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

Cowen (NASDAQ:COWN) had its price target lifted by Piper Sandler from $20.00 to $22.00 in a research note issued to investors 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.

Other analysts also recently issued reports about the company. Zacks Investment Research raised Cowen from a strong sell rating to a hold rating in a research note on Tuesday, June 9th. Keefe, Bruyette & Woods assumed coverage on Cowen in a research report on Monday, June 22nd. They issued a buy rating and a $18.00 price target for the company. ValuEngine downgraded shares of Cowen from a sell rating to a strong sell rating in a report on Tuesday, July 14th. JMP Securities reduced their target price on shares of Cowen from $23.00 to $19.00 and set a market outperform rating for the company in a research note on Thursday, April 9th. Finally, Wolfe Research started coverage on shares of Cowen in a research report on Wednesday, July 22nd. They set an outperform rating and a $20.00 price target on the stock. One analyst has rated the stock with a sell rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Cowen currently has a consensus rating of Buy and an average price target of $19.60.

Shares of COWN stock opened at $16.47 on Wednesday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.19. The firm has a fifty day simple moving average of $16.11 and a two-hundred day simple moving average of $13.68. Cowen has a 12 month low of $5.75 and a 12 month high of $19.00. The firm has a market capitalization of $456.02 million, a PE ratio of 2.67 and a beta of 1.56.

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

The firm 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 $0.04 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.16 dividend on an annualized basis and a yield of 0.97%. Cowen’s dividend payout ratio (DPR) is presently 7.24%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COWN. Pzena Investment Management LLC purchased a new position in shares of Cowen in the 2nd quarter worth about $8,702,000. JPMorgan Chase & Co. boosted its stake in Cowen by 443.1% in the first quarter. JPMorgan Chase & Co. now owns 587,914 shares of the financial services provider’s stock valued at $5,680,000 after acquiring an additional 479,671 shares during the last quarter. Salzhauer Michael bought a new position in shares of Cowen during the 1st quarter valued at approximately $3,806,000. Matarin Capital Management LLC bought a new position in shares of Cowen during the 1st quarter valued at approximately $1,547,000. Finally, Philadelphia Financial Management of San Francisco LLC increased 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 last quarter. Institutional investors 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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