Piper Sandler Trims Cowen (NASDAQ:COWN) Target Price to $55.00

Cowen (NASDAQ:COWNGet Rating) had its price objective lowered by Piper Sandler from $71.00 to $55.00 in a research report released on Friday morning, The Fly reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Several other analysts have also commented on the company. JMP Securities dropped their target price on Cowen from $62.00 to $59.00 and set a market outperform rating on the stock in a report on Thursday, April 7th. StockNews.com assumed coverage on Cowen in a report on Thursday, March 31st. They set a hold rating on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $48.25.

Shares of COWN stock opened at $22.32 on Friday. The stock’s 50-day simple moving average is $28.29 and its 200-day simple moving average is $33.13. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.71 and a current ratio of 0.71. The firm has a market capitalization of $612.88 million, a PE ratio of 2.55 and a beta of 1.43. Cowen has a fifty-two week low of $21.45 and a fifty-two week high of $44.07.

Cowen (NASDAQ:COWNGet Rating) last announced its quarterly earnings data on Wednesday, February 16th. The financial services provider reported $2.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.80. The business had revenue of $453.99 million for the quarter, compared to analyst estimates of $412.52 million. Cowen had a return on equity of 27.07% and a net margin of 15.11%. During the same period in the prior year, the company earned $4.58 earnings per share. Sell-side analysts forecast that Cowen will post 7.53 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 15th. Shareholders of record on Tuesday, March 1st were given a dividend of $0.12 per share. The ex-dividend date was Monday, February 28th. This represents a $0.48 dividend on an annualized basis and a yield of 2.15%. This is an increase from Cowen’s previous quarterly dividend of $0.10. Cowen’s dividend payout ratio is currently 5.49%.

In other Cowen news, Director Brett H. Barth purchased 10,000 shares of the stock in a transaction on Wednesday, February 23rd. The shares were bought at an average price of $28.78 per share, for a total transaction of $287,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lorence H. Kim purchased 30,000 shares of the stock in a transaction on Friday, February 25th. The shares were acquired at an average price of $30.03 per share, for a total transaction of $900,900.00. The disclosure for this purchase can be found here. Corporate insiders own 4.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Maverick Capital Ltd. purchased a new position in shares of Cowen in the fourth quarter valued at approximately $31,000. Point72 Hong Kong Ltd purchased a new position in shares of Cowen in the fourth quarter valued at approximately $37,000. First Horizon Advisors Inc. lifted its position in shares of Cowen by 289.2% in the third quarter. First Horizon Advisors Inc. now owns 432 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 321 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Cowen in the fourth quarter valued at approximately $47,000. Finally, Denali Advisors LLC purchased a new position in shares of Cowen in the fourth quarter valued at approximately $196,000. Institutional investors and hedge funds own 93.55% of the company’s stock.

Cowen Company Profile (Get Rating)

Cowen Inc, together with its subsidiaries, provides investment banking, research, sales and trading, prime brokerage, global clearing, securities financing, commission management, and investment management services in the United States and internationally. It operates in two segments, Operating Company (Op Co) and Asset Company (Asset Co).

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