Instinet Reiterates “Neutral” Rating for Cowen Group, Inc. (NASDAQ:COWN)

Cowen Group, Inc. (NASDAQ:COWN)‘s stock had its “neutral” rating restated by Instinet in a research note issued on Friday. They currently have a $18.00 target price on the financial services provider’s stock, up from their previous target price of $17.00. Instinet’s price target indicates a potential upside of 13.21% from the company’s current price.

COWN has been the topic of a number of other research reports. BidaskClub cut Cowen Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Nomura upped their price target on Cowen Group from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday.

Cowen Group (NASDAQ:COWN) opened at 15.90 on Friday. Cowen Group has a 52-week low of $2.90 and a 52-week high of $16.95. The firm’s 50-day moving average price is $16.30 and its 200 day moving average price is $15.08. The company’s market cap is $491.02 million.

Cowen Group (NASDAQ:COWN) last posted its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.12. Cowen Group had a return on equity of 1.92% and a net margin of 1.00%. The business had revenue of $171.90 million for the quarter, compared to analysts’ expectations of $169.54 million. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. The business’s revenue was up 113.8% on a year-over-year basis. On average, equities analysts predict that Cowen Group will post $1.65 EPS for the current fiscal year.

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In other news, major shareholder Peter A. Cohen sold 194,349 shares of the company’s stock in a transaction on Friday, July 7th. The stock was sold at an average price of $0.39, for a total transaction of $75,796.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Peter A. Cohen sold 100,000 shares of the company’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $0.31, for a total value of $31,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,049,914 shares of company stock worth $300,237 in the last ninety days. Insiders own 4.90% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN boosted its position in shares of Cowen Group by 4.9% in the first quarter. Wells Fargo & Company MN now owns 486,205 shares of the financial services provider’s stock worth $7,270,000 after buying an additional 22,771 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Cowen Group during the fourth quarter worth approximately $1,634,000. Russell Investments Group Ltd. purchased a new position in shares of Cowen Group during the fourth quarter worth approximately $143,000. American International Group Inc. boosted its position in shares of Cowen Group by 7.2% in the first quarter. American International Group Inc. now owns 15,740 shares of the financial services provider’s stock worth $235,000 after buying an additional 1,051 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Cowen Group by 81.5% in the first quarter. Fisher Asset Management LLC now owns 163,094 shares of the financial services provider’s stock worth $2,438,000 after buying an additional 73,218 shares in the last quarter. 91.13% of the stock is currently owned by hedge funds and other institutional investors.

About Cowen Group

Cowen Inc, formerly Cowen Group, Inc, is a financial services company. The Company provides alternative investment management, investment banking, research, sales and trading, and prime brokerage services. It operates through two segments: alternative investment and broker-dealer. The alternative investment segment includes private equity structures, registered investment companies and listed investment vehicles.

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