Cumberland Partners Ltd Increases Position in Cowen Group, Inc. (COWN)
Cumberland Partners Ltd boosted its stake in shares of Cowen Group, Inc. (NASDAQ:COWN) by 12.1% during the second quarter, Holdings Channel reports. The fund owned 323,950 shares of the financial services provider’s stock after buying an additional 35,000 shares during the period. Cumberland Partners Ltd’s holdings in Cowen Group were worth $5,264,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Wells Fargo & Company MN raised its stake in Cowen Group by 4.9% in the first quarter. Wells Fargo & Company MN now owns 486,205 shares of the financial services provider’s stock worth $7,270,000 after buying an additional 22,771 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Cowen Group during the fourth quarter worth about $1,634,000. Russell Investments Group Ltd. bought a new stake in Cowen Group during the fourth quarter worth about $143,000. American International Group Inc. raised its stake in Cowen Group by 7.2% in the first quarter. American International Group Inc. now owns 15,740 shares of the financial services provider’s stock worth $235,000 after buying an additional 1,051 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in Cowen Group by 81.5% in the first quarter. Fisher Asset Management LLC now owns 163,094 shares of the financial services provider’s stock worth $2,438,000 after buying an additional 73,218 shares during the last quarter. Hedge funds and other institutional investors own 91.13% of the company’s stock.
Shares of Cowen Group, Inc. (COWN) opened at 15.90 on Friday. The company’s market capitalization is $491.02 million. The company’s 50 day moving average price is $16.30 and its 200-day moving average price is $15.08. Cowen Group, Inc. has a 1-year low of $2.90 and a 1-year high of $16.95.
Cowen Group (NASDAQ:COWN) last posted its quarterly earnings results on Thursday, August 3rd. The financial services provider reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.12. The business had revenue of $171.90 million for the quarter, compared to analysts’ expectations of $169.54 million. Cowen Group had a return on equity of 1.92% and a net margin of 1.00%. The business’s quarterly revenue was up 113.8% on a year-over-year basis. During the same period last year, the firm earned ($0.11) earnings per share. On average, equities analysts forecast that Cowen Group, Inc. will post $1.65 earnings per share for the current year.
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COWN has been the topic of a number of analyst reports. BidaskClub lowered Cowen Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Nomura boosted their price objective on Cowen Group from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Instinet reiterated a “neutral” rating and set a $18.00 price objective (up from $17.00) on shares of Cowen Group in a research note on Friday.
In other Cowen Group news, major shareholder Peter A. Cohen sold 133,202 shares of the firm’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $0.37, for a total transaction of $49,284.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Peter A. Cohen sold 194,349 shares of Cowen Group stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $0.39, for a total value of $75,796.11. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,049,914 shares of company stock worth $300,237. Insiders own 4.90% of the company’s stock.
About Cowen Group
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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