COWN Stock Overview
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$38.69|
|52 Week High||US$39.93|
|52 Week Low||US$21.36|
|1 Month Change||23.33%|
|3 Month Change||67.13%|
|1 Year Change||2.27%|
|3 Year Change||135.77%|
|5 Year Change||144.10%|
|Change since IPO||32.50%|
Recent News & Updates
Cowen declares $0.12 dividend
Cowen (NASDAQ:COWN) declares $0.12/share quarterly dividend, in line with previous. Forward yield 1.25% Payable Sept. 15; for shareholders of record Sept. 1; ex-div Aug. 31. See COWN Dividend Scorecard, Yield Chart, & Dividend Growth.
|COWN||US Capital Markets||US Market|
Return vs Industry: COWN exceeded the US Capital Markets industry which returned -12.2% over the past year.
Return vs Market: COWN exceeded the US Market which returned -8.9% over the past year.
|COWN Average Weekly Movement||10.9%|
|Capital Markets Industry Average Movement||0.5%|
|Market Average Movement||7.6%|
|10% most volatile stocks in US Market||16.8%|
|10% least volatile stocks in US Market||3.1%|
Stable Share Price: COWN is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 11% a week.
Volatility Over Time: COWN's weekly volatility (11%) 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$274.13m|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||5.44|
|Net Profit Margin||10.16%|
How did COWN perform over the long term?See historical performance and comparison
1.2%Current Dividend Yield
Does COWN pay a reliable dividends?See COWN dividend history and benchmarks
|Cowen dividend dates|
|Ex Dividend Date||Aug 31 2022|
|Dividend Pay Date||Sep 15 2022|
|Days until Ex dividend||13 days|
|Days until Dividend pay date||28 days|
Does COWN pay a reliable dividends?See COWN dividend history and benchmarks
Is COWN undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 5/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for COWN?
Other financial metrics that can be useful for relative valuation.
|What is COWN's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does COWN's PE Ratio compare to its peers?
|COWN PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
SNEX StoneX Group
PWP Perella Weinberg Partners
PIPR Piper Sandler Companies
OPY Oppenheimer Holdings
Price-To-Earnings vs Peers: COWN is good value based on its Price-To-Earnings Ratio (7.1x) compared to the peer average (10.6x).
Price to Earnings Ratio vs Industry
How does COWN's PE Ratio compare vs other companies in the US Capital Markets Industry?
Price-To-Earnings vs Industry: COWN is good value based on its Price-To-Earnings Ratio (7.1x) compared to the US Capital Markets industry average (26.6x)
Price to Earnings Ratio vs Fair Ratio
What is COWN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||7.1x|
|Fair PE Ratio||11.4x|
Price-To-Earnings vs Fair Ratio: COWN is good value based on its Price-To-Earnings Ratio (7.1x) compared to the estimated Fair Price-To-Earnings Ratio (11.4x).
Share Price vs Fair Value
What is the Fair Price of COWN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: COWN ($38.69) is trading below our estimate of fair value ($51.19)
Significantly Below Fair Value: COWN is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is lower than the current share price.
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How is Cowen forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
Future Growth Score2/6
Future Growth Score 2/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: COWN's forecast earnings growth (8.1% per year) is above the savings rate (1.9%).
Earnings vs Market: COWN's earnings (8.1% per year) are forecast to grow slower than the US market (14.5% per year).
High Growth Earnings: COWN's earnings are forecast to grow, but not significantly.
Revenue vs Market: COWN's revenue (10.8% per year) is forecast to grow faster than the US market (7.9% per year).
High Growth Revenue: COWN's revenue (10.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if COWN's Return on Equity is forecast to be high in 3 years time
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How has Cowen performed over the past 5 years?
Past Performance Score2/6
Past Performance Score 2/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: COWN has high quality earnings.
Growing Profit Margin: COWN's current net profit margins (10.2%) are lower than last year (15.7%).
Past Earnings Growth Analysis
Earnings Trend: COWN has become profitable over the past 5 years, growing earnings by 62.6% per year.
Accelerating Growth: COWN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: COWN had negative earnings growth (-51.4%) over the past year, making it difficult to compare to the Capital Markets industry average (35.4%).
Return on Equity
High ROE: COWN's Return on Equity (11%) is considered low.
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How is Cowen's financial position?
Financial Health Score3/6
Financial Health Score 3/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: COWN's short term assets ($7.9B) exceed its short term liabilities ($6.3B).
Long Term Liabilities: COWN's short term assets ($7.9B) exceed its long term liabilities ($1.1B).
Debt to Equity History and Analysis
Debt Level: COWN has more cash than its total debt.
Reducing Debt: COWN's debt to equity ratio has increased from 32.7% to 164.3% over the past 5 years.
Debt Coverage: COWN's debt is not well covered by operating cash flow (4.5%).
Interest Coverage: Insufficient data to determine if COWN's interest payments on its debt are well covered by EBIT.
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What is Cowen current dividend yield, its reliability and sustainability?
Dividend Score 2/6
Cash Flow Coverage
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: COWN's dividend (1.24%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.47%).
High Dividend: COWN's dividend (1.24%) is low compared to the top 25% of dividend payers in the US market (3.95%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, COWN has been paying a dividend for less than 10 years.
Growing Dividend: COWN's dividend payments have increased, but the company has only paid a dividend for 3 years.
Earnings Payout to Shareholders
Earnings Coverage: With its low payout ratio (8.9%), COWN's dividend payments are thoroughly covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: With its low cash payout ratio (14.6%), COWN's dividend payments are thoroughly covered by cash flows.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Jeff Solomon (56 yo)
Mr. Jeffrey Marc Solomon, also known as Jeff, has been Chairman of the Board at Cowen Inc. Mr. Solomon has been the Chief Executive Officer at Cowen Inc. since December 27, 2017 and was its Chairman of the...
CEO Compensation Analysis
Compensation vs Market: Jeff's total compensation ($USD28.56M) is above average for companies of similar size in the US market ($USD3.84M).
Compensation vs Earnings: Jeff's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
Experienced Management: COWN's management team is considered experienced (4.9 years average tenure).
Experienced Board: COWN's board of directors are considered experienced (4.2 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 not been meaningfully diluted in the past year.
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
- Implied Market Cap: US$1.033b
- Shares outstanding: 26.69m
- 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||2022/08/17 00:00|
|End of Day Share Price||2022/08/17 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.