400,722 Shares in Cowen Inc (COWN) Acquired by Philadelphia Financial Management of San Francisco LLC
Philadelphia Financial Management of San Francisco LLC purchased a new position in Cowen Inc (NASDAQ:COWN) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 400,722 shares of the financial services provider’s stock, valued at approximately $5,470,000.
A number of other hedge funds also recently made changes to their positions in the business. Prudential Financial Inc. grew its holdings in Cowen by 34.6% during the 3rd quarter. Prudential Financial Inc. now owns 59,865 shares of the financial services provider’s stock valued at $1,065,000 after purchasing an additional 15,380 shares during the last quarter. Fosun International Ltd grew its holdings in Cowen by 12.4% during the 3rd quarter. Fosun International Ltd now owns 1,287,554 shares of the financial services provider’s stock valued at $22,919,000 after purchasing an additional 142,367 shares during the last quarter. SG Americas Securities LLC grew its holdings in Cowen by 31.5% during the 3rd quarter. SG Americas Securities LLC now owns 409,306 shares of the financial services provider’s stock valued at $7,286,000 after purchasing an additional 98,115 shares during the last quarter. Cadence Capital Management LLC bought a new position in Cowen during the 3rd quarter valued at about $1,435,000. Finally, Trexquant Investment LP bought a new position in Cowen during the 3rd quarter valued at about $257,000. Institutional investors and hedge funds own 85.40% of the company’s stock.
COWN has been the topic of several analyst reports. BidaskClub upgraded shares of Cowen from a “strong sell” rating to a “sell” rating in a report on Friday, December 22nd. Nomura upgraded shares of 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 report on Friday, February 16th.
Cowen (NASDAQ:COWN) last released its quarterly earnings data on Thursday, February 15th. The financial services provider reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.69). The company had revenue of $204.50 million during the quarter, compared to analysts’ expectations of $178.98 million. Cowen had a negative net margin of 9.24% and a positive return on equity of 1.99%. Cowen’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period last year, the firm earned ($0.48) earnings per share.
Cowen announced that its board has initiated a stock repurchase plan on Thursday, February 15th that authorizes the company to repurchase $23.60 million in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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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