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Cowen Inc. (COWN) and AFS Logistics announce the launch of the Cowen/AFS Freight Index, aimed at providing predictive pricing tools for various sectors within the freight industry. The Freight Index will deliver quarterly performance metrics for less-than-truckload (LTL), full truckload (TL), and parcel shipping. Utilizing advanced analytics and machine learning, the index forecasts TL rates to rise 24.2% in Q4 2021 and LTL rates to increase by 32.3% in the same period. This initiative seeks to enhance data-driven decision-making for institutional clients.
Cowen Inc. (NASDAQ:COWN) will hold a conference call on October 29, 2021, at 9:00 AM ET to discuss its Q3 2021 financial results. Investors can participate through a live broadcast available on Cowen's Investor Relations website. A recording will be accessible within two hours after the call and for one week post-call via a dedicated phone line. Cowen is a diversified financial services firm founded in 1918, providing services including investment banking, research, and trading.
Cowen Inc. (NASDAQ:COWN) has expanded its equity research team with the addition of Dan Brennan, who specializes in life science & diagnostic tools. Brennan, previously at UBS, will contribute to Cowen's growing focus in this sector. Cowen boasts a robust research team of 58 senior analysts covering nearly 950 securities across various sectors, including healthcare and technology. The firm is known for its competitive healthcare research capabilities, consistently ranked among the best by Institutional Investor and Refinitiv.
Cowen Inc. (NASDAQ:COWN) has expanded its equity research team with the appointment of Tyler Van Buren, who will focus on the biotechnology sector. Van Buren returns to Cowen after serving as Managing Director at Piper Sandler. Cowen's health care research division is among the largest on Wall Street, featuring 18 senior analysts, including seven specialized in biotechnology. The firm aims to provide premier research to assist clients in making informed investment choices while enhancing its research offerings.
Cowen has announced an increase in its existing share repurchase program, bringing the total amount available for repurchase to $50 million. The decision reflects the company's commitment to enhancing shareholder value and demonstrates confidence in its financial position. This initiative is expected to positively impact EPS for shareholders. Cowen, founded in 1918 and headquartered in New York, provides a range of financial services including investment banking and research.
Cowen has expanded its Global Alternative Equity Strategies team with four senior hires to strengthen its event-driven investing advisory business. The new members, led by Mark Kelly, will focus on advising a diverse range of investors, including large pension funds, on navigating complex investment opportunities. The team operates in London and collaborates with Cowen's Markets team in the US. CEO Matt Cyzer emphasized the team's expertise and ambition to lead the global market in event-driven investing, while highlighting the significant growth potential they bring.
Cowen announced a quarterly cash dividend of $14.06 per share on its 5.625% Series A Cumulative Perpetual Convertible Preferred Stock. The dividend will be payable on August 16, 2021, to shareholders on record as of August 1, 2021. This reflects Cowen's commitment to returning value to its investors and maintaining strong shareholder relations.
Cowen reported 2Q21 results showcasing GAAP net income of $43.6 million ($1.29/share), down from $112.1 million in 2Q20, reflecting a 61% decline. Economic Operating Income was $50.8 million ($1.50/share), a 70% drop compared to last year. Despite a 29% decrease in total revenue to $458.8 million, investment banking revenues increased by 13% to $225 million. The company executed record share repurchases of $49.9 million and maintained a quarterly cash dividend of $0.10.
Cowen Inc. (NASDAQ:COWN) announced a conference call scheduled for July 28, 2021, at 9:00 AM ET to discuss its financial results for Q2 2021. The call will be accessible via a live broadcast on Cowen's Investor Relations website. Investors can also join by phone using a passcode. A replay will be available shortly after the call concludes. Founded in 1918 and headquartered in New York, Cowen provides diverse financial services including investment banking and equity research.
