.00 per share and brings his directly held and deferred position to 104,565 shares.
The footnote explains that dividend equivalents on phantom stock are automatically reinvested into additional phantom shares in the directors' deferred compensation plan. These phantom shares will be settled in an equal number of common shares, payable after Sterling’s service as a director ends.
Piper Sandler Companies director Philip Soran reported a compensation-related share award. He acquired 206 shares of common stock at $0.00 per share, bringing his directly held stake to 81,288 shares.
The award stems from dividend equivalents on phantom stock under the directors' deferred compensation plan. These phantom shares are deemed reinvested and will be paid out in an equal number of common shares after Soran’s board service ends.
Piper Sandler Companies director Mitchell Robbin reported a compensation-related share award. On the reported date, he acquired 40 shares at a price of $0.00 per share, increasing his directly held common stock to 15,755 shares. According to the disclosure, dividend equivalents on phantom stock are reinvested as additional phantom shares in the directors' deferred compensation plan and will be paid out in an equal number of common shares after his board service ends.