Cohen & Steers (NYSE:CNS) Shares Gap Down After Earnings Miss

Shares of Cohen & Steers, Inc. (NYSE:CNS) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $73.89, but opened at $71.67. Cohen & Steers shares last traded at $75.41, with a volume of 20,891 shares.

The asset manager reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.01). The firm had revenue of $133.79 million during the quarter, compared to analyst estimates of $130.64 million. Cohen & Steers had a net margin of 29.24% and a return on equity of 33.13%. During the same quarter last year, the company earned $0.68 EPS.

Cohen & Steers Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Monday, March 3rd were given a dividend of $0.62 per share. This is a positive change from Cohen & Steers’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, March 3rd. This represents a $2.48 annualized dividend and a dividend yield of 3.33%. Cohen & Steers’s dividend payout ratio (DPR) is 83.50%.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI cut their target price on shares of Cohen & Steers from $94.00 to $78.00 and set an “outperform” rating for the company in a research note on Friday, April 11th.

Institutional Investors Weigh In On Cohen & Steers

A number of institutional investors and hedge funds have recently modified their holdings of CNS. Westside Investment Management Inc. acquired a new stake in Cohen & Steers during the 3rd quarter worth about $32,000. Fifth Third Bancorp lifted its position in shares of Cohen & Steers by 101.9% in the 1st quarter. Fifth Third Bancorp now owns 654 shares of the asset manager’s stock valued at $52,000 after acquiring an additional 330 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cohen & Steers in the 4th quarter worth approximately $60,000. GAMMA Investing LLC grew its position in Cohen & Steers by 19.5% during the 4th quarter. GAMMA Investing LLC now owns 729 shares of the asset manager’s stock worth $67,000 after purchasing an additional 119 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in Cohen & Steers during the 4th quarter valued at $73,000. 51.47% of the stock is owned by institutional investors and hedge funds.

Cohen & Steers Price Performance

The company has a market cap of $3.79 billion, a PE ratio of 25.05 and a beta of 1.46. The stock has a fifty day moving average price of $80.55 and a 200-day moving average price of $90.53.

About Cohen & Steers

Cohen & Steers, Inc is a holding company, which operates as an investment manager specializing in liquid real assets, which include real estate securities, listed infrastructure, commodities, natural resource equities, preferred securities, and other income solutions. It manages investment vehicles, such as institutional accounts, open-end funds and closed-end funds.