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Cowen reported a record 1Q21 US GAAP net income of $145.8 million, equivalent to $4.34 per diluted share, showcasing significant growth compared to a loss of $11.6 million in the prior year. Revenue surged to $754.3 million, up 283% year-over-year, driven by robust investment banking and brokerage activities. The company increased its share repurchase authorization to $50 million and raised its quarterly cash dividend by 25% to $0.10 per share, reflecting strong financial performance and confidence in future growth.
Cowen Inc. (NASDAQ:COWN) announced the addition of Brian Holland to its equity research team to oversee a new vertical focused on sustainable food and healthy living. This move aligns with the growing investor emphasis on health and wellness through innovative food and sustainable agriculture technologies. Cowen's research department, with 55 senior analysts, now expands its coverage across various sectors. Holland brings over a decade of experience in food and beverage research, having held key positions at D.A. Davidson & Co., Consumer Edge Research, and Janney Capital Markets.
Kyber Data Science, a subsidiary of Cowen (COWN), has launched a new user interface aimed at simplifying complex health care data for institutional investors. This next-generation tool allows quick access to extensive health care data sets, covering 300 million deidentified U.S. patients over seven years. Investors can now track critical health care treatment utilization, patient expansion rates, compliance, and payer insights, enabling better investment decisions in previously opaque markets.
Cowen Inc. (NASDAQ:COWN) will host a conference call on April 29, 2021, at 9:00 AM ET to discuss its financial results for Q1 2021. Investors can access the call via a link on Cowen's Investor Relations page or by dialing 1-855-760-0961 (internationally, 1-631-485-4850). The passcode for the call is 1277783. A recording will be available for one week after the call. Founded in 1918, Cowen is a diversified financial services firm offering a range of investment banking and research services. Further information can be found at Cowen's official website.
Cowen Inc. (NASDAQ:COWN) has launched a new algorithmic trading solution called the “Inaccessible Liquidity Adjustment”. This aims to help institutional clients navigate changes in the US market structure due to the rise of retail trading. The solution targets stocks with high rates of inaccessible liquidity, which can lead to increased execution costs for institutional investors. By customizing participation rates per stock, Cowen aims to mitigate these costs and adapt to individual client needs. Weekly assessments of inaccessible liquidity will support this tailored approach.
Cowen Inc. (NASDAQ:COWN) announced the closure of a $300 million Term Loan facility due March 2028 and a $25 million Revolving Facility due 2026. The proceeds will be used to redeem $138 million of 7.35% senior notes due 2027 and $88.1 million of 3.00% Senior Convertible Notes due 2022. The redemption dates are April 23, 2027, for the senior notes, and June 24, 2021, for the convertible notes. The conversion rate for the convertible notes will increase by 0.3818 shares due to the redemption call. The company expects these actions to strengthen its financial structure.
Cowen has approved an increase in its share repurchase program to a total of $25 million. This decision reflects the company's strategy to enhance shareholder value through the buyback of shares. The enhanced program is expected to support COWN's stock price and confidence in the company's financial health.
Cowen Sustainable Investments has successfully closed its inaugural fund with $919 million in commitments, raising total assets to over $1.1 billion. This fund attracted investments from institutional investors, public pension funds, and family offices globally. Established in 2018, CSI focuses on financing solutions for companies advancing environmental sustainability, having invested $350 million in sustainability ventures. CSI leverages data analytics and innovative partnerships to enhance investment outcomes in sectors like clean transportation and renewable energy.
