Cohen & Company Inc. (COHN) Bundle
A Brief History of Cohen & Company Inc.
Cohen & Company Inc. has undergone significant developments in its financial performance and operational strategies leading into 2024. As of September 30, 2024, the company reported total assets amounting to $818,011,000, an increase from $772,761,000 at the end of 2023. The composition of these assets reflects a diversified investment strategy across various segments, including Capital Markets, Asset Management, and Investing.
Financial Performance Overview
For the nine months ended September 30, 2024, Cohen & Company achieved total revenues of $61,057,000, a substantial increase of $12,540,000 or 26% compared to $48,517,000 for the same period in 2023. This growth was driven by a significant rise in net trading and advisory revenues, showcasing the company’s effective positioning in the market.
| Revenue Source | 2024 (9 Months) | 2023 (9 Months) | Change |
|---|---|---|---|
| Net Trading | $27,462,000 | $23,117,000 | $4,345,000 |
| Asset Management | $6,942,000 | $5,418,000 | $1,524,000 |
| New Issue and Advisory | $53,347,000 | $9,542,000 | $43,805,000 |
| Total Revenues | $61,057,000 | $48,517,000 | $12,540,000 |
Net Income and Loss Trends
In terms of profitability, Cohen & Company reported a net income of $1,824,000 for the nine months ended September 30, 2024, compared to a net loss of $9,661,000 for the same period in 2023. This turnaround underscores the company's recovery trajectory and improved operational efficiency.
| Period | Net Income/Loss |
|---|---|
| 2024 (9 Months) | $1,824,000 |
| 2023 (9 Months) | ($9,661,000) |
Operating Expenses
Cohen & Company’s total operating expenses for the nine months ended September 30, 2024, amounted to $63,577,000, up from $53,105,000 in the same period the previous year. The increase was attributed to higher compensation and benefits, which totaled $43,453,000 compared to $35,757,000 in 2023. This reflects the company’s investment in talent to drive growth and innovation.
| Expense Category | 2024 (9 Months) | 2023 (9 Months) | Change |
|---|---|---|---|
| Compensation and Benefits | $43,453,000 | $35,757,000 | $7,696,000 |
| Business Development, Occupancy, Equipment | $4,599,000 | $3,887,000 | $712,000 |
| Total Operating Expenses | $63,577,000 | $53,105,000 | $10,472,000 |
Market Position and Future Outlook
Cohen & Company has positioned itself strategically within the financial services sector, focusing on both trading and advisory services. As of September 30, 2024, the firm's enterprise net income was reported at $6,455,000 compared to a loss of $25,018,000 in the prior year. This indicates a robust recovery and a positive outlook for continued growth in the upcoming fiscal periods.
Geographic Revenue Distribution
The geographic distribution of revenue highlights a strong performance in the United States, contributing $55,603,000 to total revenues for the nine months ended September 30, 2024, while Europe contributed $5,454,000.
| Region | 2024 Revenues | 2023 Revenues |
|---|---|---|
| United States | $55,603,000 | $44,168,000 |
| Europe | $5,454,000 | $4,349,000 |
Through strategic investments and operational improvements, Cohen & Company Inc. continues to adapt and thrive in a competitive financial landscape, setting a strong foundation for future growth.
A Who Owns Cohen & Company Inc. (COHN)
Ownership Structure
As of 2024, Cohen & Company Inc. (COHN) has a complex ownership structure that includes both controlling and non-controlling interests. The company primarily operates through its subsidiary, the Operating LLC, in which it holds a minority economic interest.
| Ownership Type | Percentage Ownership | Notes |
|---|---|---|
| Cohen & Company Inc. (controlling interest) | 28.4% | Owned 28.4% of economic interests in Operating LLC as of September 30, 2024. |
| Non-controlling Members | 71.6% | Income/loss allocated to non-controlling members of the Operating LLC. |
Shareholder Composition
As of the latest filings, the shareholder composition of Cohen & Company Inc. is diverse, including both institutional and retail investors.
