Cohen & Steers (NYSE:CNS) Sets New 52-Week High - Here's What Happened

Key Points

• Cohen & Steers shares reached a new 52-week high, trading as high as $86.56 and gaining 3.6%; the company has a $4.37 billion market capitalization.
• Analyst sentiment remains mixed: Evercore maintained an “outperform” rating with an $88 target, while the broader consensus is “Hold” with a $78 target price.
• The company reported 12.2% year-over-year revenue growth in its latest quarter and declared a $0.67 quarterly dividend, equivalent to a 3.1% yield, despite narrowly missing earnings estimates.

Shares of Cohen & Steers Inc (NYSE:CNS - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $86.56 and last traded at $85.0390, with a volume of 31975 shares changing hands. The stock had previously closed at $82.15.

Analyst Upgrades and Downgrades

CNS has been the subject of a number of recent analyst reports. Evercore reaffirmed an "outperform" rating and set a $88.00 price target on shares of Cohen & Steers in a report on Monday. Weiss Ratings raised Cohen & Steers from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $78.00.

Cohen & Steers Trading Up 3.6%

The stock has a market cap of $4.37 billion, a price-to-earnings ratio of 26.10, a P/E/G ratio of 2.06 and a beta of 1.21. The stock's 50-day moving average is $78.40 and its 200-day moving average is $70.66.

Cohen & Steers (NYSE:CNS - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $0.85 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.01). The company had revenue of $151.84 million for the quarter, compared to analyst estimates of $149.45 million. Cohen & Steers had a return on equity of 27.41% and a net margin of 28.82%.The business's revenue was up 12.2% on a year-over-year basis. During the same period last year, the firm posted $0.73 earnings per share. On average, equities analysts predict that Cohen & Steers Inc will post 3.49 earnings per share for the current fiscal year.

Cohen & Steers Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Monday, August 10th will be issued a dividend of $0.67 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $2.68 annualized dividend and a dividend yield of 3.1%. Cohen & Steers's dividend payout ratio is 82.21%.

Insider Activity at Cohen & Steers

In related news, CAO Elena Dulik sold 1,100 shares of the company's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $83.16, for a total value of $91,476.00. Following the completion of the sale, the chief accounting officer owned 22,146 shares of the company's stock, valued at $1,841,661.36. This represents a 4.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Daniel Noonan sold 4,360 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $77.33, for a total transaction of $337,158.80. Following the sale, the executive vice president owned 28,682 shares of the company's stock, valued at $2,217,979.06. The trade was a 13.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 45.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cohen & Steers

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Cohen & Steers during the 2nd quarter worth approximately $343,390,000. Wasatch Advisors LP increased its stake in shares of Cohen & Steers by 15.1% in the second quarter. Wasatch Advisors LP now owns 2,465,698 shares of the asset manager's stock worth $185,790,000 after acquiring an additional 323,759 shares during the last quarter. State Street Corp raised its holdings in shares of Cohen & Steers by 1.0% during the fourth quarter. State Street Corp now owns 1,180,611 shares of the asset manager's stock worth $74,119,000 after acquiring an additional 12,042 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Cohen & Steers by 4.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,174,579 shares of the asset manager's stock valued at $73,467,000 after purchasing an additional 50,580 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Cohen & Steers by 2.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,131,988 shares of the asset manager's stock valued at $71,066,000 after purchasing an additional 30,884 shares in the last quarter. Hedge funds and other institutional investors own 51.47% of the company's stock.

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).

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