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Cohen & Steers Inc CNS

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Morningstar’s Analysis

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Solid Flows and Market Gains Lift Cohen & Steers' Q3 Results; No Change to $60 Fair Value

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

There was little in narrow-moat-rated Cohen & Steers' third-quarter results that would alter our long-term view of the firm, and we are leaving our $60 per share fair value estimate in place. Cohen & Steers closed out the September quarter with $70.5 billion in total assets under management, up 6.3% sequentially but still down 0.5% year over year. Net inflows of $2.3 billion continued the trend of positive flows that started in the third quarter of 2019 but were down from a strong $3.4 billion during the June quarter. While we continue to expect flows to be constrained at times during 2020-21, our forecast for annual organic AUM growth in a mid- to high-single-digit range over the next three to five years remains in place, driven by demand for real estate funds (which are carrying higher yields than most bonds and money market funds).

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Company Profile

Business Description

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 62% of its $70.5 billion in managed assets at the end of September 2020. Cohen & Steers also manages portfolios dedicated to preferred securities, utilities stocks, and other high-yield offerings. It expects to balance distribution among its closed-end mutual funds, open-end mutual funds, and institutional accounts over time. During the third quarter of 2020, the firm garnered 43% (32%) of its assets under management (base management fees) from institutional clients, 45% (50%) from open-end funds, and 12% (18%) from closed-end funds.

280 Park Avenue, 10th Floor
New York, NY, 10017
T +1 212 832-3232
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 328