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COWN on NASDAQ

TD Cowen

Logo: TD Cowen, Public domain, via Wikimedia Commons5

American investment bank

TD Cowen (formerly Cowen Inc.), is an American multinational investment bank and financial services division of TD Securities that operates through two business segments: a broker-dealer and an investment management division. The company's broker-dealer division offers investment banking services, equity and credit research, sales and trading, prime brokerage, outsourced trading, global clearing and commission management services.3 Its shares trade on NASDAQ under the symbol COWN.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1918Founded1

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  • TickerCOWN on NASDAQ1
  • Industryfinancial services1
  • Headquarters599 Lexington Avenue1
  • Websitewww.cowen.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address1221 Avenue Of The Americas, New York, Ny 100206
  • LEI5493008QI0EFC5WBED754
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 46930064

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599 Lexington Avenue, New York, New York
Photo: Miguel Vaca from Bogotá, Colombia, CC BY 2.0, via Wikimedia Commons8

TD Cowen (formerly Cowen Inc.), is an American multinational investment bank and financial services division of TD Securities that operates through two business segments: a broker-dealer and an investment management division.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2022

6.7%Net margin9
-33.7%Revenue growth, 20229
7.2%Return on equity9
$159.1MFree cash flow9

Where the money goes

Where each dollar of revenue went, fiscal 2022

  • Other costs92¢$1.1B
  • Income tax1¢$10.8M
  • Profit7¢$76.5M

Out of $1.1B in revenue.9

Where each dollar of operating cash went, fiscal 2022

  • Capital spending7¢$12.5M
  • Dividends paid9¢$15.2M
  • Share buybacks18¢$31.1M
  • Kept or used elsewhere66¢$112.8M

Out of $171.6M of cash from operations.9

Financial statements

Revenue101112139$1.1B in 2022+142% since 2016
0$500.0M$1.0B$1.5B$2.0B2016: $471.6M$471.6M20162017: $658.8M$658.8M2017+40%2018: $793.3M$793.3M2018+20%2019: $797.4M$797.4M2019+1%2020: $1.3B$1.3B2020+68%2021: $1.7B$1.7B2021+28%2022: $1.1B$1.1B2022−34%
Net income101112139$76.5M in 2022
-$100.0M0$100.0M$200.0M$300.0M2016: -$19.3M-$19.3M20162017: -$60.9M-$60.9M2017+216%2018: $42.8M$42.8M20182019: $24.6M$24.6M2019−42%2020: $216.4M$216.4M2020+778%2021: $295.6M$295.6M2021+37%2022: $76.5M$76.5M2022−74%
Fiscal year2016201720182019202020212022
Revenue$471.6M10$658.8M11$793.3M12$797.4M13$1.3B9$1.7B9$1.1B9
Operating expenses$1.5B9$1.2B9
Income before tax$406.0M9$76.6M9
Income tax-$19.1M10$44.1M11$15.7M12$14.9M13$90.4M9$102.0M9$10.8M9
Net income-$19.3M10-$60.9M11$42.8M12$24.6M13$216.4M9$295.6M9$76.5M9
Earnings per share-$0.9710-$2.2911$1.2212$0.6013$7.549$10.429$2.479
Earnings per share (diluted)-$0.9710-$2.2911$1.1712$0.5713$7.109$8.859$2.219
Shares (weighted, basic)27.7M shares928.2M shares9
Shares (weighted, diluted)32.6M shares931.5M shares9

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Corporate structure

TD Cowen sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of TD Cowen

  • Magnetar Financial LLC Filed SC 13D/A on TD Cowen, latest Mar 3, 2023 (3 filings since Aug 12, 2022)
  • Azora Capital LP Filed SC 13G/A on TD Cowen, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • VANGUARD GROUP INC Filed SC 13G/A on TD Cowen, latest Feb 9, 2023 (2 filings since Feb 9, 2022)
  • BlackRock Filed SC 13G/A on TD Cowen, latest Feb 7, 2023 (2 filings since Feb 3, 2022)
  • FMR LLC Filed SC 13G/A on TD Cowen, latest Feb 9, 2022
  • DIMENSIONAL FUND ADVISORS LP Filed SC 13G/A on TD Cowen, latest Feb 8, 2022
  • TD Cowen New York, New York, United States
    • COWEN OVERSEAS INVESTMENT LP Subsidiary · New York, New York, United States
    • SILVER STRIKE CAPITAL INC. Subsidiary · New York, New York, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

The story

Founded as a bond trading house, Cowen expanded in its early years to include correspondent clearing and execution services. As the firm grew, it developed a leadership position in railroad bonds and launched a research and institutional sales business. The firm expanded significantly in the 1970s in research and retail, opening six offices from coast-to-coast and expanding its business offerings through acquisitions: Hardy & Company; Greene & Ladd; G.S. Grumman; and McCloy-Watterson & Co., Inc. In the 1980s, Cowen expanded internationally, established an investment banking business, and set up offices in London, Geneva, Paris, and Tokyo. In the 1990s, the firm grew the investment banking business, beginning with five initial public offerings and follow-ons for approximately $200 million, growing to nearly 80 transactions and $5 billion in proceeds by 1995.

