Cohen & Steers (NYSE:CNS) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Cohen & Steers (NYSE:CNS) from a hold rating to a strong sell rating in a research note published on Thursday morning,Zacks.com reports.

CNS has been the topic of several other reports. Evercore ISI boosted their price target on shares of Cohen & Steers from $74.00 to $77.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Cohen & Steers in a research report on Wednesday, October 8th. Finally, Bank of America upped their target price on Cohen & Steers from $66.00 to $68.00 and gave the company an “underperform” rating in a report on Thursday, October 2nd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $72.50.

Cohen & Steers Trading Up 1.2%

Shares of Cohen & Steers stock opened at $70.46 on Thursday. The company has a market capitalization of $3.59 billion, a P/E ratio of 22.09, a price-to-earnings-growth ratio of 2.21 and a beta of 1.29. The stock has a fifty day simple moving average of $63.80 and a 200 day simple moving average of $68.94. Cohen & Steers has a 12-month low of $58.39 and a 12-month high of $91.07.

Cohen & Steers (NYSE:CNS) last posted its quarterly earnings data on Thursday, October 16th. The asset manager reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $140.94 million for the quarter, compared to the consensus estimate of $138.84 million. Cohen & Steers had a net margin of 29.73% and a return on equity of 29.40%. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.77 EPS.

Cohen & Steers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Monday, November 10th were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, November 10th. Cohen & Steers’s dividend payout ratio is currently 77.74%.

Insider Activity at Cohen & Steers

In other news, Director Martin Cohen acquired 12,708 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The shares were acquired at an average price of $60.83 per share, for a total transaction of $773,027.64. Following the completion of the purchase, the director owned 949,205 shares in the company, valued at approximately $57,740,140.15. This trade represents a 1.36% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have purchased 100,000 shares of company stock valued at $5,982,368. Insiders own 47.60% of the company’s stock.

Institutional Trading of Cohen & Steers

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada lifted its position in shares of Cohen & Steers by 2.0% during the 1st quarter. Royal Bank of Canada now owns 51,397 shares of the asset manager’s stock valued at $4,124,000 after buying an additional 1,003 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Cohen & Steers by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,367 shares of the asset manager’s stock valued at $1,313,000 after acquiring an additional 716 shares during the period. Millennium Management LLC lifted its holdings in Cohen & Steers by 485.1% during the first quarter. Millennium Management LLC now owns 93,175 shares of the asset manager’s stock valued at $7,477,000 after purchasing an additional 77,251 shares during the last quarter. Jones Financial Companies Lllp bought a new position in Cohen & Steers during the first quarter worth about $172,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cohen & Steers by 3.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,742 shares of the asset manager’s stock worth $5,838,000 after purchasing an additional 2,155 shares during the period. 51.47% of the stock is currently owned by institutional investors.

About Cohen & Steers

Cohen & Steers, Inc is a publicly traded investment management firm specializing in real estate securities and alternative income strategies. Founded in 1986 by Martin Cohen and Robert Steers, the company has built a reputation for expertise in listed real estate investment trusts (REITs) and related equities. Headquartered in New York City, Cohen & Steers applies a research-driven approach to identify value and income opportunities across global property markets.

The firm offers a diverse range of investment products, including mutual funds, closed-end funds, and exchange-traded funds (ETFs).