BlackRock Inc. Makes New $343.39 Million Investment in Cohen & Steers Inc $CNS

Key Points

• BlackRock acquired a new 8.77% stake in Cohen & Steers during the second quarter, purchasing 4.51 million shares valued at approximately $343.4 million.
• Cohen & Steers reported quarterly revenue of $151.84 million, up 12.2% year over year, but earnings per share of $0.85 narrowly missed estimates. The company maintains a $0.67 quarterly dividend, equivalent to a 3.2% yield.
• Analyst sentiment remains mixed, with an average “Hold” rating and a $78 price target, while the stock recently traded at $83.19. Two company insiders also reduced their holdings through share sales.

BlackRock Inc. acquired a new position in Cohen & Steers Inc (NYSE:CNS - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,509,985 shares of the asset manager's stock, valued at approximately $343,390,000. BlackRock Inc. owned about 8.77% of Cohen & Steers as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Oregon Public Employees Retirement Fund raised its position in Cohen & Steers by 2.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 6,338 shares of the asset manager's stock worth $398,000 after purchasing an additional 176 shares during the period. Thrivent Financial for Lutherans boosted its position in Cohen & Steers by 0.9% during the second quarter. Thrivent Financial for Lutherans now owns 19,867 shares of the asset manager's stock valued at $1,497,000 after buying an additional 185 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in Cohen & Steers by 0.8% during the second quarter. CANADA LIFE ASSURANCE Co now owns 30,194 shares of the asset manager's stock valued at $2,276,000 after buying an additional 229 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Cohen & Steers by 88.9% during the first quarter. EverSource Wealth Advisors LLC now owns 610 shares of the asset manager's stock valued at $38,000 after buying an additional 287 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its stake 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 valued at $31,000 after buying an additional 297 shares during the last quarter. Institutional investors own 51.47% of the company's stock.

Insider Activity

In other news, 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 value of $337,158.80. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Elena Dulik sold 1,100 shares of the firm'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 transaction of $91,476.00. Following the completion of the transaction, the chief accounting officer directly owned 22,146 shares in the company, valued at approximately $1,841,661.36. The trade was a 4.73% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 45.40% of the company's stock.

Wall Street Analyst Weigh In

CNS has been the subject of a number of recent research reports. Weiss Ratings raised Cohen & Steers from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. Evercore reaffirmed an "outperform" rating and issued a $88.00 price target on shares of Cohen & Steers in a research note on Monday, August 10th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cohen & Steers presently has an average rating of "Hold" and an average price target of $78.00.

Cohen & Steers Price Performance

Cohen & Steers stock opened at $83.19 on Wednesday. The business's fifty day moving average is $80.25 and its 200 day moving average is $72.07. The stock has a market capitalization of $4.28 billion, a PE ratio of 25.52, a price-to-earnings-growth ratio of 2.03 and a beta of 1.21. Cohen & Steers Inc has a one year low of $58.39 and a one year high of $86.56.

Cohen & Steers (NYSE:CNS - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $151.84 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.73 earnings per share. As a group, sell-side analysts expect that Cohen & Steers Inc will post 3.53 EPS for the current fiscal year.

Cohen & Steers Announces Dividend

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

Cohen & Steers Profile

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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