Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of Cowen Inc (NASDAQ:COWN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 400,722 shares of the financial services provider’s stock, valued at approximately $5,470,000. Philadelphia Financial Management of San Francisco LLC owned approximately 1.29% of Cowen as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in COWN. Ariel Investments LLC lifted its stake in shares of Cowen by 32.9% during 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 in the last quarter. Garnet Equity Capital Holdings Inc. purchased a new position in shares of Cowen during the 4th quarter valued at $4,095,000. Gator Capital Management LLC purchased a new position in shares of Cowen during the 4th quarter valued at $2,715,000. Fosun International Ltd lifted its stake in shares of 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 buying an additional 142,367 shares in the last quarter. Finally, Systematic Financial Management LP purchased a new position in shares of Cowen during the 3rd quarter valued at $1,788,000. Institutional investors own 85.40% of the company’s stock.
A number of research firms recently weighed in on COWN. BidaskClub cut shares of Cowen from a “sell” rating to a “strong sell” rating in a research note on Saturday, December 30th. Nomura upgraded shares of Cowen from a “neutral” rating to a “buy” rating and lifted their target price for the company from $13.00 to $16.00 in a research note on Friday, February 16th.
Cowen (NASDAQ:COWN) last announced its quarterly earnings results on Thursday, February 15th. The financial services provider reported ($0.30) 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 positive return on equity of 1.99% and a negative net margin of 9.24%. The firm’s revenue for the quarter was up 67.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.48) EPS.
Cowen announced that its Board of Directors has approved a stock repurchase program 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 reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
TRADEMARK VIOLATION NOTICE: “Philadelphia Financial Management of San Francisco LLC Takes Position in Cowen Inc (COWN)” was published by American Banking News and is owned by of American Banking News. If you are viewing this story on another website, it was illegally copied and republished in violation of US & international copyright and trademark laws. The original version of this story can be read at https://www.americanbankingnews.com/2018/03/14/philadelphia-financial-management-of-san-francisco-llc-takes-position-in-cowen-inc-cown.html.
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.
Receive News & Ratings for Cowen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cowen and related companies with MarketBeat.com's FREE daily email newsletter.