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Cohen & Company Inc. (COHN) is a publicly-owned investment management firm headquartered in Philadelphia, Pennsylvania. Established in 1999, the company is recognized for its expertise in managing a range of fixed-income portfolios, with services extended to individuals and institutions globally. Formerly known as Institutional Financial Markets, Inc., Cohen & Company has a robust presence with additional offices in New York City, Boca Raton, Chicago, Bethesda, Boston, Paris, and London.
The firm's business is segmented into three primary areas:
- Capital Markets: This segment is the main revenue driver and includes activities such as fixed-income sales and trading, matched book repo financing, new issue placements in corporate and securitized products, and advisory services.
- Asset Management: This segment focuses on managing assets within collateralized debt obligations, managed accounts, joint ventures, and investment funds. It invests in U.S. trust preferred securities, European hybrid capital securities, Asian commercial real estate debt, mortgage-backed securities, and asset-backed securities.
- Principal Investing: This segment involves investments aimed at generating returns rather than supporting trading or other capital market activities.
Recently, Cohen & Company has been actively involved in the de-SPAC market, advising on 29 announced or closed deals, representing nearly $16 billion in M&A volume for 2023. The firm is known for its innovative solutions and strategic advisory services across various sectors including blockchain, digital assets, auto-tech, clean-tech, and cybersecurity.
The company had a strong performance in 2023, despite challenges in new issue markets. CCM, the firm's capital markets division, was a leading advisor in the de-SPAC market and has expanded its senior leadership team with notable hires to bolster its capabilities in M&A, capital markets, and SPAC advisory.
Cohen & Company continues to innovate and adapt, leveraging its expertise to navigate market fluctuations and provide top-tier services to its clients. With a positive outlook for 2024, the firm anticipates increased activity in M&A and new SPAC issuance, driven by improved access to credit markets and a recovering economic backdrop.
Cohen & Company reported a net loss of $3.0 million, or $2.10 per diluted share, for Q4 2022, compared to a profit of $4.2 million in Q4 2021. Total revenues fell to $12.5 million, down from $27.0 million the previous year. The firm declared a quarterly dividend of $0.25 per share, payable on April 5, 2023. The decline in revenues was largely driven by negative adjustments in the principal investing portfolio and lower asset management revenues. Adjusted pre-tax loss for Q4 was $6.1 million. Despite turbulent market conditions, the investment banking team is gaining market share.
Cohen & Company (NYSE American: COHN) will announce its financial results for Q4 and the full year 2022 on March 7, 2023. A conference call is scheduled for 10:00 a.m. ET on the same day to discuss these results. Interested participants can access the call via the company's website or by dialing designated phone numbers for both domestic and international callers. The company specializes in capital markets and asset management services, with approximately $2.1 billion in managed assets as of December 31, 2022. The conference call replay will be available for three days post-event.
Cohen & Company Capital Markets (CCM) announces significant growth in 2022, achieving over
Cohen & Company Inc. (COHN) reported a net loss of $0.9 million for Q3 2022, or $0.64 per diluted share. Total revenues increased to $23.5 million, up from $9.2 million in the previous quarter, driven by a significant rise in new issue and advisory revenue. The board declared a quarterly dividend of $0.25 per share, payable on December 2, 2022. Adjusted pre-tax income was $2.2 million, a recovery from an adjusted pre-tax loss of $8.1 million in Q2 2022. The firm continues to navigate market challenges while focusing on strategic objectives for future revenue growth.
Cohen & Company Inc. (NYSE American: COHN) will release its third quarter 2022 financial results on November 2, 2022. A conference call is scheduled for 10:00 a.m. ET, accessible via webcast on the company’s homepage. As of September 30, 2022, Cohen & Company managed approximately $2.2 billion in fixed income assets, with 53.8% in collateralized debt obligations. The company continues to expand its services within the fixed income and SPAC markets.
Cohen & Company Inc. (NYSE American: COHN) reported a net loss of $1.9 million for Q2 2022, down from a loss of $7.6 million in Q1. Revenues reached $9.2 million, reversing a negative revenue trend in the previous quarter. Net trading revenue decreased to $10.4 million, while asset management remained stable at $1.9 million. The firm declared a quarterly dividend of $0.25 per share, payable on September 1, 2022. Total equity fell to $106 million, down from $151.4 million in December 2021. The CEO acknowledged market challenges and ongoing strategic efforts.
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