COHN - Cohen & Co. stock soars 143% as SPACs help fuel earnings growth
Cohen & Company (COHN) stock more than doubles after the financial services firm's Q4 adjusted EPS grew more than six-fold from the same period a year ago, as revenue increased from SPAC deals and trading revenue.With only ~1.25M shares outstanding, the stock is prone to volatile action.Q4 adjusted EPS of $4.64 vs. 78 cents in the year-ago quarter.Q4 total revenue of $66.4M more than tripled from $21.9M a year ago.Its advances in SPACs continue. After Q4's end, COHN's second company-sponsored SPAC, INSU Acquisition Corp. II, closed its merger with Metromile, a digital insurance platform, and its third company-sponsored SPAC, INSU Acquisition Corp. III, completed its $250M IPO and is currently seeking a business combination."Our team has substantial experience in the SPAC space, and we are excited to build on our momentum and continue growing our SPAC franchise," said COHN CEO Lester Brafman.Conference call at 11:00 AM ET.Previously (March 3): Cohen
For further details see:
Cohen & Co. stock soars 143% as SPACs help fuel earnings growth