Cohen & Company Inc. Reports Robust Q1 2024 Financials, With a Notable Expansion In Their Business

Cohen & Company

PHILADELPHIA, PA — Cohen & Company Inc. (NYSE: COHN) announced another quarter of robust earnings, presenting a strong opening to 2024. In the first quarter, the company declared a pre-tax income of $7.7 million and earnings per share of $1.28, bringing their total pre-tax income over the last six months to over $23 million.

“We’re thrilled to announce strong earnings for two consecutive quarters,” stated Lester Brafman, Chief Executive Officer of Cohen & Company. Notably, amidst a challenging market environment, the company has continued to invest in its full-service boutique investment banking operation, Cohen & Company Capital Markets (“CCM”). In recent years, CCM has transitioned into a leading advisement body for De-SPAC transactions.

In the year’s first quarter, net trading revenue surged by 26% from the prior quarter. Additionally, Cohen & Company introduced George Holstead as the head of the new Middle Markets Group and hired a team of new traders and salespeople.

“Our net trading operations have had a strong start to the year,” Brafman noted. Despite unfavorable conditions in the market impacting the company’s principal investing portfolio, their strategic position promises continued growth.

Cohen & Company’s net income for Q1 2024 amounted to $2.0 million, or $1.28 per share. This figure marks a significant improvement from the $2.6 million loss, or $1.77 per share, it reported for the equivalent period in 2023.

A remarkable change was observed in the new issue and advisory revenue, raking in $24.4 million this quarter compared to the prior year quarter’s figure. The company’s asset management revenue also saw substantial growth, climbing to $2.7 million, up by $0.7 million from the prior year quarter.

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In terms of its workforce, Cohen & Company reported a slight decrease in numbers, down to 116 employees as of March 31, 2024, from 121 in the same period the previous year.

As it continues its strong performance in 2024, the company remains focused on enhancing stockholder value. Brafman said, “We’re excited about the momentum we’ve built, and we will continue to invest prudently in revenue-generating talent and diversifying our offerings.”

The company has declared a quarterly dividend of $0.25 per share, payable to stockholders of record as of May 20, 2024, reflecting its commitment to continually reward its stockholders.

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