Cowen Declares Quarterly Dividend On Its Series A Cumulative Perpetual Convertible Preferred Stock And Increases Common Stock Share Repurchase Authorization

Rhea-AI Summary

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. This dividend will be payable on November 16, 2020, to holders on record as of November 2, 2020. Additionally, the Board of Directors approved an increase in the share repurchase program, raising the total buyback capacity to $25 million. These moves reflect Cowen's commitment to returning value to shareholders while managing its capital effectively.

Positive

• Quarterly dividend of $14.06 per share on preferred stock enhances shareholder returns.
• Increased share repurchase program to $25 million signals confidence in company value.

Negative

• None.

News Market Reaction – COWN

+4.64%

+4.64% Session move

In the trading session that priced this news, COWN gained 4.64%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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NEW YORK, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company) today announced that its Board of Directors has declared a quarterly cash dividend of $14.06 per share on the Company’s 5.625% Series A Cumulative Perpetual Convertible Preferred Stock (the “Convertible Preferred Stock”).

The quarterly dividend on the Convertible Preferred Stock is payable on November 16, 2020, to holders of record at the close of business on November 2, 2020.

Increased Buyback

The Cowen Board of Directors today also announced that it has approved an increase in the Company’s existing share repurchase program for its common stock. With this increase, the total now available for repurchase under the current plan is $25 million.

About Cowen Inc.

Cowen Inc. (“Cowen” or the “Company”) is a diversified financial services firm offering investment banking services, equity and credit research, sales and trading, prime brokerage, global clearing, commission management services and actively managed alternative investment products. Cowen focuses on delivering value-added capabilities to our clients in order to help them outperform. Founded in 1918, the Company is headquartered in New York and has offices worldwide. Learn more at Cowen.com

For further information, contact:

Cowen Inc.
J.T. Farley, Investor Relations
(646) 562-1056
james.farley@cowen.com

                                        

FAQ

What is the amount of the recently declared dividend by Cowen Inc. for its preferred stock?

Cowen Inc. declared a quarterly cash dividend of $14.06 per share on its 5.625% Series A Cumulative Perpetual Convertible Preferred Stock.

When will the dividend for Cowen Inc.'s preferred stock be paid?

The dividend will be payable on November 16, 2020, to holders of record at the close of business on November 2, 2020.

How much has Cowen Inc. increased its share buyback program to?

Cowen Inc. has increased its existing share repurchase program to a total of $25 million.

What does the increase in Cowen's share buyback program indicate?

The increase in the share buyback program indicates Cowen's confidence in its business value and commitment to returning capital to shareholders.