Cohen & Company Inc. Reports Strong Third-Quarter Performance and Revenue Growth

Cohen & Company

PHILADELPHIA, PACohen & Company Inc. (NYSE American: COHN) has announced its financial results for the third quarter ending September 30, 2024, showing a significant turnaround from previous quarters. The firm recorded a net income of $2.2 million, translating to $1.31 per diluted share, reversing the losses seen earlier in the year.

The company’s revenue for the quarter reached $31.7 million, a sharp increase from $10.8 million in the previous quarter and $17.1 million from the same period last year. This growth was driven largely by Cohen & Company Capital Markets (CCM), the company’s investment banking division, which generated $21.4 million in advisory revenue and led one SPAC IPO.

CEO Lester Brafman expressed confidence in the firm’s trajectory, stating, “The positive trends for the first half of the year extended into the third quarter with strong execution and continued momentum from Cohen & Company Capital Markets. We are proud to report that CCM’s pipeline remains robust, and we expect consistent production from CCM through the end of the year.”

Adjusted pre-tax income showed considerable improvement, hitting $7.7 million compared to losses in both the previous quarter and the same period last year. The company’s net trading revenue stood at $8.8 million, showing stability from the previous quarter and a $1.3 million increase from the prior year.

Asset management revenue was $2.1 million, maintaining consistency with the prior quarter while reflecting a rise from the previous year’s quarter. The principal transactions and other revenue saw a reduction in losses, improving to negative $1.7 million from negative $6.6 million in the prior quarter.

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Compensation and benefits expenses rose by $7.2 million from the prior quarter, reflecting strategic investments in talent. Interest expenses decreased slightly, attributed to restructuring of financial instruments.

Cohen & Company’s total equity increased to $100.6 million as of September 30, 2024, up from $91.8 million at the end of 2023. The company’s Board of Directors has declared a quarterly dividend of $0.25 per share, payable on December 5, 2024.

Looking ahead, Brafman emphasized the company’s focus on enhancing long-term value for stockholders, including maintaining the dividend policy, while navigating market conditions and capital needs.

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