Cowen (COWN) Posts Earnings Results, Misses Expectations By $0.69 EPS

Cowen (NASDAQ:COWN) announced its quarterly earnings results on Thursday. The financial services provider reported ($0.30) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.69), Bloomberg Earnings reports. The firm had revenue of $204.50 million for the quarter, compared to analyst estimates of $178.98 million. Cowen had a return on equity of 1.54% and a net margin of 2.29%. The firm’s quarterly revenue was up 67.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.48) EPS.

Shares of Cowen (NASDAQ:COWN) traded up $0.05 during midday trading on Thursday, hitting $12.35. 316,200 shares of the stock were exchanged, compared to its average volume of 326,262. The firm has a market cap of $382.38, a P/E ratio of 61.75 and a beta of 1.44. 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 has a fifty-two week low of $11.75 and a fifty-two week high of $18.25.

Several hedge funds and other institutional investors have recently made changes to their positions in COWN. FMR LLC boosted its position in Cowen by 35.4% in the 2nd quarter. FMR LLC now owns 2,317,324 shares of the financial services provider’s stock valued at $37,657,000 after buying an additional 605,935 shares during the period. Ariel Investments LLC boosted its position in Cowen by 32.9% in the 4th quarter. Ariel Investments LLC now owns 2,129,096 shares of the financial services provider’s stock valued at $29,062,000 after buying an additional 526,822 shares during the period. Philadelphia Financial Management of San Francisco LLC purchased a new position in Cowen in the 4th quarter valued at approximately $5,470,000. Garnet Equity Capital Holdings Inc. purchased a new position in Cowen in the 4th quarter valued at approximately $4,095,000. Finally, Gator Capital Management LLC purchased a new position in Cowen in the 4th quarter valued at approximately $2,715,000. Institutional investors and hedge funds own 79.38% of the company’s stock.

A number of brokerages have recently issued reports on COWN. BidaskClub upgraded shares of Cowen from a “strong sell” rating to a “sell” rating in a report on Saturday, February 10th. Nomura cut their price target on shares of Cowen from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Tuesday, October 31st.

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Cowen Company Profile

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.

Earnings History for Cowen (NASDAQ:COWN)

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