Cohen & Steers (NYSE:CNS) Trading 4.8% Higher After Earnings Beat

Cohen & Steers, Inc. (NYSE:CNS) traded up 4.8% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $106.31 and last traded at $106.07. 3,513 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 219,995 shares. The stock had previously closed at $101.17.

The asset manager reported $0.77 EPS for the quarter, beating the consensus estimate of $0.74 by $0.03. Cohen & Steers had a net margin of 26.21% and a return on equity of 34.08%. The business had revenue of $133.20 million for the quarter, compared to analysts’ expectations of $124.18 million. During the same period in the prior year, the firm earned $0.70 earnings per share. Cohen & Steers’s revenue was up 7.7% compared to the same quarter last year.

Cohen & Steers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Monday, August 12th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.22%. Cohen & Steers’s payout ratio is currently 91.83%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. UBS Group upgraded Cohen & Steers from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $63.00 to $102.00 in a research report on Thursday. Evercore ISI lifted their price target on shares of Cohen & Steers from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th.

Insider Activity

In related news, CAO Elena Dulik sold 1,100 shares of Cohen & Steers stock in a transaction on Friday, July 26th. The stock was sold at an average price of $86.45, for a total transaction of $95,095.00. Following the completion of the sale, the chief accounting officer now directly owns 20,091 shares of the company’s stock, valued at $1,736,866.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cohen & Steers news, EVP Jon Cheigh sold 12,500 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $84.08, for a total value of $1,051,000.00. Following the completion of the sale, the executive vice president now owns 155,311 shares of the company’s stock, valued at approximately $13,058,548.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Elena Dulik sold 1,100 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $86.45, for a total transaction of $95,095.00. Following the completion of the sale, the chief accounting officer now owns 20,091 shares in the company, valued at approximately $1,736,866.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,600 shares of company stock valued at $1,710,365 in the last 90 days. 47.60% of the stock is owned by company insiders.

Institutional Trading of Cohen & Steers

A number of large investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its position in shares of Cohen & Steers by 115.1% in the 2nd quarter. GAMMA Investing LLC now owns 370 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 198 shares during the period. nVerses Capital LLC acquired a new position in shares of Cohen & Steers in the third quarter valued at approximately $125,000. Meeder Asset Management Inc. bought a new stake in shares of Cohen & Steers during the second quarter worth $161,000. Central Pacific Bank Trust Division acquired a new stake in shares of Cohen & Steers during the first quarter worth $224,000. Finally, AQR Capital Management LLC raised its holdings in shares of Cohen & Steers by 5.5% during the second quarter. AQR Capital Management LLC now owns 3,274 shares of the asset manager’s stock worth $238,000 after acquiring an additional 172 shares during the period. Institutional investors own 51.47% of the company’s stock.

Cohen & Steers Stock Performance

The firm has a market capitalization of $5.36 billion, a P/E ratio of 41.06 and a beta of 1.54. The firm’s 50-day moving average is $90.37 and its 200 day moving average is $79.41.

Cohen & Steers Company Profile

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.