Cowen Inc (COWN) Shares Sold by QS Investors LLC
QS Investors LLC lessened its stake in Cowen Inc (NASDAQ:COWN) by 8.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 115,791 shares of the financial services provider’s stock after selling 10,932 shares during the period. QS Investors LLC owned 0.37% of Cowen worth $1,581,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of COWN. Prudential Financial Inc. grew its holdings in shares of Cowen by 34.6% in the 3rd quarter. Prudential Financial Inc. now owns 59,865 shares of the financial services provider’s stock valued at $1,065,000 after buying an additional 15,380 shares during the period. Fosun International Ltd grew its holdings in shares of Cowen by 12.4% in 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 during the period. Trexquant Investment LP acquired a new position in shares of Cowen in the 3rd quarter valued at $257,000. Cadence Capital Management LLC acquired a new position in shares of Cowen in the 3rd quarter valued at $1,435,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Cowen by 12.6% in the 3rd quarter. Wells Fargo & Company MN now owns 568,197 shares of the financial services provider’s stock valued at $10,114,000 after buying an additional 63,584 shares during the period. Hedge funds and other institutional investors own 85.40% of the company’s stock.
Several brokerages have recently issued reports on COWN. Nomura raised shares of Cowen from a “neutral” rating to a “buy” rating and boosted their price target for the company from $13.00 to $16.00 in a report on Friday, February 16th. BidaskClub lowered shares of Cowen from a “sell” rating to a “strong sell” rating in a research note on Saturday, December 30th.
Cowen (NASDAQ:COWN) last announced its earnings results on Thursday, February 15th. The financial services provider reported ($0.30) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.69). The company had revenue of $204.50 million during the quarter, compared to analyst estimates of $178.98 million. Cowen had a positive return on equity of 1.99% and a negative net margin of 9.24%. Cowen’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.48) earnings per share.
Cowen declared that its Board of Directors has authorized a share buyback program on Thursday, February 15th that authorizes the company to repurchase $23.60 million in shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
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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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