Bank of America Corp DE trimmed its stake in shares of Cohen & Steers, Inc. (NYSE:CNS) by 43.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,500 shares of the asset manager’s stock after selling 40,374 shares during the quarter. Bank of America Corp DE owned approximately 0.11% of Cohen & Steers worth $2,148,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of CNS. Xact Kapitalforvaltning AB bought a new position in shares of Cohen & Steers during the second quarter worth about $202,000. Envestnet Asset Management Inc. raised its position in shares of Cohen & Steers by 33.9% during the second quarter. Envestnet Asset Management Inc. now owns 5,499 shares of the asset manager’s stock worth $229,000 after acquiring an additional 1,391 shares during the last quarter. Brown Advisory Inc. bought a new stake in Cohen & Steers in the first quarter worth approximately $269,000. First Republic Investment Management Inc. bought a new stake in Cohen & Steers in the second quarter worth approximately $315,000. Finally, Dupont Capital Management Corp bought a new stake in Cohen & Steers in the second quarter worth approximately $381,000. Institutional investors own 48.84% of the company’s stock.
A number of brokerages have weighed in on CNS. Zacks Investment Research upgraded Cohen & Steers from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Tuesday, September 18th. ValuEngine upgraded Cohen & Steers from a “sell” rating to a “hold” rating in a report on Thursday, July 26th. Finally, Credit Suisse Group lowered their target price on Cohen & Steers from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, July 20th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $44.50.
Shares of CNS stock opened at $38.56 on Friday. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 18.63, a price-to-earnings-growth ratio of 1.69 and a beta of 1.09. Cohen & Steers, Inc. has a fifty-two week low of $35.50 and a fifty-two week high of $47.83.
Cohen & Steers (NYSE:CNS) last issued its earnings results on Wednesday, October 17th. The asset manager reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.02. The business had revenue of $98.30 million during the quarter, compared to the consensus estimate of $99.05 million. Cohen & Steers had a return on equity of 39.38% and a net margin of 28.13%. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 earnings per share. On average, equities analysts anticipate that Cohen & Steers, Inc. will post 2.45 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, November 19th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Friday, November 16th. This represents a $1.32 dividend on an annualized basis and a yield of 3.42%. Cohen & Steers’s payout ratio is currently 63.77%.
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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.
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