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Cohen & Steers Inc CNS

Morningstar Rating
$71.11 −0.36 (0.50%)
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Company Report

Cohen & Steers: Rising Equity Markets Led to a More Than 15% Increase in Our Valuation

We've increased our fair value estimate for narrow-moat rated Cohen & Steers to $62 per share from $53 to account for revised near-term expectations for assets under management, revenue, and profitability since our last update. With the U.S. and global REIT markets rising 17% in the fourth quarter of 2023, Cohen & Steers recorded an 11% increase in its AUM during the period. This left the firm in a better position than we had been expecting coming into 2024, allowing us to raise our fair value estimate as much as we did.

Price vs Fair Value

CNS is trading at a 15% premium.
Price
$71.11
Fair Value
$44.00
Uncertainty
High
1-Star Price
$15.50
5-Star Price
$65.40
Economic Moat
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Capital Allocation
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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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News

Trading Information

Previous Close Price
$71.47
Day Range
$70.5571.52
52-Week Range
$50.0578.58
Bid/Ask
$28.59 / $113.06
Market Cap
$3.49 Bil
Volume/Avg
86,781 / 189,785

Key Statistics

Price/Earnings (Normalized)
23.37
Price/Sales
6.98
Dividend Yield (Trailing)
3.21%
Dividend Yield (Forward)
3.21%
Total Yield
3.79%

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
388

Competitors

Valuation

Metric
CNS
AMG
IVZ
Price/Earnings (Normalized)
23.377.7510.81
Price/Book Value
9.241.46
Price/Sales
6.983.181.23
Price/Cash Flow
17.738.315.42
Price/Earnings
CNS
AMG
IVZ

Financial Strength

Metric
CNS
AMG
IVZ
Quick Ratio
14.262.612.30
Current Ratio
14.262.612.30
Interest Coverage
9.82−3.05
Quick Ratio
CNS
AMG
IVZ

Profitability

Metric
CNS
AMG
IVZ
Return on Assets (Normalized)
23.51%8.01%2.34%
Return on Equity (Normalized)
42.64%21.13%6.19%
Return on Invested Capital (Normalized)
25.31%11.08%2.87%
Return on Assets
CNS
AMG
IVZ
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