Cohen & Steers (NYSE:CNS) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Cohen & Steers (NYSE:CNS) issued its quarterly earnings data on Thursday. The asset manager reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.01), Briefing.com reports. Cohen & Steers had a return on equity of 36.96% and a net margin of 26.27%. The company had revenue of $122.71 million for the quarter, compared to the consensus estimate of $125.01 million. During the same period in the previous year, the firm earned $0.76 earnings per share. The company’s revenue was down 2.7% compared to the same quarter last year.

Cohen & Steers Price Performance

Cohen & Steers stock opened at $72.39 on Friday. The firm has a market capitalization of $3.59 billion, a P/E ratio of 28.17 and a beta of 1.45. Cohen & Steers has a 1-year low of $50.05 and a 1-year high of $78.58. The company’s 50-day moving average is $72.53 and its 200 day moving average is $66.54.

Cohen & Steers Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Monday, March 4th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.26%. This is an increase from Cohen & Steers’s previous quarterly dividend of $0.57. The ex-dividend date was Friday, March 1st. Cohen & Steers’s dividend payout ratio is presently 91.83%.

Insider Buying and Selling at Cohen & Steers

In other news, Director Richard P. Simon sold 6,942 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $71.76, for a total value of $498,157.92. Following the sale, the director now directly owns 24,973 shares in the company, valued at $1,792,062.48. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Richard P. Simon sold 6,942 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $71.76, for a total transaction of $498,157.92. Following the completion of the transaction, the director now owns 24,973 shares in the company, valued at approximately $1,792,062.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Edmond D. Villani sold 4,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $72.99, for a total value of $291,960.00. Following the completion of the transaction, the director now directly owns 33,781 shares in the company, valued at approximately $2,465,675.19. The disclosure for this sale can be found here. Insiders sold 14,000 shares of company stock worth $1,009,713 over the last 90 days. Company insiders own 47.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley boosted its position in Cohen & Steers by 452.0% in the 4th quarter. Morgan Stanley now owns 642,755 shares of the asset manager’s stock valued at $41,496,000 after buying an additional 526,309 shares during the period. Norges Bank purchased a new stake in shares of Cohen & Steers in the fourth quarter valued at approximately $15,696,000. BlackRock Inc. boosted its holdings in shares of Cohen & Steers by 10.7% in the second quarter. BlackRock Inc. now owns 2,010,333 shares of the asset manager’s stock valued at $116,579,000 after purchasing an additional 194,097 shares during the period. Millennium Management LLC grew its stake in Cohen & Steers by 522.2% in the fourth quarter. Millennium Management LLC now owns 189,043 shares of the asset manager’s stock worth $12,205,000 after purchasing an additional 158,658 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Cohen & Steers by 605.7% during the 2nd quarter. Renaissance Technologies LLC now owns 102,412 shares of the asset manager’s stock worth $6,512,000 after purchasing an additional 87,900 shares during the period. Hedge funds and other institutional investors own 51.47% of the company’s stock.

Analyst Ratings Changes

CNS has been the subject of a number of recent research reports. UBS Group dropped their target price on Cohen & Steers from $69.00 to $67.00 and set a “sell” rating for the company in a report on Friday, April 12th. TheStreet upgraded Cohen & Steers from a “c+” rating to a “b-” rating in a research report on Tuesday, December 26th.

About Cohen & Steers

Cohen & Steers, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to institutional investors, including pension funds, endowments, and foundations. It manages separate client-focused equity, fixed income, multi-asset, and commodity portfolios through its subsidiaries.