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.

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.