Bank of New York Mellon Corp Makes New $32.51 Million Investment in Cohen & Steers Inc $CNS

Key Points

• Bank of New York Mellon invested $32.5 million in Cohen & Steers during the second quarter, acquiring 427,024 shares and a 0.83% stake. Institutional investors collectively own 51.47% of the company.
• Cohen & Steers reported quarterly revenue of $151.84 million, up 12.2% year over year, while EPS of $0.85 narrowly missed analyst expectations. The company declared a $0.67 quarterly dividend, equivalent to a 3.2% yield.
• CNS shares opened at $82.84, near their 52-week high, while analysts’ consensus rating remained “Hold” with a $78 price target; recent insider transactions involved sales by two executives.

Bank of New York Mellon Corp bought a new position in Cohen & Steers Inc (NYSE:CNS - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 427,024 shares of the asset manager's stock, valued at approximately $32,514,000. Bank of New York Mellon Corp owned approximately 0.83% of Cohen & Steers at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its stake in Cohen & Steers by 215.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 770,149 shares of the asset manager's stock worth $48,350,000 after buying an additional 526,096 shares in the last quarter. Norges Bank purchased a new position in shares of Cohen & Steers in the 4th quarter worth about $30,232,000. Millennium Management LLC boosted its holdings in shares of Cohen & Steers by 385.6% in the 4th quarter. Millennium Management LLC now owns 438,826 shares of the asset manager's stock worth $27,549,000 after purchasing an additional 348,452 shares in the last quarter. Wasatch Advisors LP increased its position in shares of Cohen & Steers by 15.1% during the 2nd quarter. Wasatch Advisors LP now owns 2,465,698 shares of the asset manager's stock valued at $185,790,000 after purchasing an additional 323,759 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new position in shares of Cohen & Steers during the 3rd quarter valued at about $12,138,000. 51.47% of the stock is owned by institutional investors.

Cohen & Steers Stock Up 0.3%

NYSE CNS opened at $82.84 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 market capitalization of $4.26 billion, a P/E ratio of 25.41, a price-to-earnings-growth ratio of 2.01 and a beta of 1.21. The stock's 50-day moving average price is $80.73 and its 200-day moving average price is $72.44.

Cohen & Steers (NYSE:CNS - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $0.85 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.86 by ($0.01). The company had revenue of $151.84 million for the quarter, compared to the consensus estimate 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 was up 12.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.73 earnings per share. Research analysts anticipate that Cohen & Steers Inc will post 3.53 EPS for the current year.

Cohen & Steers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Monday, August 10th were paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Monday, August 10th. Cohen & Steers's dividend payout ratio is presently 82.21%.

Analyst Ratings Changes

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

Insider Transactions at Cohen & Steers

In other news, CAO Elena Dulik sold 1,100 shares of the company's stock in a transaction dated 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 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 legal filing with the SEC, which is available at this hyperlink. Also, EVP Daniel Noonan sold 4,360 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $77.33, for a total value 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. This represents a 13.20% decrease in their position. The SEC filing for this sale provides additional information. 45.40% of the stock is owned by company insiders.

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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