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Cowen reports a 3Q22 GAAP Net Income of $12.7 million ($0.39 per diluted share), down 65% YoY, with Economic Operating Income of $24.4 million ($0.76 per diluted share). Revenue decreased slightly to $410.8 million, driven by a 43% decline in Investment Banking revenues. Despite weak market conditions, Cowen anticipates gaining market share from its acquisition by TD Bank, valued at $1.3 billion. A quarterly cash dividend of $0.12 per share has been declared, payable on December 15, 2022.
Cowen Inc. (NASDAQ:COWN) will release its third quarter 2022 financial results on October 28, 2022. Due to its ongoing acquisition by TD Bank Group, first announced on August 2, 2022, Cowen will not hold a conference call to discuss these results. The acquisition is anticipated to close in Q1 2023, pending regulatory and shareholder approvals. Cowen is a diversified financial services firm providing a range of investment banking services and has been operating since 1918, headquartered in New York.
Clear Sky Advisers has appointed John Holl as President of North American Carbon and President of Environmental Trading, aiming to strengthen its sustainability investment strategy. With previous experience at Cowen (NASDAQ: COWN) and ACT Commodities, Holl's expertise in international trading and risk management is expected to enhance Clear Sky's market position. The firm has been expanding its team and investment products since its launch in January 2021, indicating a strong commitment to capitalize on the growing environmental credit markets.
Cowen Inc. (NASDAQ:COWN) has strengthened its global Cross-Asset Division by appointing four experienced executives: Eric Friel as Managing Director & Head of Credit Strategy, Charles Howard as Managing Director of Cross-Asset Trading, and Rob Karen and Pete Siedem as Directors in Cross-Asset Sales. These strategic hires, coming from notable firms like UBS and Natixis, are expected to enhance Cowen's capabilities in high-yield and distressed asset markets, thereby providing immediate advantages for clients. This move reflects Cowen's commitment to capitalizing on growth opportunities in the financial services sector.
Bevi, a leader in smart water coolers, secured a $70 million Series D investment from Cowen Sustainable Investments to fuel its growth. This funding will enhance Bevi's expansion into new verticals and bolster product innovation. Since launching its smart water coolers in 2015, Bevi has eliminated over 300 million single-use bottles and cans. Key investment areas include scaling manufacturing and talent acquisition, aiming to double its workforce. The investment will also enhance Bevi’s data analytics capabilities, allowing a more personalized customer experience.
Cowen reported its 2Q22 results, showing a net income of $12.4 million or $0.41 per diluted share, down 72% year-over-year. Economic Operating Income was $3.7 million or $0.12 per diluted share, reflecting a 93% decline. Revenue fell 34% to $302.4 million due to reduced investment banking activities while brokerage revenues increased modestly. A definitive agreement was reached for TD Bank Group to acquire Cowen for $39 per share, expected to close in Q1 2023.
TD Bank Group has announced an all-cash acquisition of Cowen Inc. for US$1.3 billion, or US$39 per share. This deal aims to accelerate TD Securities' growth strategy in the U.S. by integrating Cowen's investment banking expertise and expanding its offerings. The combined entity will have pro forma revenues of approximately C$6.8 billion, leveraging Cowen's research capabilities among the top 10 in the U.S. The transaction is expected to close in Q1 2023, subject to regulatory approvals.
Cowen Inc. (NASDAQ:COWN) has declared a quarterly cash dividend of $14.06 per share on its 5.625% Series A Cumulative Perpetual Convertible Preferred Stock. The dividend payment is scheduled for August 15, 2022, to shareholders on record as of August 1, 2022. This announcement highlights Cowen's commitment to returning value to its shareholders through consistent dividend payments.
Cowen and MassRobotics have unveiled a research report highlighting the pivotal role of robotics in achieving climate goals. Joe Giordano, Cowen’s analyst, noted that robotic technologies can enhance output while minimizing carbon emissions. The report reveals that over 90% of polled manufacturers plan to utilize robotics for climate objectives, yet only 44% have implemented such solutions. Additionally, nearly 75% expect climate discussions with customers to increase. The findings indicate a growing focus on ESG strategies within the robotics sector.
SS&C Technologies has announced that Cowen Digital, part of Cowen Inc., is leveraging SS&C Eze's institutional OEMS platform for digital asset trading solutions. This partnership responds to increasing institutional demand for access to digital assets, aiming to enhance liquidity and market data. Clients can now trade 16 leading tokens through Cowen's platform, benefiting from seamless broker-agnostic access to liquidity and market insights. SS&C's offerings enable comprehensive integration of crypto assets into traditional investment operations, promoting efficiency and global reach.
