NEW YORK (Dow Jones/AP) — Shares of Piper Jaffray Cos. rose Friday on its first regular day of trading.

The stock began trading on a "when-issued" basis on Dec. 19 on the New York Stock Exchange. On Wednesday, after the market closed, U.S. Bancorp completed its spin-off of the Minneapolis investment bank and brokerage.

The Piper Jaffray shares closed the day at $43, up $1.43, or 3.4 percent, on the NYSE.

Shares of Minneapolis-based U.S. Bancorp closed at $29.15, down 21 cents, or 0.7 percent, also on the NYSE.

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U.S. Bancorp shareholders received one share of Piper Jaffray common stock for every 100 shares of U.S. Bancorp common stock. The special dividend was paid to shareholders on Dec. 22.

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