Chicago Equity Partners LLC purchased a new stake in Cowen Group (NASDAQ:COWN) during the first quarter, Holdings Channel reports. The fund purchased 137,020 shares of the financial services provider’s stock, valued at approximately $1,809,000.
Other institutional investors also recently added to or reduced their stakes in the company. Brandywine Global Investment Management LLC purchased a new stake in shares of Cowen Group in the 4th quarter valued at approximately $162,000. MetLife Investment Advisors LLC purchased a new stake in Cowen Group during the 4th quarter worth approximately $180,000. Landscape Capital Management L.L.C. purchased a new stake in Cowen Group during the 4th quarter worth approximately $346,000. Two Sigma Investments LP purchased a new stake in Cowen Group during the 4th quarter worth approximately $440,000. Finally, Guggenheim Capital LLC purchased a new stake in Cowen Group during the 4th quarter worth approximately $605,000. 86.99% of the stock is currently owned by institutional investors and hedge funds.
Shares of COWN opened at $15.85 on Friday. Cowen Group has a fifty-two week low of $15.65 and a fifty-two week high of $15.75. The company has a market cap of $463.42 million, a P/E ratio of 13.77 and a beta of 1.27. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.19.
Cowen Group (NASDAQ:COWN) last announced its earnings results on Thursday, April 26th. The financial services provider reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.16. Cowen Group had a negative net margin of 5.91% and a positive return on equity of 4.33%. The firm had revenue of $241.50 million for the quarter, compared to the consensus estimate of $220.06 million. During the same period in the prior year, the firm earned $0.19 EPS. The firm’s revenue for the quarter was up 110.1% on a year-over-year basis.
Cowen Group declared that its board has approved a stock repurchase program on Thursday, February 15th that permits the company to buyback $23.60 million in shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Peter A. Cohen sold 16,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 17th. The shares were sold at an average price of $14.81, for a total transaction of $244,365.00. Following the sale, the director now directly owns 869,377 shares of the company’s stock, valued at approximately $12,875,473.37. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter A. Cohen sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, April 9th. The stock was sold at an average price of $14.20, for a total transaction of $56,800.00. Following the sale, the director now directly owns 888,877 shares in the company, valued at $12,622,053.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 187,002 shares of company stock worth $2,866,950. 4.90% of the stock is owned by insiders.
Several equities research analysts recently weighed in on the stock. Nomura raised shares of Cowen Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $13.00 to $16.00 in a research note on Friday, February 16th. BidaskClub raised shares of Cowen Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, February 10th.
Cowen Group 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.
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