Cohen & Steers (NYSE:CNS) Announces Earnings Results

Key Points

• Cohen & Steers reported earnings of $0.81 per share for the quarter, surpassing analysts' estimates of $0.78.
• The company declared a quarterly dividend of $0.62, representing an annualized dividend of $2.48 and a yield of 3.8%.
• Analysts have varying opinions on the stock, with the average target price now set at $81.33 and a consensus rating of "Hold".

Cohen & Steers (NYSE:CNS - Get Free Report) issued its quarterly earnings results on Thursday. The asset manager reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.03, Zacks reports. Cohen & Steers had a net margin of 29.82% and a return on equity of 29.95%.

Cohen & Steers Stock Down 1.1%

Shares of CNS stock traded down $0.70 during mid-day trading on Thursday, reaching $65.85. The stock had a trading volume of 365,690 shares, compared to its average volume of 224,094. The firm's 50 day simple moving average is $70.57 and its 200 day simple moving average is $74.36. Cohen & Steers has a one year low of $64.29 and a one year high of $110.67. The firm has a market cap of $3.36 billion, a PE ratio of 20.90, a P/E/G ratio of 2.09 and a beta of 1.38.

Cohen & Steers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Monday, August 11th were given a $0.62 dividend. The ex-dividend date was Monday, August 11th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.8%. Cohen & Steers's dividend payout ratio (DPR) is currently 78.73%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CNS. Evercore ISI reduced their target price on Cohen & Steers from $77.00 to $74.00 and set an "outperform" rating for the company in a report on Thursday, October 9th. Bank of America lifted their target price on Cohen & Steers from $66.00 to $68.00 and gave the company an "underperform" rating in a research note on Thursday, October 2nd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Cohen & Steers in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $81.33.

Institutional Investors Weigh In On Cohen & Steers

Several institutional investors and hedge funds have recently bought and sold shares of CNS. Wasatch Advisors LP lifted its stake in Cohen & Steers by 15.1% during the second quarter. Wasatch Advisors LP now owns 2,465,698 shares of the asset manager's stock worth $185,790,000 after purchasing an additional 323,759 shares during the period. Balyasny Asset Management L.P. grew its position in Cohen & Steers by 107.4% in the second quarter. Balyasny Asset Management L.P. now owns 190,077 shares of the asset manager's stock valued at $14,322,000 after acquiring an additional 98,431 shares during the period. Millennium Management LLC grew its position in Cohen & Steers by 485.1% in the first quarter. Millennium Management LLC now owns 93,175 shares of the asset manager's stock valued at $7,477,000 after acquiring an additional 77,251 shares during the period. BNP Paribas Financial Markets lifted its holdings in Cohen & Steers by 193.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 83,670 shares of the asset manager's stock valued at $6,305,000 after purchasing an additional 55,126 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Cohen & Steers by 23.7% during the 2nd quarter. Bank of America Corp DE now owns 245,067 shares of the asset manager's stock valued at $18,466,000 after purchasing an additional 46,974 shares during the last quarter. Institutional investors own 51.47% of the company's stock.

About Cohen & Steers

Cohen & Steers, Inc is a holding company, which operates as an investment manager specializing in liquid real assets, which include real estate securities, listed infrastructure, commodities, natural resource equities, preferred securities, and other income solutions. It manages investment vehicles, such as institutional accounts, open-end funds and closed-end funds.

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