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Cohen & Steers Inc CNS

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Stock XNYS Rating as of
$70.29 +1.91 (2.79%)
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As of Delayed Price Closed
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Company Report

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US-Based Asset Managers: Recovery in AUM, Revenue, and Profitability Already Baked Into Share Prices

Greggory Warren

All the US-based asset managers we cover have reported their first-quarter 2024 earnings, and in some cases revealed managed asset levels for April 2024, and we now have a better sense of how recent market activity has been affecting results. The rally in the US equity markets since the middle of November 2023 has lifted most traditional and alternative-asset manager valuations closer to our fair value estimates.

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Price vs Fair Value

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CNS is trading at a 213% premium.
Price
$70.29
Fair Value
$46.00
Uncertainty
High
1-Star Price
$435.72
5-Star Price
$25.00
Economic Moat
Swltqr
Capital Allocation
Lyfrkmmy

Bulls Say, Bears Say

Bulls

A reputation for successful REIT investing has allowed Cohen & Steers to tap into demand for listed alternatives offering diversification from more traditional stock and bond offerings.

Bears

Given its heavier exposure to real estate investments, Cohen & Steers lives and dies by the state of commercial real estate markets and the specialty finance firms that make a living from them.

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Trading Information

Previous Close Price
$68.38
Day Range
$68.90–70.38
52-Week Range
$50.05–78.58
Bid/Ask
$33.84 / $0.00
Market Cap
$3.55 Bil
Volume/Avg
175,357 / 290,395

Key Statistics

Price/Earnings (Normalized)
25.38
Price/Sales
6.96
Dividend Yield (Trailing)
3.30%
Dividend Yield (Forward)
3.36%
Total Yield
3.85%

Company Profile

Cohen & Steers is a niche asset manager concentrating on real estate securities. The firm invests mainly in the equity shares of real estate investment trusts, with holdings in domestic and international real estate securities accounting for close to two thirds of its $79.3 billion in managed assets at the end of January 2024. Cohen & Steers also manages portfolios dedicated to preferred securities, utilities stocks, and other high-yield offerings. The firm's distribution is balanced among its closed-end funds, open-end funds, and institutional accounts. During the past four calendar quarters, the company garnered 42% (27%) of its managed assets (base management fees) from institutional clients, 45% (52%) from open-end funds, and 13% (21%) from closed-end funds.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Small Core
Total Number of Employees
405
Website
https://www.cohenandsteers.com

Competitors

Valuation

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Metric
CNS
BEN
IVZ
Price/Earnings (Normalized)
 25.388.6110.76
Price/Book Value
 9.190.940.67
Price/Sales
 6.961.421.24
Price/Cash Flow
 17.958.124.94
Price/Earnings
CNS
BEN
IVZ

Financial Strength

Metric
CNS
BEN
IVZ
Quick Ratio
 7.363.381.78
Current Ratio
 7.363.381.78
Interest Coverage
 —13.52−2.54
Quick Ratio
CNS
BEN
IVZ

Profitability

Metric
CNS
BEN
IVZ
Return on Assets (Normalized)
 21.22%4.56%2.28%
Return on Equity (Normalized)
 39.01%11.46%6.04%
Return on Invested Capital (Normalized)
 23.90%5.16%2.71%
Return on Assets
CNS
BEN
IVZ
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