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

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

Cohen & Steers Stock Up 9.5 %

Shares of CNS opened at $72.39 on Friday. Cohen & Steers has a 52-week low of $50.05 and a 52-week high of $78.58. The firm’s fifty day moving average is $72.53 and its two-hundred day moving average is $66.54. The stock has a market cap of $3.59 billion, a PE ratio of 28.17 and a beta of 1.45.

Cohen & Steers Increases Dividend

The firm also recently announced 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 annualized dividend and a yield of 3.26%. The ex-dividend date was Friday, March 1st. This is a boost from Cohen & Steers’s previous quarterly dividend of $0.57. Cohen & Steers’s payout ratio is 91.83%.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Cohen & Steers news, Director Richard P. Simon sold 6,942 shares of Cohen & Steers stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $71.76, for a total transaction of $498,157.92. Following the sale, the director now owns 24,973 shares of the company’s stock, valued at approximately $1,792,062.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Richard P. Simon sold 3,058 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $71.81, for a total transaction of $219,594.98. Following the transaction, the director now owns 21,915 shares of the company’s stock, valued at approximately $1,573,716.15. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Richard P. Simon sold 6,942 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $71.76, for a total transaction of $498,157.92. Following the transaction, the director now directly owns 24,973 shares in the company, valued at approximately $1,792,062.48. The disclosure for this sale can be found here. Insiders have sold a total of 14,000 shares of company stock valued at $1,009,713 in the last 90 days. 47.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CNS. Morgan Stanley boosted its position in shares of Cohen & Steers by 452.0% during the 4th quarter. Morgan Stanley now owns 642,755 shares of the asset manager’s stock valued at $41,496,000 after acquiring an additional 526,309 shares during the last quarter. Norges Bank purchased a new stake in Cohen & Steers in the 4th quarter valued at about $15,696,000. BlackRock Inc. raised its holdings in Cohen & Steers by 10.7% in the 2nd quarter. BlackRock Inc. now owns 2,010,333 shares of the asset manager’s stock valued at $116,579,000 after buying an additional 194,097 shares during the period. Millennium Management LLC raised its holdings in Cohen & Steers by 522.2% in the 4th quarter. Millennium Management LLC now owns 189,043 shares of the asset manager’s stock valued at $12,205,000 after buying an additional 158,658 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in Cohen & Steers by 605.7% in the 2nd quarter. Renaissance Technologies LLC now owns 102,412 shares of the asset manager’s stock valued at $6,512,000 after buying an additional 87,900 shares during the period. Institutional investors and hedge funds own 51.47% of the company’s stock.

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.