Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Market Information for Our Common Stock and Dividends
The closing price of our Common Stock was $41.00 on March 3, 2020. We had 1,329,007 shares of Common Stock outstanding held by 26 holders of record as of March 3, 2020.
Commencing on March 22, 2004, our Common Stock began trading on the NYSE under the symbol “SFO.” On October 6, 2006, upon completion of our merger with Alesco Financial Trust and our name change from Sunset Financial Resources, Inc. to Alesco Financial Inc., our NYSE symbol was changed to “AFN.”
On December 16, 2009, we effectuated a 1-for-10 reverse stock split. Also, our name changed from Alesco Financial Inc. to Cohen & Company Inc., we moved our listing of Common Stock from the NYSE to the NYSE American Stock Exchange (formerly known as the NYSE MKT LLC) and our trading symbol was changed to “COHN.”
Effective January 21, 2011, we changed our name to Institutional Financial Markets, Inc. and our Common Stock began trading on the NYSE American Stock Exchange under the symbol “IFMI.”
On September 1, 2017, we effectuated a second 1-for-10 reverse stock split and changed our name to Cohen & Company Inc. Our trading symbol was changed to “COHN.”
During the third quarter of 2010, our board of directors initiated a dividend of $0.50 per quarter, which was paid regularly through December 31, 2011. Beginning in 2012, our board of directors declared a dividend of $0.20 per quarter, which was paid regularly through the first quarter of 2019. Each time a cash dividend was declared by our board of directors, a pro rata distribution was made to the other members of the Operating LLC upon payment of dividends to our stockholders.
On August 2, 2019, we announced that our board of directors decided to suspend our quarterly cash dividend. Any future determination to declare and pay dividends will be made at the discretion of our board of directors, after taking into account a variety of factors, including business, financial, and regulatory considerations as well as any limitations under Maryland law or imposed by any agreements governing our indebtedness. Going forward, our board of directors will re-assess our capital resources and may or may not determine to reinstate the dividend based on that assessment.
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
Period
Total Number of Shares Purchased
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Dollar Value of Shares that May Yet be Purchased under the Plans or Programs (1)
October 1, 2020 - October 31, 2020
28,203
$18.01
28,203
$36,450
November 1, 2020 - November 30, 2020
41,590
$17.94
41,590
$35,704
December 1, 2020 - December 31, 2020
8,788
$16.28
8,788
$35,561
Total
78,581
78,581
(1)
Dollar amounts in thousands. On August 3, 2007, our board of directors authorized us to repurchase up to $50 million of our Common Stock from time to time in open market purchases or privately negotiated transactions. The repurchase plan was publicly announced on August 7, 2007. See note 21 to our consolidated financial statements in this Annual Report on Form 10-K.
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ITEM 6. SELECTED FINANCIAL DATA.
All amounts in this disclosure are in thousands (except share, unit, per share, and per unit data) except where otherwise noted. The following selected financial data is derived from our audited consolidated financial statements as of and for the years ended December 31, 2020 , 2019 , 2018 , 2017, and 2016. You should read this selected financial data together with the more detailed information contained in our consolidated financial statements and related notes and “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations”.
Year Ended December 31,
2020
2019
2018
2017
2016
Revenues
Net trading
$
73,611
$
38,172
$
29,298
$
26,909
$
39,105
Asset management
8,759
7,560
12,536
7,897
8,594
New issue and advisory
2,234
1,831
2,979
6,340
2,982
Principal transactions and other income
45,506
2,103
4,573
6,396
4,667
Total revenues
130,110
49,666
49,386
47,542
55,348
Operating expenses
Compensation and benefits
59,902
25,972
25,385
22,527
31,132
Other operating
19,663
19,335
20,081
17,364
15,339
Depreciation and amortization
334
318
261
249
291
Impairment of goodwill
7,883
-
-
-
-
Total operating expenses
87,782
45,625
45,727
40,140
46,762
Operating income / (loss)
42,328
4,041
3,659
7,402
8,586
Non-operating income / (expense)
Interest expense, net
(9,589
)
(7,584
)
(8,487
)
(6,178
)
(4,735
)
Income / (loss) from equity method affiliates
(2,955
)
(553
)
-
-
-
Income / (loss) before income taxes
29,784
(4,096
)
(4,828
)
1,224
3,851
Income taxes
(8,669
)
(523
)
(841
)
(1,211
)
422
Net income / (loss)
38,453
(3,573
)
(3,987
)
2,435
3,429
Less: Net (loss) income attributable to the non-controlling interest
24,248
(1,519
)
(1,524
)
371
1,162
Net income / (loss) attributable to Cohen & Company Inc.
$
14,205
$
(2,054
)
$
(2,463
)
$
2,064
$
2,267
Earnings (loss) per common share:
Basic earnings (loss) per common share
$
12.56
$
(1.81
)
$
(2.14
)
$
1.71
$
1.86
Weighted average shares outstanding - basic
1,131,085
1,136,574
1,152,073
1,206,906
1,219,189
Diluted earnings (loss) per common share
$
7.66
$
(1.81
)
$
(2.14
)
$
1.60
$
1.85
Weighted average shares outstanding - diluted
5,091,087
1,681,173
1,684,482
2,592,254
1,736,002
Cash dividends per share
$
-
$
0.40
$
0.80
$
0.80
$
0.80
Balance Sheet Data:
Total assets
$
6,149,379
$
8,001,624
$
8,115,629
$
2,401,578
$
561,271
Debt
47,100
48,861
43,536
44,177
29,523
Redeemable financial instruments
11,957
16,983
17,448
16,732
6,000
Equity:
Total stockholders' equity
43,909
33,319
35,774
39,872
38,782
Non-controlling interest
57,528
15,437
6,664
8,284
7,980
Total equity
$
101,437
$
48,756
$
42,438
$
48,156
$
46,762
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