In 1998, the company was acquired by Société Générale and renamed SG Cowen. In 2000, Cowen sold its private client services unit to Lehman Brothers, retaining its investment banking, research and sales and trading operations. Cowen operated as a unit of Societe Generale until 2006, when it was spun off in an initial public offering and renamed itself, Cowen and Company. Cowen, Credit Suisse and Merrill Lynch were joint bookrunners for the public offering.

On August 2, 2022, Toronto-Dominion Bank announced it had reached an agreement with Cowen to acquire it for US$1.3 billion, translating to $39 per share. TD announced that Cowen chair and CEO Jeffrey Solomon would join the senior leadership of TD's securities division following the acquisition. The combined business will be known as TD Cowen and led by Solomon.

From Wikipedia’s article on TD Cowen, shared under CC BY-SA 4.0.7

Leadership

Who has led TD Cowen, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Kim Fennebresque2006–2008
  2. David M. Malcolm2008–2009
  3. David M. Malcolm2009–2010
  4. Morgan B. Stark2009
  5. Peter A. Cohen2009–2017
  6. Thomas W. Strauss2009–2012
  7. Jeffrey M. Solomon2011–2023

Chair

  1. Kim Fennebresque2006–2008
  2. Peter A. Cohen2009–2017
  3. Morgan B. Stark2010–2011
  4. David M. Malcolm2010
  5. Thomas W. Strauss2013–2014
  6. Jeffrey M. Solomon2019–2023

President

  1. Kim Fennebresque2006–2008
  2. David M. Malcolm2008–2009
  3. Morgan B. Stark2009
  4. Peter A. Cohen2009–2015
  5. Jeffrey M. Solomon2014–2017

Chief financial officer

  1. Thomas K. Conner2006–2009
  2. Stephen Lasota2009–2023

Chief operating officer

  1. Jeffrey M. Solomon2010–2011
197019801990200020102020
Board members and other officers (37)

Products and brands

Listed on Wikidata.1

Cowen and Company

Cowen and Company, founded in 1918, is the broker-dealer business of Cowen Inc. Cowen and Company offers a range of investment banking services, including: equity, equity-linked and debt financing's, mergers and acquisitions and advisory services. Cowen and Company also provides proprietary research, including its Ahead of the Curve series, institutional sales and trading services and prime brokerage. Cowen and Company specializes in growth sectors of the economy, including: consumer, energy, health care, industrials, info tech & services, and technology, media & telecommunications. Business units include:

Investment Banking

Research

Markets

Read the full text

Prime Services

Cowen Investment Management

Cowen Investment Management, founded in 1994 as Ramius, by Peter Cohen, Jeff Solomon, Morgan Stark, and Tom Strauss, is the global alternative investment management business of Cowen Inc. Cowen Investment Management offers a range of alternative investment strategies including private health care, health care royalties, real estate, activism, merger and long/short equity, and growth equity. Cowen Investment Management oversees $11 billion in assets under management as of Q1/2018.

From Wikipedia’s article on TD Cowen, shared under CC BY-SA 4.0.7

Acquisitions

In 2009, the company merged with Ramius LLC to form a diversified financial services company.

In February 2011, Cowen acquired LaBranche & Co., a market-maker in options, exchange-traded funds and futures on various exchanges for around $200 million.

In 2012, Cowen acquired Algorithmic Trading Management, a provider of global multi-asset class algorithmic execution trading models, and KDC Securities, a securities lending business.

In March 2013, Cowen acquired Dahlman Rose & Company LLC.

Read the full text

In 2015, Cowen entered the prime services business with the acquisitions of Concept Capital Markets and Conifer Securities.

In 2015, Cowen acquired CRT Capital Group's credit products, credit research, special situations and emerging markets businesses.

In 2017, Cowen acquired Convergex, a leading agency-focused brokerage firm and trading services provider whose businesses include: equity sales and an electronic trading platform, commission management, global clearing and prime services.

