Cowen (NASDAQ:COWN) issued its quarterly earnings results on Thursday. The financial services provider reported ($0.30) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.69), Bloomberg Earnings reports. The company had revenue of $204.50 million during the quarter, compared to analyst estimates of $178.98 million. Cowen had a negative net margin of 9.24% and a positive return on equity of 1.94%. The business’s revenue was up 67.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.48) EPS.
Cowen (NASDAQ COWN) opened at $14.80 on Friday. The stock has a market capitalization of $405.69, a PE ratio of -6.79 and a beta of 1.44. Cowen has a 52-week low of $11.62 and a 52-week high of $18.25. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.79 and a quick ratio of 0.79.
Cowen declared that its Board of Directors has initiated a stock buyback plan on Thursday, February 15th that authorizes the company to repurchase $23.60 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
Several equities analysts recently issued reports on COWN shares. Nomura dropped their price target on Cowen from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 31st. BidaskClub cut Cowen from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th.
A number of hedge funds have recently modified their holdings of the stock. MetLife Investment Advisors LLC acquired a new position in Cowen in the 4th quarter valued at about $180,000. Cowen Inc. acquired a new position in Cowen in the 4th quarter valued at about $2,036,000. Glacier Peak Capital LLC increased its position in Cowen by 8.9% in the 4th quarter. Glacier Peak Capital LLC now owns 112,073 shares of the financial services provider’s stock valued at $1,995,000 after acquiring an additional 9,118 shares during the period. Philadelphia Financial Management of San Francisco LLC acquired a new position in Cowen in the 4th quarter valued at about $5,470,000. Finally, Garnet Equity Capital Holdings Inc. acquired a new position in Cowen in the 4th quarter valued at about $4,095,000. Hedge funds and other institutional investors own 79.38% of the company’s stock.
Cowen Inc, formerly Cowen Group, Inc, is a financial services company. The Company provides alternative investment management, investment banking, research, sales and trading, and prime brokerage services. It operates through two segments: alternative investment and broker-dealer. The alternative investment segment includes private equity structures, registered investment companies and listed investment vehicles.
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