Piper Sandler Raises Cowen (NASDAQ:COWN) Price Target to $22.00

Cowen (NASDAQ:COWN) had its price objective boosted by Piper Sandler from $20.00 to $22.00 in a report released on Wednesday, BenzingaRatingsTable reports. The brokerage currently has an overweight rating on the financial services provider’s stock. Piper Sandler also issued estimates for Cowen’s Q3 2020 earnings at $0.18 EPS, Q4 2020 earnings at $0.84 EPS, FY2020 earnings at $6.53 EPS, Q1 2021 earnings at $1.00 EPS, Q2 2021 earnings at $1.05 EPS, Q3 2021 earnings at $0.99 EPS, Q4 2021 earnings at $1.27 EPS and FY2021 earnings at $4.32 EPS.

A number of other research analysts have also recently commented on COWN. Keefe, Bruyette & Woods began coverage on shares of Cowen in a report on Monday, June 22nd. They issued a buy rating and a $18.00 target price for the company. ValuEngine lowered shares of Cowen from a sell rating to a strong sell rating in a report on Tuesday, July 14th. TheStreet upgraded shares of Cowen from a d+ rating to a c- rating in a report on Monday, July 6th. Zacks Investment Research upgraded shares of Cowen from a strong sell rating to a hold rating in a report on Tuesday, June 9th. Finally, Wolfe Research started coverage on shares of Cowen in a report on Wednesday, July 22nd. They issued an outperform rating and a $20.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $19.60.

COWN traded down $0.19 on Wednesday, hitting $16.47. 431,019 shares of the stock were exchanged, compared to its average volume of 336,105. Cowen has a 12 month low of $5.75 and a 12 month high of $19.00. The business has a 50-day moving average of $16.11 and a two-hundred day moving average of $13.68. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $456.05 million, a price-to-earnings ratio of 4.58 and a beta of 1.56.

Cowen (NASDAQ:COWN) last posted its earnings results on Tuesday, July 28th. The financial services provider reported $5.69 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $1.18. The firm had revenue of $369.54 million during the quarter, compared to analysts’ expectations of $523.90 million. Cowen had a net margin of 9.74% and a return on equity of 20.68%. Equities research analysts expect that Cowen will post 6.53 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Monday, August 31st. Cowen’s dividend payout ratio (DPR) is presently 7.24%.

Large investors have recently modified their holdings of the business. Philadelphia Financial Management of San Francisco LLC raised its stake in shares of Cowen by 4.9% during the 1st quarter. Philadelphia Financial Management of San Francisco LLC now owns 1,978,181 shares of the financial services provider’s stock worth $19,109,000 after purchasing an additional 93,196 shares during the period. Arbiter Partners Capital Management LLC raised its stake in shares of Cowen by 2.2% during the 1st quarter. Arbiter Partners Capital Management LLC now owns 1,700,751 shares of the financial services provider’s stock worth $16,429,000 after purchasing an additional 36,571 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Cowen by 443.1% during the 1st quarter. JPMorgan Chase & Co. now owns 587,914 shares of the financial services provider’s stock worth $5,680,000 after purchasing an additional 479,671 shares during the period. Pzena Investment Management LLC bought a new stake in shares of Cowen during the 2nd quarter worth $8,702,000. Finally, Geode Capital Management LLC raised its stake in shares of Cowen by 13.1% during the 1st quarter. Geode Capital Management LLC now owns 440,665 shares of the financial services provider’s stock worth $4,256,000 after purchasing an additional 51,099 shares during the period. Institutional investors and hedge funds own 88.48% of the company’s stock.

About Cowen

Cowen Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides alternative investment management, investment banking, research, and sales and trading services for its clients. It manages separate client focused portfolio through its subsidiaries. Through its subsidiaries, the firm invests in equity and fixed income markets.

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