Cohen & Steers (NYSE:CNS) Shares Gap Down Following Weak Earnings

Shares of Cohen & Steers, Inc. (NYSE:CNS - Get Free Report) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $73.89, but opened at $71.67. Cohen & Steers shares last traded at $75.41, with a volume of 20,891 shares changing hands.

The asset manager reported $0.75 EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($0.01). Cohen & Steers had a return on equity of 33.13% and a net margin of 29.24%. The company had revenue of $133.79 million during the quarter, compared to the consensus estimate of $130.64 million. During the same period in the prior year, the business posted $0.68 earnings per share.

Cohen & Steers Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Monday, March 3rd were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.42%. This is a positive change from Cohen & Steers's previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, March 3rd. Cohen & Steers's dividend payout ratio is currently 81.05%.

Analysts Set New Price Targets

Separately, Evercore ISI reduced their price objective on shares of Cohen & Steers from $94.00 to $78.00 and set an "outperform" rating for the company in a research note on Friday, April 11th.

Hedge Funds Weigh In On Cohen & Steers

Institutional investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC purchased a new position in shares of Cohen & Steers in the third quarter valued at $262,000. MML Investors Services LLC lifted its position in Cohen & Steers by 4.8% during the third quarter. MML Investors Services LLC now owns 5,045 shares of the asset manager's stock valued at $484,000 after purchasing an additional 229 shares during the last quarter. Barclays PLC grew its stake in shares of Cohen & Steers by 286.1% in the 3rd quarter. Barclays PLC now owns 50,765 shares of the asset manager's stock worth $4,871,000 after buying an additional 37,616 shares in the last quarter. Westside Investment Management Inc. bought a new stake in shares of Cohen & Steers in the 3rd quarter worth about $32,000. Finally, Tidal Investments LLC raised its position in shares of Cohen & Steers by 202.5% during the 3rd quarter. Tidal Investments LLC now owns 25,116 shares of the asset manager's stock valued at $2,410,000 after buying an additional 16,814 shares in the last quarter. Hedge funds and other institutional investors own 51.47% of the company's stock.

Cohen & Steers Stock Performance

The stock has a market cap of $3.70 billion, a P/E ratio of 24.39 and a beta of 1.46. The stock's fifty day moving average is $80.07 and its 200 day moving average is $90.21.

Cohen & Steers Company Profile

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.