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Cowen Inc. (NASDAQ:COWN) announced a quarterly cash dividend of $14.06 per share on its 5.625% Series A Cumulative Perpetual Convertible Preferred Stock. The dividend is payable on May 16, 2022, to shareholders on record as of May 1, 2022. This announcement highlights Cowen's commitment to returning value to its shareholders.
Cowen Inc. (COWN) reported a GAAP net income of $33.4 million ($1.05 per diluted share) for 1Q22, marking a 77% decrease from $145.8 million in 1Q21. Revenue fell 45% year-over-year to $410.6 million, primarily due to reduced investment banking activity. The company declared a quarterly cash dividend of $0.12 per share and repurchased $24.1 million in stock. Despite challenging market conditions, Cowen saw strong growth in its cash trading and launched Cowen Digital LLC for digital asset solutions. Assets under management rose 11% to $15.6 billion.
Cowen Inc. (NASDAQ:COWN) will host a conference call on April 29, 2022, at 9:00 AM ET to discuss its Q1 2022 financial results. Investors can access the live broadcast through Cowen's Investor Relations section on their website. A replay will be available approximately two hours post-call. Dial-in options include 1-855-760-0961 (U.S.) for live access, while a recording will be available for a week after the event. Cowen, headquartered in New York, specializes in diversified financial services, offering investment banking, research, and trading services.
Cowen Inc. has launched its digital asset division, Cowen Digital LLC, enhancing access for institutional clients to crypto and digital asset markets. This new entity, based in Stamford, Connecticut, offers comprehensive trade execution and custody solutions, bolstered by a partnership with PolySign's Standard Custody. Clients can now utilize high-quality trading capabilities, enjoying benefits like streamlined operations and expert analysis. Future developments will include derivatives and NFT access, marking Cowen's commitment to innovation in the digital asset sphere.
Cowen Inc. (NASDAQ:COWN) has appointed Brian Hagerty as Managing Director in its Equity Capital Markets team, focusing on biotechnology. Based in New York, Hagerty will report to Grant Miller and enhance Cowen's advisory services in healthcare, a growing sector for the firm. Cowen has been active in the healthcare space, covering around 350 companies and executing over 90 transactions since 2021, ranking second among underwriters. Hagerty brings over 10 years of experience and has previously led healthcare capital markets at multiple firms.
Cowen reported strong fourth quarter 2021 results with a GAAP net income of $63.3 million, or $2.02 per diluted share, despite a 30% decrease compared to Q4 2020. The company achieved a record annual revenue of $2.1 billion, up 19% year-over-year, aided by significant growth in investment banking and brokerage activities. However, Economic Operating Income fell 37% to $86.7 million. The quarterly cash dividend increased to $0.12 per share, and the company repurchased $159.8 million of its stock during FY21.
Cowen Inc. (NASDAQ:COWN) has appointed Lorence Kim, M.D., to its Board of Directors, effective February 15, 2022, increasing the Board's size to nine members. Dr. Kim brings extensive experience in healthcare and finance, having served as CFO of Moderna, where he raised $4.4 billion. His background includes 14 years at Goldman Sachs and current roles on the boards of biotechnology firms. This strategic move aims to enhance Cowen's capabilities in executing its strategy and driving value for stakeholders.
Cowen Inc. (NASDAQ:COWN) has expanded its equity research team with the addition of Steven Mah, Ph.D., who will enhance coverage in the life science and diagnostic tools sector. Reporting to Robert Fagin, Mah brings expertise in synthetic biology and AI-driven health solutions. Cowen's research team comprises 61 senior analysts covering over 975 securities across various sectors. Cowen is recognized for its strong health care research presence and has a history of publishing influential reports and hosting key industry conferences.
Cowen (NASDAQ:COWN) expands its Fixed Income Outsourced Trading team with the appointment of John Orrock as Managing Director. Based in the UK, he will report to Joram Siegel, Head of Fixed Income Outsourced Trading. This role was created in response to increased client demand, aiming to enhance Cowen's trading capabilities in Europe and Asia. Orrock brings over 25 years of experience, previously serving in leadership roles at BlueBay Asset Management and Aurel Partners. Cowen's Outsourced Trading has seen significant growth, recently introducing fixed income and FX as asset classes.