| Shareholder Type | Percentage Ownership | Number of Shares |
|---|---|---|
| Institutional Investors | Approximately 45% | 2,350,000 shares |
| Retail Investors | Approximately 55% | 2,850,000 shares |
Major Shareholders
Key stakeholders in Cohen & Company Inc. are as follows:
| Shareholder Name | Ownership Percentage | Type |
|---|---|---|
| FMR LLC (Fidelity) | 12.5% | Institutional |
| BlackRock, Inc. | 10.2% | Institutional |
| State Street Corporation | 9.1% | Institutional |
| Other Institutional Investors | 13.2% | Institutional |
| Retail Investors | 55% | Retail |
Recent Changes in Ownership
During the nine months ended September 30, 2024, Cohen & Company Inc. experienced the following changes in ownership:
| Change Type | Impact on Ownership | Details |
|---|---|---|
| Issuance of New Shares | Increased | 135,000 new shares issued. |
| Exchange of Units | Increased | 72,088 LLC Units exchanged into shares. |
| Equity-Based Compensation | Increased | 838,960 shares issued as equity-based compensation. |
Convertible Non-Controlling Interest
Cohen & Company Inc. also has a convertible non-controlling interest structure:
| Interest Type | Amount | Notes |
|---|---|---|
| Convertible Non-Controlling Interest | $4,631,000 | Attributable to the convertible non-controlling interest of Cohen & Company Inc. as of September 30, 2024. |
Financial Performance Related to Ownership
The financial performance of Cohen & Company Inc. reflects the impact of its ownership structure:
| Metric | Value | Notes |
|---|---|---|
| Net Income Attributable to Cohen & Company Inc. | $2,150,000 | For the three months ended September 30, 2024. |
| Net Income (Loss) Attributable to Non-Convertible Non-Controlling Interest | ($2,455,000) | For the three months ended September 30, 2024. |
| Comprehensive Income Attributable to Cohen & Company Inc. | $2,179,000 | For the three months ended September 30, 2024. |
Cohen & Company Inc. (COHN) Mission Statement
Overview
Cohen & Company Inc. (COHN) is a diversified financial services firm that focuses on providing capital markets, asset management, and advisory services. The mission of the company is to deliver innovative financial solutions while maintaining a commitment to integrity, excellence, and client satisfaction.
Core Values
- Integrity: Upholding the highest ethical standards in all interactions.
- Client Focus: Prioritizing the needs and goals of clients in every decision.
- Innovation: Embracing new ideas and technologies to enhance service delivery.
- Teamwork: Collaborating across departments to leverage collective expertise.
Financial Performance Metrics
As of September 30, 2024, Cohen & Company reported significant financial metrics reflecting its operational effectiveness:
| Metric | Value |
|---|---|
| Net Income | $15,064,000 |
| Net Income Attributable to Cohen & Company Inc. | $1,824,000 |
| Total Revenues | $61,057,000 |
| Total Operating Expenses | $63,577,000 |
| Operating Income (Loss) | $(2,520,000) |
Revenue Breakdown
The revenue for the nine months ended September 30, 2024, shows a diverse income stream:
| Revenue Source | Value |
|---|---|
| Net Trading | $27,462,000 |
| Asset Management | $6,942,000 |
| New Issue and Advisory | $53,347,000 |
| Principal Transactions and Other Income | $(26,694,000) |
Equity and Share Performance
Cohen & Company Inc. has shown a varied performance in its equity metrics:
| Metric | Value |
|---|---|
| Weighted Average Shares Outstanding - Basic | 1,609,384 |
| Weighted Average Shares Outstanding - Diluted | 5,727,137 |
| Earnings Per Share - Basic | $1.13 |
| Earnings Per Share - Diluted | $1.12 |
Conclusion
Cohen & Company Inc. continues to enhance its mission-driven approach by focusing on client needs, upholding integrity, and striving for operational excellence, as evidenced by its financial performance and commitment to innovation.
How Cohen & Company Inc. (COHN) Works
Business Model
Cohen & Company Inc. operates as a diversified financial services firm. It primarily focuses on capital markets, asset management, and principal investing. The company is structured as a “C” corporation for federal income tax purposes and consolidates its Operating LLC, in which it holds a minority economic interest.
Financial Performance Overview
As of September 30, 2024, Cohen & Company reported a net income of $5,141,000, a significant recovery from a net loss of $5,736,000 in the same period of the previous year. The company's revenues increased by 85% to $31,695,000 for the three months ended September 30, 2024, compared to $17,121,000 in the prior year.
Revenue Breakdown
| Revenue Source | Q3 2024 (in $000s) | Q3 2023 (in $000s) | Change (in $000s) | % Change |
|---|---|---|---|---|
| Net Trading | 8,816 | 7,491 | 1,325 | 18% |
| Asset Management | 2,147 | 1,788 | 359 | 20% |
| New Issue and Advisory | 22,459 | 7,247 | 15,212 | 210% |
| Principal Transactions and Other Income (Loss) | (1,727) | 595 | (2,322) | (390%) |
| Total Revenues | 31,695 | 17,121 | 14,574 | 85% |
Operating Expenses
Operating expenses for the three months ended September 30, 2024, totaled $24,473,000, compared to $21,225,000 in 2023, reflecting a 15% increase. The breakdown is as follows:
| Expense Type | Q3 2024 (in $000s) | Q3 2023 (in $000s) | Change (in $000s) | % Change |
|---|---|---|---|---|
| Compensation and Benefits | 17,915 | 15,219 | (2,696) | (18%) |
| Business Development, Occupancy, Equipment | 1,567 | 1,268 | (299) | (24%) |
| Subscriptions, Clearing, and Execution | 2,691 | 2,409 | (282) | (12%) |
| Professional Fees and Other Operating | 2,156 | 2,189 | 33 | 2% |
| Depreciation and Amortization | 144 | 140 | (4) | (3%) |
| Total Operating Expenses | 24,473 | 21,225 | (3,248) | (15%) |
Net Income and Earnings Per Share
The net income attributable to Cohen & Company Inc. for Q3 2024 was $2,150,000, compared to a net loss of $423,000 in Q3 2023. The diluted earnings per share were $1.31 for Q3 2024, up from a loss of $0.28 the previous year.
