Cohen & Steers Inc (CNS) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Cohen & Steers Inc (NYSE:CNS) from a buy rating to a hold rating in a research report report published on Friday.
According to Zacks, “Cohen & Steers, Inc. is a leading manager of income-oriented equity portfolios and specializes in common and preferred stocks of REITs and utilities, as well as other preferred securities. Based in New York City, the firm serves individual and institutional investors through a wide range of open-end funds, closed-end funds and separate accounts. “
Separately, BidaskClub upgraded shares of Cohen & Steers from a hold rating to a buy rating in a research report on Saturday, June 10th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Cohen & Steers currently has an average rating of Hold and a consensus price target of $44.50.
Cohen & Steers (NYSE:CNS) traded down 0.24% on Friday, hitting $37.55. 263,673 shares of the company were exchanged. The firm’s 50 day moving average is $38.90 and its 200 day moving average is $39.49. Cohen & Steers has a 52 week low of $33.16 and a 52 week high of $43.22. The company has a market capitalization of $1.74 billion, a P/E ratio of 18.24 and a beta of 1.55.
Cohen & Steers (NYSE:CNS) last released its quarterly earnings results on Wednesday, July 19th. The asset manager reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The company had revenue of $92.80 million for the quarter, compared to analyst estimates of $92.52 million. Cohen & Steers had a net margin of 26.34% and a return on equity of 33.17%. The firm’s revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the business earned $0.46 earnings per share. On average, equities research analysts forecast that Cohen & Steers will post $2.01 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Friday, September 1st will be given a $0.28 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.98%. Cohen & Steers’s dividend payout ratio (DPR) is 54.37%.
In other news, insider John Todd Glickson sold 6,700 shares of Cohen & Steers stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $39.72, for a total value of $266,124.00. Following the sale, the insider now owns 36,738 shares in the company, valued at $1,459,233.36. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 52.90% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company grew its position in shares of Cohen & Steers by 1.2% in the second quarter. The Manufacturers Life Insurance Company now owns 17,228 shares of the asset manager’s stock valued at $699,000 after purchasing an additional 197 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Cohen & Steers in the second quarter valued at about $183,000. State Street Corp grew its position in shares of Cohen & Steers by 5.4% in the second quarter. State Street Corp now owns 427,696 shares of the asset manager’s stock valued at $17,336,000 after purchasing an additional 21,758 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of Cohen & Steers in the second quarter valued at about $47,933,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Cohen & Steers by 52.8% in the second quarter. Goldman Sachs Group Inc. now owns 18,172 shares of the asset manager’s stock valued at $737,000 after purchasing an additional 6,276 shares during the period. Institutional investors and hedge funds own 45.36% of the company’s stock.
About Cohen & Steers
Cohen & Steers, Inc (CNS) is a holding company. The Company is an investment manager with a focus on liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. The Company serves institutional and individual investors.
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