Cowen Inc. bought a new position in shares of Cowen Inc (NASDAQ:COWN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 149,188 shares of the financial services provider’s stock, valued at approximately $2,036,000. Cowen Inc. owned about 0.48% of Cowen as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also made changes to their positions in COWN. Northern Trust Corp grew its holdings in shares of Cowen by 3.6% during the second quarter. Northern Trust Corp now owns 299,114 shares of the financial services provider’s stock worth $4,860,000 after purchasing an additional 10,376 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Cowen by 2.0% during the second quarter. Vanguard Group Inc. now owns 1,157,564 shares of the financial services provider’s stock valued at $18,810,000 after acquiring an additional 22,937 shares during the period. California Public Employees Retirement System lifted its stake in shares of Cowen by 30.8% during the second quarter. California Public Employees Retirement System now owns 45,875 shares of the financial services provider’s stock valued at $745,000 after acquiring an additional 10,800 shares during the period. Voya Investment Management LLC lifted its stake in shares of Cowen by 15.7% during the second quarter. Voya Investment Management LLC now owns 13,335 shares of the financial services provider’s stock valued at $217,000 after acquiring an additional 1,806 shares during the period. Finally, State Street Corp lifted its stake in shares of Cowen by 7.9% during the second quarter. State Street Corp now owns 561,313 shares of the financial services provider’s stock valued at $9,121,000 after acquiring an additional 41,335 shares during the period. Institutional investors own 85.40% of the company’s stock.
Shares of COWN traded down $0.30 during trading hours on Friday, hitting $14.00. 296,030 shares of the stock traded hands, compared to its average volume of 375,104. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.80. Cowen Inc has a 1-year low of $11.63 and a 1-year high of $18.25. The firm has a market capitalization of $421.24, a PE ratio of 26.48 and a beta of 1.27.
Cowen (NASDAQ:COWN) last released its earnings results on Thursday, February 15th. The financial services provider reported ($0.30) earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.69). Cowen had a negative net margin of 9.24% and a positive return on equity of 1.99%. The company had revenue of $204.50 million during the quarter, compared to analyst estimates of $178.98 million. During the same period in the previous year, the company posted ($0.48) EPS. The company’s quarterly revenue was up 67.2% compared to the same quarter last year.
Cowen declared that its board has authorized a stock repurchase 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. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
Several brokerages have recently issued reports on COWN. Nomura raised Cowen from a “neutral” rating to a “buy” rating and upped their price target for the company from $13.00 to $16.00 in a research note on Friday, February 16th. BidaskClub lowered Cowen from a “sell” rating to a “strong sell” rating in a research note on Saturday, December 30th.
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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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