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.
Price History & Performance
|Historical stock prices|
|Current Share Price||US$34.65|
|52 Week High||US$14.91|
|52 Week Low||US$44.07|
|1 Month Change||-6.63%|
|3 Month Change||-18.45%|
|1 Year Change||122.26%|
|3 Year Change||112.25%|
|5 Year Change||150.36%|
|Change since IPO||18.66%|
Recent News & Updates
Cowen: Attractively Priced With Significant Growth Opportunities
Cowen’s revenue will grow significantly over the next five years driven by strong growth drivers, competitive edge and new opportunities. The company is focusing on delivering scalable, differentiated and actively managed investment products. The company’s shares can be bought around the current price as long-term investment. The shares will rise significantly in the next five years.
Cowen (NASDAQ:COWN) Is Increasing Its Dividend To US$0.10
The board of Cowen Inc. ( NASDAQ:COWN ) has announced that it will be increasing its dividend on the 15th of September...
Cowen: An Investment Bank Worthy Of Your Investment?
Cowen is achieving fantastic revenue and profit growth and is focused on optimizing its capital for the benefit of shareholders. The company is investing in its platform and increasing publishing analysts to provide clients with the best research and take market share from competitors. Cowen's CAGR is leaving its peers in the dust.
|COWN||US Capital Markets||US Market|
Return vs Industry: COWN exceeded the US Capital Markets industry which returned 65.2% over the past year.
Return vs Market: COWN exceeded the US Market which returned 36.2% over the past year.
Stable Share Price: COWN is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.
Volatility Over Time: COWN's weekly volatility (5%) has been stable over the past year.
About the Company
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). The company offers public and private capital raising, and strategic advisory services for public and private companies. It also trades common stocks, listed options, equity-linked securities, and other financial instruments on behalf of institutional investor clients.
Cowen Fundamentals Summary
|COWN fundamental statistics|
Is COWN overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|COWN income statement (TTM)|
|Cost of Revenue||US$260.56m|
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
|Earnings per share (EPS)||10.97|
|Net Profit Margin||16.91%|
How did COWN perform over the long term?See historical performance and comparison
1.2%Current Dividend Yield
Is Cowen undervalued compared to its fair value and its price relative to the market?
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: COWN ($34.65) is trading above our estimate of fair value ($13.77)
Significantly Below Fair Value: COWN is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: COWN is good value based on its PE Ratio (3.4x) compared to the US Capital Markets industry average (14.8x).
PE vs Market: COWN is good value based on its PE Ratio (3.4x) compared to the US market (17.7x).
Price to Earnings Growth Ratio
PEG Ratio: COWN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: COWN is good value based on its PB Ratio (1x) compared to the US Capital Markets industry average (61.3x).
How is Cowen forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: COWN's earnings are forecast to decline over the next 3 years (-25.4% per year).
Earnings vs Market: COWN's earnings are forecast to decline over the next 3 years (-25.4% per year).
High Growth Earnings: COWN's earnings are forecast to decline over the next 3 years.
Revenue vs Market: COWN's revenue is expected to decline over the next 3 years (-8.5% per year).
High Growth Revenue: COWN's revenue is forecast to decline over the next 3 years (-8.5% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: COWN's Return on Equity is forecast to be low in 3 years time (16.7%).
How has Cowen performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: COWN has a large one-off gain of $161.2M impacting its June 30 2021 financial results.
Growing Profit Margin: COWN's current net profit margins (16.9%) are higher than last year (9%).
Past Earnings Growth Analysis
Earnings Trend: COWN has become profitable over the past 5 years, growing earnings by 75.6% per year.
Accelerating Growth: COWN's earnings growth over the past year (181.2%) exceeds its 5-year average (75.6% per year).
Earnings vs Industry: COWN earnings growth over the past year (181.2%) exceeded the Capital Markets industry 77.4%.
Return on Equity
High ROE: Whilst COWN's Return on Equity (27.17%) is high, this metric is skewed due to their high level of debt.
How is Cowen's financial position?
Financial Position Analysis
Short Term Liabilities: COWN's short term assets ($9.3B) exceed its short term liabilities ($8.3B).
Long Term Liabilities: COWN's short term assets ($9.3B) exceed its long term liabilities ($572.6M).
Debt to Equity History and Analysis
Debt Level: COWN's debt to equity ratio (294.2%) is considered high.
Reducing Debt: COWN's debt to equity ratio has increased from 22.4% to 294.2% over the past 5 years.
Debt Coverage: COWN's debt is not well covered by operating cash flow (15.1%).
Interest Coverage: Insufficient data to determine if COWN's interest payments on its debt are well covered by EBIT.
What is Cowen current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: COWN's dividend (1.15%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.35%).
High Dividend: COWN's dividend (1.15%) is low compared to the top 25% of dividend payers in the US market (3.63%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, COWN has been paying a dividend for less than 10 years.
Growing Dividend: COWN's dividend payments have increased, but the company has only paid a dividend for 2 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (3.3%), COWN's dividend payments are thoroughly covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: COWN's dividends in 3 years are forecast to be thoroughly covered by earnings (12.9% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Jeff Solomon (55 yo)
Mr. Jeffrey Marc Solomon, also known as Jeff, has been Chairman of the Board at Cowen Inc. Mr. Solomon has been the Chief Executive Officer at Cowen Inc. since December 27, 2017 and was its Chairman of the...
CEO Compensation Analysis
Compensation vs Market: Jeff's total compensation ($USD18.99M) is above average for companies of similar size in the US market ($USD2.35M).
Compensation vs Earnings: Jeff's compensation has increased by more than 20% in the past year.
Experienced Management: COWN's management team is considered experienced (4.2 years average tenure).
Experienced Board: COWN's board of directors are considered experienced (4.8 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4.9%.
Cowen Inc.'s employee growth, exchange listings and data sources
- Name: Cowen Inc.
- Ticker: COWN
- Exchange: NasdaqGS
- Founded: 1918
- Industry: Investment Banking and Brokerage
- Sector: Diversified Financials
- Market Cap: US$963.032m
- Shares outstanding: 29.02m
- Website: https://www.cowen.com
Number of Employees
- Cowen Inc.
- 599 Lexington Avenue
- 20th Floor
- New York
- New York
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/09/23 22:59|
|End of Day Share Price||2021/09/23 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.