Balance Sheet Highlights
As of September 30, 2024, Cohen & Company reported total assets of $818,011,000, compared to $772,761,000 at the end of 2023. The equity attributable to Cohen & Company Inc. was $50,115,000, reflecting a significant improvement in the company's financial position.
Cash Flow Analysis
The net cash provided by operating activities was $5,042,000 for the nine months ended September 30, 2024. Key cash flow components included:
| Cash Flow Component | Q3 2024 (in $000s) | Q3 2023 (in $000s) |
|---|---|---|
| Net Income (Loss) | 15,064 | (16,482) |
| Equity-Based Compensation | 3,456 | 3,275 |
| Loss (Gain) on Other Investments | 58,704 | 38,960 |
| Net Cash Provided (Used) in Operating Activities | 5,042 | (36,177) |
Income Tax Expense
The income tax expense for the three months ended September 30, 2024, was $142,000, a significant decrease from an income tax benefit of $755,000 in the previous year.
How Cohen & Company Inc. (COHN) Makes Money
Revenue Sources
Cohen & Company Inc. generates revenue from several key segments, including net trading, asset management, and new issue and advisory services. For the three months ended September 30, 2024, total revenues reached $31,695, an increase of 85% from $17,121 in the same period of 2023.
| Revenue Source | Q3 2024 ($ Thousands) | Q3 2023 ($ Thousands) | Change ($ Thousands) | Change (%) |
|---|---|---|---|---|
| Net Trading | 8,816 | 7,491 | 1,325 | 18% |
| Asset Management | 2,147 | 1,788 | 359 | 20% |
| New Issue and Advisory | 22,459 | 7,247 | 15,212 | 210% |
| Principal Transactions and Other Income (Loss) | (1,727) | 595 | (2,322) | (390%) |
| Total Revenues | 31,695 | 17,121 | 14,574 | 85% |
Net Trading Revenue
Net trading revenue for the three months ended September 30, 2024, amounted to $8,816, reflecting an increase of 18% from $7,491 in the prior year. The breakdown by trading group is as follows:
| Trading Group | Q3 2024 ($ Thousands) | Q3 2023 ($ Thousands) | Change ($ Thousands) |
|---|---|---|---|
| Mortgage | 1,177 | 535 | 642 |
| Gestation Repo | 3,842 | 4,059 | (217) |
| High Yield Corporate | 73 | 1,037 | (964) |
| Investment Grade Corporate | 0 | (400) | 400 |
| Wholesale and Other | 3,724 | 2,260 | 1,464 |
| Total Net Trading | 8,816 | 7,491 | 1,325 |
Asset Management
Asset management revenue totaled $2,147 for Q3 2024, up from $1,788 in Q3 2023, representing a 20% growth. For the nine months ending September 30, 2024, asset management revenue reached $6,942 compared to $5,418 in 2023, marking an increase of 28%.
New Issue and Advisory Services
The new issue and advisory segment saw significant growth, with revenues soaring to $22,459 in Q3 2024 from $7,247 in Q3 2023, a remarkable increase of 210%. For the nine-month period, this segment generated $53,347 compared to $9,542 in the prior year, illustrating a 459% rise.
Operating Expenses
Operating expenses for the three months ended September 30, 2024, were $24,473, a reduction of 15% from $21,225 in the same period of 2023. Key components included:
| Operating Expense Type | Q3 2024 ($ Thousands) | Q3 2023 ($ Thousands) | Change ($ Thousands) | Change (%) |
|---|---|---|---|---|
| Compensation and Benefits | 17,915 | 15,219 | (2,696) | (18%) |
| Business Development, Occupancy, Equipment | 1,567 | 1,268 | (299) | (24%) |
| Subscriptions, Clearing, and Execution | 2,691 | 2,409 | (282) | (12%) |
| Professional Fees and Other Operating | 2,156 | 2,189 | 33 | 2% |
| Depreciation and Amortization | 144 | 140 | (4) | (3%) |
| Total Operating Expenses | 24,473 | 21,225 | (3,248) | (15%) |
Net Income
Net income for Cohen & Company Inc. for the three months ended September 30, 2024, was reported at $5,141, a significant recovery from a loss of $5,736 in Q3 2023. The net income attributable to Cohen & Company Inc. specifically was $2,150, compared to a loss of $423 in the prior year, illustrating a turnaround of 608%.
Income per Share
For Q3 2024, the basic income per common share was $1.32, a substantial improvement from a loss per share of $(0.28) in Q3 2023. The diluted income per common share was $1.31 compared to $(0.28) in the same period of 2023.
Conclusion
Cohen & Company Inc. continues to diversify its revenue streams and improve its operational efficiency, positioning itself for sustainable growth in the financial services sector.
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Resources:
- Cohen & Company Inc. (COHN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Cohen & Company Inc. (COHN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Cohen & Company Inc. (COHN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.