Piper Jaffray Announces New $100 Mln Stock Buyback Authorization

(RTTNews) - Piper Jaffray Companies (PJC) said Thursday that its board of directors has authorized the repurchase of up to $100 million of the company's outstanding common stock, effective October 1.

The latest one replaces the $100 million authorization that expires on September 30.

The company said the main purpose of the share repurchase program is to manage its equity capital relative to its overall capital structure and to offset the dilutive effect of employee equity-based awards.

The share repurchase authorization expires September 30, 2016.

As of July 18, 2014, Piper Jaffray had 16.3 million common shares outstanding.