Cohen & Steers (NYSE:CNS) Shares Gap Down on Disappointing Earnings

Cohen & Steers Inc (NYSE:CNS)’s share price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $81.07, but opened at $74.74. Cohen & Steers shares last traded at $81.2310, with a volume of 43,147 shares.

The asset manager reported $0.85 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.01). The firm had revenue of $151.84 million for the quarter, compared to the consensus estimate of $149.45 million. Cohen & Steers had a net margin of 27.47% and a return on equity of 27.60%. Cohen & Steers’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.73 earnings per share.

Cohen & Steers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, May 11th. Cohen & Steers’s dividend payout ratio (DPR) is presently 88.45%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CNS shares. Weiss Ratings upgraded shares of Cohen & Steers from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, June 29th. Zacks Research raised shares of Cohen & Steers from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Finally, Evercore reiterated an “outperform” rating and issued a $84.00 target price on shares of Cohen & Steers in a research report on Friday, July 10th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $76.00.

Insiders Place Their Bets

In related news, EVP Daniel Noonan sold 4,360 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $77.33, for a total transaction of $337,158.80. Following the completion of the sale, the executive vice president directly owned 28,682 shares in the company, valued at $2,217,979.06. This represents a 13.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 45.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cohen & Steers

A number of large investors have recently bought and sold shares of the stock. Legacy Wealth Asset Management LLC bought a new stake in Cohen & Steers in the second quarter valued at approximately $254,000. Hennion & Walsh Asset Management Inc. grew its holdings in shares of Cohen & Steers by 67.5% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 11,494 shares of the asset manager’s stock worth $875,000 after purchasing an additional 4,630 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Cohen & Steers in the second quarter worth approximately $5,021,000. Baron Wealth Management LLC increased its stake in shares of Cohen & Steers by 25.3% in the second quarter. Baron Wealth Management LLC now owns 6,100 shares of the asset manager’s stock worth $464,000 after buying an additional 1,230 shares during the period. Finally, Moody National Bank Trust Division purchased a new position in shares of Cohen & Steers in the second quarter worth $1,334,000. 51.47% of the stock is owned by hedge funds and other institutional investors.

Cohen & Steers Trading Up 0.3%

The company has a market capitalization of $4.18 billion, a P/E ratio of 26.84, a price-to-earnings-growth ratio of 1.95 and a beta of 1.22. The stock’s fifty day moving average is $74.71 and its 200 day moving average is $68.77.

Cohen & Steers Company Profile

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).