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Cohen & Steers Inc CNS

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Morningstar’s Analysis

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5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Solid Flows and Market Gains Lift Cohen & Steers' Q1 Results; No Change to $70 Fair Value Estimate

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

There was little in narrow-moat-rated Cohen & Steers' first-quarter results that would alter our long-term view, and we are leaving our $70 per share fair value estimate in place. Cohen & Steers closed out the March quarter with a record $87.0 billion in total assets under management, up 8.9% sequentially and 51.7% year over year, as the company lapped the steep COVID-19 sell-off in the first quarter of 2020. Net inflows of $3.8 billion during the March quarter continued the trend of positive flows that started during the third quarter of 2019, with a run rate of $2.2 billion in quarterly inflows on average over the past two years being the result. Driven by ongoing demand for real estate funds, which we expect will continue to carry higher yields than most bond and money market funds, we continue to forecast mid-single-digit organic AUM growth on average annually for Cohen & Steers during 2021-25, which should lead to mid- to high-single-digit growth in managed assets.

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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 60% of its $83.1 billion in managed assets at the end of February 2021. 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 2020, the firm garnered 42% (29%) of its assets under management (base management fees) from institutional clients, 44% (51%) from open-end funds, and 14% (20%) from closed-end funds.

Contact
280 Park Avenue, 10th Floor
New York, NY, 10017
T +1 212 832-3232
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 347

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