Cohen & Steers (NYSE:CNS) Hits New 12-Month High – Here’s Why

Shares of Cohen & Steers Inc (NYSE:CNS) hit a new 52-week high on Wednesday . The stock traded as high as $79.01 and last traded at $78.60, with a volume of 60702 shares trading hands. The stock had previously closed at $76.14.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Cohen & Steers from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday. Zacks Research raised Cohen & Steers from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Finally, Evercore restated an “outperform” rating and issued a $82.00 price target on shares of Cohen & Steers in a research report on Monday, June 8th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $75.00.

Cohen & Steers Stock Performance

The company has a 50 day simple moving average of $72.48 and a two-hundred day simple moving average of $67.49. The company has a market cap of $4.04 billion, a PE ratio of 25.96, a PEG ratio of 2.09 and a beta of 1.25.

Cohen & Steers (NYSE:CNS) last issued its earnings results on Thursday, April 16th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.03). Cohen & Steers had a net margin of 27.47% and a return on equity of 27.60%. The company had revenue of $144.26 million for the quarter, compared to analyst estimates of $140.62 million. During the same period last year, the business earned $0.75 EPS. The company’s quarterly revenue was up 8.3% on a year-over-year basis. As a group, analysts expect that Cohen & Steers Inc will post 3.47 earnings per share for the current fiscal year.

Cohen & Steers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were paid a $0.67 dividend. The ex-dividend date was Monday, May 11th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.4%. Cohen & Steers’s payout ratio is presently 88.45%.

Insider Activity at Cohen & Steers

In other news, EVP Daniel Noonan sold 4,360 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $77.33, for a total value of $337,158.80. Following the completion of the sale, the executive vice president directly owned 28,682 shares of the company’s stock, valued at approximately $2,217,979.06. This represents a 13.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 45.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cohen & Steers

Several large investors have recently bought and sold shares of CNS. Wasatch Advisors LP lifted its stake in shares of Cohen & Steers by 15.1% in the second quarter. Wasatch Advisors LP now owns 2,465,698 shares of the asset manager’s stock valued at $185,790,000 after buying an additional 323,759 shares during the period. State Street Corp boosted its stake in shares of Cohen & Steers by 1.0% in the 4th quarter. State Street Corp now owns 1,180,611 shares of the asset manager’s stock valued at $74,119,000 after purchasing an additional 12,042 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Cohen & Steers by 4.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,174,579 shares of the asset manager’s stock worth $73,467,000 after buying an additional 50,580 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Cohen & Steers by 2.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,131,988 shares of the asset manager’s stock worth $71,066,000 after acquiring an additional 30,884 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Cohen & Steers by 215.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 770,149 shares of the asset manager’s stock valued at $48,350,000 after buying an additional 526,096 shares in the last quarter. 51.47% of the stock is currently owned by institutional investors and hedge funds.

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).