JMP Group Declares Quarterly Dividend
29 April 2019 - 10:30PM
Business Wire
JMP Group LLC (NYSE: JMP), an investment banking and alternative
asset management firm, announced that today its board of directors
has declared a regular cash dividend of $0.04 per share for the
first quarter of 2019 to be paid on Friday, May 31, 2019, to common
stockholders of record as of Friday, May 17, 2019.
As announced on January 17, 2019, JMP Group filed an election
with the Internal Revenue Service to be treated as a C corporation
for tax purposes, rather than as a partnership, with an effective
date retroactive to January 1, 2019. The Internal Revenue Service
has since approved the change in the company’s tax status. As a
result, monthly cash distributions that were declared in advance of
each period while the company was taxed as a partnership have been
replaced with quarterly cash dividends declared subsequent to each
period, in keeping with the company’s practices when it was a
corporation prior to 2015.
“The value of our partnership structure was essentially
eliminated by recent changes to tax law,” said Chairman and Chief
Executive Officer Joe Jolson. “While we expect to pay more income
tax going forward, our pre-tax income should be higher because of
cost savings, and we expect to retain more of our operating income
to fuel faster organic growth of our core businesses. Our board of
directors has set a quarterly dividend rate that, when annualized,
approximates 50% of our expected annual operating earnings for
2019.”
About JMP Group
JMP Group LLC is a diversified capital markets firm that
provides investment banking, equity research, and sales and trading
services to corporate and institutional clients as well as
alternative asset management products and services to institutional
and high-net-worth investors. JMP Group conducts its investment
banking and research, sales and trading activities through JMP
Securities; its hedge fund, venture capital and private capital
activities through Harvest Capital Strategies and JMP Asset
Management; and the management of Harvest Capital Credit
Corporation (NASDAQ: HCAP), a business development company, through
HCAP Advisors. For more information, visit www.jmpg.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190429005790/en/
Investor Relations ContactJMP Group LLCAndrew Palmer(415)
835-8978apalmer@jmpg.com
Media Relations ContactsDukas Linden Public Relations,
Inc.Zach Leibowitz(646) 722-6528zach@dlpr.com
Alyssa Noud(646) 722-6525alyssa@dlpr.com
JMP (NYSE:JMP)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
JMP (NYSE:JMP)
Historical Stock Chart
Von Jul 2023 bis Jul 2024