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Cohen & Steers, Inc. (CNS)
NYSE:CNS
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Cohen & Steers
(NYSE:CNS)
70Outperform
Cohen & Steers (CNS) vs. S&P 500 (SPY)
Market Cap
$4.11B
Dividend Yield2.92%
Average Volume (3M)224.49K
Price to Earnings (P/E)27.3
Beta (1Y)1.36
Revenue Growth6.39%
EPS Growth14.55%
CountryUS
Employees411
SectorFinancial
Sector Strength81
IndustryAsset Management Services
Share Statistics
EPS (TTM)2.96
Shares Outstanding50,972,008
10 Day Avg. Volume261,561
30 Day Avg. Volume224,488
Financial Highlights & Ratios
PEG Ratio1.87
Price to Book (P/B)N/A
Price to Sales (P/S)7.77
Price to Cash Flow (P/CF)28.90
P/FCF Ratio28.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$97.00Price Target Upside20.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Cohen & Steers Business Overview & Revenue Model
Company DescriptionCohen & Steers, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to institutional investors, including pension funds, endowments, and foundations. It manages separate client-focused equity, fixed income, multi-asset, and commodity portfolios through its subsidiaries. The firm launches and manages equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries. Through its subsidiaries, it also launches and manages hedge funds. The firm invests in public equity, fixed income, and commodity markets across the globe through its subsidiaries. Through its subsidiaries, it invests in companies operating in the real estate sector, including real estate investment trusts, infrastructure sector, and natural energy resources sector for its equity and fixed income investments. The firm also invests in preferred securities for its fixed income investments through its subsidiaries. Cohen & Steers, Inc. was founded in 1986 and is based in New York, with additional offices in London, United Kingdom; Central, Hong Kong; Tokyo, Japan; and Seattle, Washington.
How the Company Makes MoneyCohen & Steers generates revenue primarily through investment management fees, which are based on the assets under management (AUM) in their various funds and investment products. These fees are typically calculated as a percentage of the AUM and can vary depending on the specific investment strategy or product. Additionally, the company may earn performance-based fees if certain funds exceed predefined performance benchmarks. Cohen & Steers also benefits from its strategic partnerships with financial institutions and distribution networks, which help expand its reach and attract new investors. Other factors contributing to its earnings include the growth of global demand for real assets and the company's ability to innovate and adapt its investment products to meet changing market conditions.
Cohen & Steers Financial Statement Overview
Summary
Cohen & Steers demonstrates strong profitability and operational efficiency with robust margins and a commendable return on equity. The balance sheet is exceptionally strong with no debt, providing financial flexibility and stability. Cash flow metrics indicate some challenges in cash generation, yet overall, the company remains financially sound with potential for growth.Income Statement
Cohen & Steers shows a strong gross profit margin of 57.85% for 2024, indicating efficient cost management. The net profit margin improved to 29.23% from the previous year, suggesting enhanced profitability. However, revenue growth from 2023 to 2024 was modest at 5.67%, which is below the industry average. EBIT and EBITDA margins are robust at 33.42% and 40.07%, respectively, which signal operational efficiency.75
Positive
Balance Sheet
The company maintains a strong balance sheet with a debt-to-equity ratio of 0, indicating no debt burden and strong financial stability. The return on equity improved to 29.56% in 2024, reflecting excellent shareholder returns. The equity ratio is solid at 62.99%, showcasing a strong equity base relative to total assets.80
Positive
Cash Flow
Cohen & Steers experienced a decline in operating cash flow, yet maintains a healthy free cash flow to net income ratio of 0.56. The free cash flow growth rate from 2023 to 2024 was negative, indicating a reduction in cash generation. Nevertheless, the company has a solid operating cash flow to net income ratio of 0.64, reflecting good cash-generating efficiency relative to profit.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 517.42M | 489.64M | 566.91M | 583.83M | 427.54M | Gross Profit |
| 242.30M | 235.29M | 275.15M | 312.50M | 156.00M | EBIT |
| 172.88M | 164.48M | 215.94M | 260.37M | 95.06M | EBITDA |
| 203.39M | 198.73M | 240.22M | 279.31M | 114.69M | Net Income Common Stockholders |
| 151.26M | 129.05M | 171.04M | 211.40M | 76.58M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 309.93M | 265.44M | 262.71M | 184.37M | 41.23M | Total Assets |
| 812.37M | 736.55M | 673.38M | 492.69M | 348.45M | Total Debt |
| 141.12M | 140.41M | 138.81M | 24.52M | 34.93M | Net Debt |
| -41.86M | -47.03M | -108.61M | -159.85M | -6.31M | Total Liabilities |
| 237.46M | 243.91M | 246.44M | 148.36M | 123.55M | Stockholders Equity |
| 511.71M | 381.23M | 337.55M | 255.18M | 174.24M |
| Cash Flow | Free Cash Flow | |||
| 85.04M | 114.97M | 57.46M | 240.21M | 86.68M | Operating Cash Flow |
| 96.69M | 171.96M | 61.68M | 242.90M | 89.19M | Investing Cash Flow |
| -119.71M | -114.78M | -2.86M | 47.65M | -1.77M | Financing Cash Flow |
| 18.17M | -119.05M | 8.97M | -145.43M | -148.90M |
Cohen & Steers Technical Analysis
Negative
80.69
Price Trends
84.59
Negative
90.76
Negative
87.67
Negative
Market Momentum
-1.54
Negative
43.01
Neutral
73.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNS, the sentiment is Negative. The current price of 80.69 is below the 20-day moving average (MA) of 81.26, below the 50-day MA of 84.59, and below the 200-day MA of 87.67, indicating a bearish trend. The MACD of -1.54 indicates Negative momentum. The RSI at 43.01 is Neutral, neither overbought nor oversold. The STOCH value of 73.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CNS.
