Cohen & Steers (NYSE:CNS) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Cohen & Steers (NYSE:CNS) announced its quarterly earnings results on Wednesday. The asset manager reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01), Briefing.com reports. The company had revenue of $122.71 million during the quarter, compared to analyst estimates of $125.01 million. Cohen & Steers had a net margin of 26.27% and a return on equity of 36.96%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.76 EPS.

Cohen & Steers Stock Performance

Shares of NYSE:CNS traded up $6.10 during mid-day trading on Friday, hitting $72.21. 1,009,575 shares of the company traded hands, compared to its average volume of 176,278. The firm’s 50 day simple moving average is $72.48 and its 200 day simple moving average is $66.46. The firm has a market cap of $3.58 billion, a P/E ratio of 27.81 and a beta of 1.45. Cohen & Steers has a 52-week low of $50.05 and a 52-week high of $78.58.

Cohen & Steers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Monday, March 4th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend was Friday, March 1st. This is a boost from Cohen & Steers’s previous quarterly dividend of $0.57. Cohen & Steers’s payout ratio is currently 90.77%.

Insiders Place Their Bets

In other news, Director Edmond D. Villani sold 4,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $72.99, for a total transaction of $291,960.00. Following the transaction, the director now directly owns 33,781 shares of the company’s stock, valued at $2,465,675.19. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Edmond D. Villani sold 4,000 shares of Cohen & Steers stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $72.99, for a total transaction of $291,960.00. Following the sale, the director now directly owns 33,781 shares of the company’s stock, valued at $2,465,675.19. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard P. Simon sold 3,058 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $71.81, for a total value of $219,594.98. Following the completion of the transaction, the director now directly owns 21,915 shares of the company’s stock, valued at approximately $1,573,716.15. The disclosure for this sale can be found here. Insiders sold a total of 14,000 shares of company stock worth $1,009,713 in the last 90 days. 47.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. MetLife Investment Management LLC lifted its stake in Cohen & Steers by 1.5% in the fourth quarter. MetLife Investment Management LLC now owns 13,334 shares of the asset manager’s stock valued at $861,000 after buying an additional 198 shares during the last quarter. State of Wyoming boosted its stake in Cohen & Steers by 42.0% during the 2nd quarter. State of Wyoming now owns 828 shares of the asset manager’s stock valued at $48,000 after purchasing an additional 245 shares during the period. Advisors Asset Management Inc. grew its position in Cohen & Steers by 11.6% in the 1st quarter. Advisors Asset Management Inc. now owns 2,757 shares of the asset manager’s stock worth $176,000 after purchasing an additional 287 shares during the last quarter. Citigroup Inc. increased its stake in shares of Cohen & Steers by 12.1% in the first quarter. Citigroup Inc. now owns 3,107 shares of the asset manager’s stock valued at $199,000 after purchasing an additional 335 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Cohen & Steers by 3.1% during the second quarter. The Manufacturers Life Insurance Company now owns 11,160 shares of the asset manager’s stock valued at $647,000 after buying an additional 338 shares during the last quarter. 51.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CNS shares. TheStreet raised Cohen & Steers from a “c+” rating to a “b-” rating in a research note on Tuesday, December 26th. UBS Group reduced their price target on shares of Cohen & Steers from $69.00 to $67.00 and set a “sell” rating on the stock in a research report on Friday, April 12th.

About Cohen & Steers

Cohen & Steers, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to institutional investors, including pension funds, endowments, and foundations. It manages separate client-focused equity, fixed income, multi-asset, and commodity portfolios through its subsidiaries.