In 2018 Cowen announced the acquisition of Quarton International, a middle-market investment banking firm.

From Wikipedia’s article on TD Cowen, shared under CC BY-SA 4.0.7

Former names

  • Cowen Group, Inc.Mar 21, 2006 to Nov 2, 20096

Timeline

  1. Mar 1, 20238-K Entered a material agreement; Ended a material agreement; Completed an acquisition or sale70
  2. Feb 17, 20238-K Other events71
  3. Jan 26, 20238-K Other events72
  4. Nov 15, 20228-K Shareholder vote; Other events73
  5. Nov 7, 20228-K Other events74
  6. Oct 28, 20228-K Results of operations75
  7. Oct 28, 20228-K Other events76
  8. Aug 3, 20228-K Results of operations77
  9. Aug 2, 20228-K Entered a material agreement; Bylaws or fiscal year changed; Other events78
  10. Jul 29, 20228-K Other events79
  11. Jun 28, 20228-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote80
  12. Apr 29, 20228-K Results of operations81
  13. Nov 4, 2011New chief executive Jeffrey M. Solomon becomes CEO22
  14. Nov 2, 2009New chief executive Thomas W. Strauss becomes CEO26
  15. Nov 2, 2009New chief executive Peter A. Cohen becomes CEO25
  16. Nov 2, 2009New chief executive Morgan B. Stark becomes CEO24
  17. Mar 7, 2008New chief executive David M. Malcolm becomes CEO27
  18. Jul 13, 2006Went public Listed on NASDAQ1
  19. Jul 12, 2006New chief executive Kim Fennebresque becomes CEO28
  20. 1918Founded Founded1

Calendar

When it reported results

  1. Oct 28, 2022Reported quarterly or annual results75
  2. Aug 3, 2022Reported quarterly or annual results77
  3. Apr 29, 2022Reported quarterly or annual results81
  4. Feb 16, 2022Reported quarterly or annual results82
  5. Oct 29, 2021Reported quarterly or annual results83

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

125 filings to the SEC since October 2021: 3 annual reports, 4 quarterly reports, 22 major events, 51 insider forms, 11 large holders, 34 other. The latest 20:

  1. Mar 13, 202315-12G TERMINATION OF REGISTRATION EDGAR
  2. Mar 6, 2023EFFECT EDGAR
  3. Mar 6, 2023EFFECT EDGAR
  4. Mar 6, 2023EFFECT EDGAR
  5. Mar 6, 2023EFFECT EDGAR
  6. Mar 6, 2023EFFECT EDGAR
  7. Mar 6, 2023EFFECT EDGAR
  8. Mar 3, 2023SC 13D/A EDGAR
  9. Mar 1, 20234 EDGAR
  10. Mar 1, 20234 EDGAR
  11. Mar 1, 20234 EDGAR
  12. Mar 1, 20234 EDGAR
  13. Mar 1, 20234 EDGAR
  14. Mar 1, 20234 EDGAR
  15. Mar 1, 20234 EDGAR
  16. Mar 1, 20234 EDGAR
  17. Mar 1, 20234 EDGAR
  18. Mar 1, 20234 EDGAR
  19. Mar 1, 20234 EDGAR
  20. Mar 1, 20234 EDGAR

The 125 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How TD Cowen is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCowen Holdings, Inc.2
  • CIK0001355007
  • Incorporated inDelaware2
  • Fiscal year endsDecember 312
  • Industry code (SIC)6211 Security Brokers, Dealers & Flotation Companies2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address1221 Avenue Of The Americas, New York, NY 100202
  • Phone646-562-17272
  • On EDGAR sinceMar 21, 20062
  • Filings249 in all: 4 (97), 8-K (30), 3 (24), 425 (14), SC 13G/A (14), SC 13G (13), 10-Q (10), S-1/A (5)2
    All 33 form types

    UPLOAD (5), 10-K/A (4), 10-K (3), EFFECT (3), S-8 POS (3), DEF 14A (2), POS AM (2), PRER14A (2), S-8 (2), 15-12G (1), 25-NSE (1), 424B1 (1), 424B3 (1), 8-A12G (1), 8-K/A (1), ARS (1), CORRESP (1), DEFA14A (1), DEFM14A (1), PREM14A (1), S-1 (1), S-3 (1), S-4 (1), SC 13D (1), SC 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 6, 2009
    Quarterly report (10-Q) Aug 6, 2009
    Proxy statement (DEF 14A) Apr 30, 2008
    Latest 8-K (8-K) Nov 5, 2009

Sources

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