Low floater COHN back in the 16's.
Nice earnings report on Friday morning (Adj. EPS $0.80 Up From $(0.54) YoY, Sales $24.12M Up From $11.17M YoY). Not sure how repeatable those numbers are but the commentary sounded bullish and seems like a better buy now than when the stock was over $30 last Wednesday (just before the numbers came out).
Wouldn't be surprised if the traders took it for another spin after this sell-off is over. Bought some for a trade.
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comments from Friday's pr:
"Lester Brafman, Chief Executive Officer of Cohen & Company, said, "We are pleased with our second quarter results, and extremely excited about the development of some of our longer term strategic initiatives across our SPAC franchise, as well as our broker dealer and asset management businesses. We are active in multiple aspects of the SPAC market, including as a sponsor, asset manager and investor. Our company-sponsored Insurance SPAC, Insurance Acquisition Corp, entered into a merger agreement with Shift Technologies, Inc., and we are now also the sponsor of a second special purpose acquisition company, which intends to raise $175 million in an initial public offering of its units."
Brafman continued, "Our Vellar Funds, which focus on investing in SPAC opportunities, raised additional capital during the quarter. Cohen's involvement in the SPAC market both as a sponsor and as an asset manager has given the firm access to unique investment opportunities, one of which drove the revenue in our principal investing segment this period. We have a long history in the SPAC space, and we intend to continue building our SPAC franchise and capitalizing on opportunities in the space.
"On the broker dealer side, we continue to grow our mortgage complex, specifically our gestation repo business, where our balances increased to $2.3 billion by the end of the quarter. Our European investment advisory subsidiary successfully launched another series of closed-end investment vehicles with total commitments in excess of EUR375 million."
Brafman concluded, "I am proud of our company's ability to drive our initiatives forward while navigating this uniquely challenging environment. We are optimistic that the strategic investments we have made in these businesses will continue to pay off, and we remain committed to executing on our objectives, with a continued focus on enhancing stockholder value."
