Raymond James Financial Inc. Reduces Holdings in Cohen & Steers Inc $CNS

Key Points

• Raymond James Financial Inc. has reduced its holdings in Cohen & Steers Inc. by 11.8%, owning 427,115 shares valued at approximately $34.3 million after selling 57,361 shares in the first quarter.
• The asset manager reported $0.73 earnings per share for the last quarter, missing the consensus estimate, while its revenue increased by 11.8% year-over-year, totaling $135.32 million.
• Cohen & Steers recently announced a quarterly dividend of $0.62, resulting in a dividend yield of 3.3% with a payout ratio of 78.73%.

Raymond James Financial Inc. reduced its holdings in shares of Cohen & Steers Inc (NYSE:CNS - Free Report) by 11.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 427,115 shares of the asset manager's stock after selling 57,361 shares during the quarter. Raymond James Financial Inc. owned approximately 0.84% of Cohen & Steers worth $34,276,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in CNS. Caitong International Asset Management Co. Ltd purchased a new position in Cohen & Steers during the 1st quarter valued at about $25,000. Fifth Third Bancorp increased its holdings in Cohen & Steers by 101.9% during the 1st quarter. Fifth Third Bancorp now owns 654 shares of the asset manager's stock valued at $52,000 after acquiring an additional 330 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Cohen & Steers during the 4th quarter valued at about $60,000. GAMMA Investing LLC increased its holdings in Cohen & Steers by 36.1% during the 1st quarter. GAMMA Investing LLC now owns 992 shares of the asset manager's stock valued at $80,000 after acquiring an additional 263 shares in the last quarter. Finally, Johnson Financial Group Inc. increased its holdings in Cohen & Steers by 926.0% during the 4th quarter. Johnson Financial Group Inc. now owns 1,026 shares of the asset manager's stock valued at $91,000 after acquiring an additional 926 shares in the last quarter. 51.47% of the stock is currently owned by hedge funds and other institutional investors.

Cohen & Steers Stock Performance

CNS opened at $76.2510 on Friday. The company's 50 day simple moving average is $75.29 and its 200 day simple moving average is $78.02. Cohen & Steers Inc has a 1 year low of $68.99 and a 1 year high of $110.67. The stock has a market capitalization of $3.89 billion, a PE ratio of 24.21, a P/E/G ratio of 2.58 and a beta of 1.38.

Cohen & Steers (NYSE:CNS - Get Free Report) last released its earnings results on Thursday, July 17th. The asset manager reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.02). Cohen & Steers had a return on equity of 29.95% and a net margin of 29.82%.The company had revenue of $135.32 million during the quarter, compared to analyst estimates of $134.59 million. During the same period in the prior year, the business posted $0.68 earnings per share. Cohen & Steers's revenue was up 11.8% on a year-over-year basis.

Cohen & Steers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were given a $0.62 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $2.48 annualized dividend and a dividend yield of 3.3%. Cohen & Steers's dividend payout ratio (DPR) is currently 78.73%.

Wall Street Analyst Weigh In

Separately, Bank of America dropped their target price on shares of Cohen & Steers from $67.00 to $66.00 and set an "underperform" rating for the company in a report on Monday, July 21st. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $82.00.

About Cohen & Steers

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.

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