Cohen & Steers Risk Analysis
Cohen & Steers disclosed 27 risk factors in its most recent earnings report. Cohen & Steers reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cohen & Steers Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $151.14B | 23.17 | 14.67% | 2.10% | 12.15% | 15.17% | |
74 Outperform | $5.98B | 14.81 | 8.74% | 4.16% | 18.85% | 7.96% | |
71 Outperform | $7.15B | 13.57 | 5.31% | 5.23% | 3.97% | ― | |
70 Outperform | $4.11B | 27.25 | 33.88% | 2.92% | 6.39% | 14.55% | |
70 Outperform | $21.03B | 10.43 | 20.60% | 5.25% | 9.80% | 17.87% | |
66 Neutral | $10.43B | 30.72 | 2.76% | 6.29% | 9.48% | -65.57% | |
64 Neutral | $14.53B | 10.25 | 8.67% | 4.22% | 16.51% | -12.20% |
* Financial Sector Average
Performance Comparison
CNS
Cohen & Steers
79.97
5.21
6.97%
BLK
BlackRock
967.94
153.08
18.79%
BEN
Franklin Resources
19.85
-7.04
-26.18%
IVZ
Invesco
15.55
-0.26
-1.64%
TROW
T Rowe Price
94.70
-21.65
-18.61%
JHG
Janus Henderson Group
37.07
5.50
17.42%
Cohen & Steers Earnings Call Summary
Earnings Call Date: Jan 22, 2025 | % Change Since: -6.22% | Next Earnings Date: Apr 16, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook, with strong revenue and earnings growth, positive net inflows, and successful investment performance highlighting positive trends. However, challenges such as AUM decline, increased operating expenses, and anticipated redemptions balance the achievements, suggesting a cautious yet optimistic outlook.Highlights
Revenue and Earnings Growth
Revenue for Q4 increased 4.9% sequentially to $139.9 million, and full year 2024 revenue grew 5.9% to $518 million. Earnings per share for the full year 2024 were $2.93, up from $2.84 in 2023.
Positive Investment Performance
95% of AUM outperformed its benchmark over the one-year period, with strong excess returns of 288, 162, and 224 basis points over 1-, 3-, and 5-year periods, respectively.
Successful Net Inflows
Firm-wide net inflows of $860 million in Q4, driven by $1.2 billion in open-end funds, marking the second consecutive quarter of positive flows.
Launch of New ETFs
Plans to launch three new ETFs in Q1 2025 as the first for Cohen & Steers, focusing on opportunities in the wealth channel.
Strong Non-Traded REIT Performance
CNS REIT's total return in 2024 was 11.6%, ranking #2 among peers.
Lowlights
AUM Decline
AUM decreased from $91.8 billion at the end of Q3 to $85.8 billion at year-end due to market depreciation.
Increased Operating Expenses
Higher total expenses compared to the prior quarter, notably in compensation, distribution, service fees, and G&A expenses.
Challenges in Preferred Securities
Preferred securities search activity slower than expected, with competition from private credit and normalization of yield curve being factors.
Expected Redemptions
Indicated redemptions of $800 million expected in the first half of 2025, driven by reallocations to private investments and client rebalancing.
Company Guidance
During the Cohen & Steers Q4 2024 earnings call, the company provided detailed guidance for the upcoming year, focusing on strategic initiatives and financial expectations. They reported Q4 earnings of $0.78 per share and full-year earnings of $2.93, citing a 4.9% sequential increase in revenue to $139.9 million for Q4, primarily driven by higher average AUM and $1.4 million in performance fees. The operating margin held steady at 35.5%, with AUM at $85.8 billion at year-end, impacted by market depreciation. Looking forward to 2025, Cohen & Steers announced the launch of three new ETFs, emphasizing opportunities in the wealth channel, while expecting the compensation ratio to remain at 40.5% and G&A expenses to rise by 6% to 7%. The company anticipates their effective tax rate to remain consistent at 25.3% and plans to focus on growth in active ETFs, private real estate, and international markets, targeting enhanced distribution and investment performance across their asset classes.Cohen & Steers Corporate Events
Executive/Board Changes
Cohen & Steers Announces Executive Retirement and Transition
Neutral
Mar 11, 2025
On March 10, 2025, Cohen & Steers announced the retirement of Daniel P. Charles, Executive Vice President and Head of Global Distribution, after nearly six years with the company and a 37-year career in asset management. During his tenure, Mr. Charles successfully realigned U.S. distribution efforts and expanded the firm’s reach across EMEA and APAC, enhancing the company’s distribution capabilities. Cohen & Steers has begun searching for his successor, and Mr. Charles will remain to assist with the transition.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.