Cohen & Steers (NYSE:CNS) Announces Quarterly Earnings Results

Key Points

• Q1 results: Cohen & Steers reported EPS of $0.79, missing estimates of $0.82, while revenue beat at $144.26M (vs. $140.62M expected) and rose 8.3% year-over-year; the firm posted a 28.46% ROE and a 27.55% net margin.
• Dividend increase: The quarterly dividend was raised to $0.67 from $0.62 (annualized $2.68), implying a 4.1% yield but a high payout ratio of 89.93%.
• Stock and outlook: Shares fell about 2.1% to $64.85 (market cap $3.33B, P/E ~21.8) and analysts hold a consensus "Hold" with an average price target of $71.50 (Evercore $75, one Buy/ two Hold/ one Sell).

Cohen & Steers (NYSE:CNS - Get Free Report) issued its quarterly earnings results on Thursday. The asset manager reported $0.79 earnings per share for the quarter, missing analysts' consensus estimates of $0.82 by ($0.03), FiscalAI reports. The company had revenue of $144.26 million during the quarter, compared to analysts' expectations of $140.62 million. Cohen & Steers had a return on equity of 28.46% and a net margin of 27.55%.Cohen & Steers's quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the firm posted $0.75 earnings per share.

Cohen & Steers Stock Down 2.1%

Shares of NYSE CNS traded down $1.36 during trading on Thursday, reaching $64.85. The company had a trading volume of 310,856 shares, compared to its average volume of 359,052. Cohen & Steers has a 12-month low of $58.39 and a 12-month high of $83.99. The business's 50-day moving average is $64.47 and its 200 day moving average is $65.07. The stock has a market cap of $3.33 billion, a PE ratio of 21.76, a P/E/G ratio of 1.75 and a beta of 1.26.

Cohen & Steers Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Monday, March 9th were paid a dividend of $0.67 per share. The ex-dividend date of this dividend was Monday, March 9th. This is an increase from Cohen & Steers's previous quarterly dividend of $0.62. This represents a $2.68 annualized dividend and a yield of 4.1%. Cohen & Steers's payout ratio is presently 89.93%.

Insider Transactions at Cohen & Steers

In other news, EVP Francis C. Poli sold 10,000 shares of Cohen & Steers stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $65.73, for a total value of $657,300.00. Following the completion of the sale, the executive vice president directly owned 55,675 shares in the company, valued at $3,659,517.75. The trade was a 15.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 45.40% of the company's stock.

Institutional Trading of Cohen & Steers

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNS. Royal Bank of Canada raised its holdings in Cohen & Steers by 2.0% in the first quarter. Royal Bank of Canada now owns 51,397 shares of the asset manager's stock worth $4,124,000 after purchasing an additional 1,003 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Cohen & Steers by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,367 shares of the asset manager's stock worth $1,313,000 after acquiring an additional 716 shares during the period. Millennium Management LLC raised its stake in shares of Cohen & Steers by 485.1% during the 1st quarter. Millennium Management LLC now owns 93,175 shares of the asset manager's stock valued at $7,477,000 after buying an additional 77,251 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in Cohen & Steers in the first quarter valued at approximately $172,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Cohen & Steers by 3.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,742 shares of the asset manager's stock valued at $5,838,000 after purchasing an additional 2,155 shares in the last quarter. Institutional investors own 51.47% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reissued a "hold (c)" rating on shares of Cohen & Steers in a research note on Wednesday, January 21st. Zacks Research raised shares of Cohen & Steers from a "strong sell" rating to a "hold" rating in a research note on Friday, March 27th. Finally, Evercore set a $75.00 price target on shares of Cohen & Steers and gave the stock an "outperform" rating in a report on Friday, April 10th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Cohen & Steers has a consensus rating of "Hold" and an average price target of $71.50.

About Cohen & Steers

Cohen & Steers, Inc is a publicly traded investment management firm specializing in real estate securities and alternative income strategies. Founded in 1986 by Martin Cohen and Robert Steers, the company has built a reputation for expertise in listed real estate investment trusts (REITs) and related equities. Headquartered in New York City, Cohen & Steers applies a research-driven approach to identify value and income opportunities across global property markets.

The firm offers a diverse range of investment products, including mutual funds, closed-end funds, and exchange-traded funds (ETFs).