Mirae Asset Global Investments Co. Ltd. Purchases New Stake in Cohen & Steers Inc $CNS

Key Points

• Mirae Asset Global Investments acquired 26,954 Cohen & Steers shares in the third quarter, worth about $1.97 million, representing roughly 0.05% of the company. Institutional investors collectively own 51.47% of its shares.
• Cohen & Steers reported quarterly EPS of $0.89, matching consensus, and revenue of $156.41 million, above estimates and up 11.1% year over year.
• The company declared a quarterly dividend of $0.67 per share, equivalent to a 3.7% annualized yield. Analyst sentiment was mixed, with the stock carrying a consensus “Hold” rating and an $88 price target.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in Cohen & Steers Inc (NYSE:CNS - Free Report) in the third quarter, according to its most recent filing with the SEC. The fund acquired 26,954 shares of the asset manager's stock, valued at approximately $1,971,000. Mirae Asset Global Investments Co. Ltd. owned approximately 0.05% of Cohen & Steers at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CNS. BlackRock Inc. bought a new position in Cohen & Steers in the second quarter valued at $426,000. Assenagon Asset Management S.A. lifted its holdings in shares of Cohen & Steers by 582.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 450,099 shares of the asset manager's stock worth $32,907,000 after acquiring an additional 384,155 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in Cohen & Steers in the second quarter worth $1,137,000. Legal & General Group Plc purchased a new stake in Cohen & Steers during the second quarter valued at about $5,612,000. Finally, Corient Private Wealth LP bought a new position in shares of Cohen & Steers during the second quarter valued at about $1,498,000. Institutional investors own 51.47% of the company's stock.

Cohen & Steers Trading Down 0.2%

Shares of Cohen & Steers stock opened at $73.12 on Friday. Cohen & Steers Inc has a 12 month low of $58.39 and a 12 month high of $86.56. The firm has a market capitalization of $3.76 billion, a P/E ratio of 22.43, a P/E/G ratio of 3.68 and a beta of 1.19. The business has a fifty day simple moving average of $73.40 and a two-hundred day simple moving average of $72.15.

Cohen & Steers (NYSE:CNS - Get Free Report) last released its earnings results on Thursday, October 15th. The asset manager reported $0.89 earnings per share for the quarter, hitting analysts' consensus estimates of $0.89. The firm had revenue of $156.41 million for the quarter, compared to the consensus estimate of $155.12 million. Cohen & Steers had a net margin of 28.16% and a return on equity of 26.90%. The company's revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 EPS. Analysts predict that Cohen & Steers Inc will post 3.49 earnings per share for the current year.

Cohen & Steers Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Monday, November 9th will be paid a dividend of $0.67 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $2.68 annualized dividend and a yield of 3.7%. Cohen & Steers's payout ratio is presently 82.21%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Weiss Ratings cut Cohen & Steers from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, November 2nd. 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. Finally, Zacks Research downgraded Cohen & Steers from a "hold" rating to a "strong sell" rating in a research report on Thursday, October 15th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $88.00.

Cohen & Steers Company Profile

Cohen & Steers, Inc is a global investment management company specializing in real assets and alternative income. The firm manages investment strategies focused on real estate securities, infrastructure, natural resource equities, commodities, preferred securities and other income-oriented assets.

Its products and services include mutual funds, exchange-traded funds, separately managed accounts, institutional portfolios and private-market strategies. Cohen & Steers serves institutional investors, financial intermediaries and individual investors through a range of publicly traded and privately held investment vehicles.

Founded in 1986 by Martin Cohen and Robert Steers, the company is headquartered in New York City and serves clients in North America, Europe and Asia.

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