Bank of America Corp DE Lowers Stock Holdings in Cohen & Steers Inc $CNS

Key Points

• Bank of America cut its Cohen & Steers holdings by 51.6% in the first quarter, selling 214,233 shares and retaining 201,345 shares worth approximately $12.6 million. Institutional investors collectively own 51.47% of CNS.
• Cohen & Steers reported quarterly revenue of $151.84 million, up 12.2% year over year, but earnings per share of $0.85 narrowly missed analyst estimates. The company also paid a $0.67 quarterly dividend, representing a 3.3% annualized yield.
• CNS shares opened at $81.44, near their 52-week high of $86.56. Analyst sentiment remains mixed, with an average rating of “Hold” and a consensus price target of $78, despite Evercore maintaining an “Outperform” rating with an $88 target.

Bank of America Corp DE cut its position in Cohen & Steers Inc (NYSE:CNS - Free Report) by 51.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,345 shares of the asset manager's stock after selling 214,233 shares during the quarter. Bank of America Corp DE owned 0.39% of Cohen & Steers worth $12,594,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. lifted its position in shares of Cohen & Steers by 345.3% during the first quarter. Geneos Wealth Management Inc. now owns 383 shares of the asset manager's stock worth $31,000 after purchasing an additional 297 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Cohen & Steers in the fourth quarter valued at approximately $28,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Cohen & Steers in the fourth quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd increased its stake in Cohen & Steers by 110.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 569 shares of the asset manager's stock worth $36,000 after buying an additional 299 shares during the period. Finally, Hantz Financial Services Inc. increased its stake in Cohen & Steers by 754.9% during the 4th quarter. Hantz Financial Services Inc. now owns 607 shares of the asset manager's stock worth $38,000 after buying an additional 536 shares during the period. Hedge funds and other institutional investors own 51.47% of the company's stock.

Insider Activity

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

Cohen & Steers Stock Up 0.8%

Shares of Cohen & Steers stock opened at $81.44 on Friday. Cohen & Steers Inc has a 52-week low of $58.39 and a 52-week high of $86.56. The company has a 50 day moving average of $79.99 and a 200 day moving average of $71.72. The company has a market capitalization of $4.19 billion, a P/E ratio of 24.98, a P/E/G ratio of 1.98 and a beta of 1.21.

Cohen & Steers (NYSE:CNS - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $0.85 EPS for the quarter, missing analysts' consensus estimates of $0.86 by ($0.01). The firm had revenue of $151.84 million during the quarter, compared to analysts' expectations of $149.45 million. Cohen & Steers had a net margin of 28.82% and a return on equity of 27.41%. The company's revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.73 earnings per share. As a group, research analysts anticipate that Cohen & Steers Inc will post 3.53 earnings per share for the current fiscal year.

Cohen & Steers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Monday, August 10th were issued a $0.67 dividend. The ex-dividend date was Monday, August 10th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.3%. Cohen & Steers's dividend payout ratio is presently 82.21%.

Analyst Ratings Changes

Several equities analysts have commented on CNS shares. Evercore reissued an "outperform" rating and issued a $88.00 price target on shares of Cohen & Steers in a research report on Monday, August 10th. Weiss Ratings raised Cohen & Steers from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $78.00.

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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