Cohen & Steers (NYSE:CNS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Shares of Cohen & Steers have outperformed the industry over the past year. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Estimates have been stable lately ahead of its fourth-quarter 2018 earnings release. While improving assets under management (AUM) and diverse investment products are expected to continue supporting its revenue growth, continuously increasing expenses are expected to hurt its profitability to some extent. Moreover, as the company continues to invest in its franchise, operating expenses are expected to remain elevated in the future. Further, a stretched valuation limits the upside potential of the stock.”
Separately, ValuEngine cut Cohen & Steers from a “hold” rating to a “sell” rating in a research report on Thursday, October 11th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $44.50.
Cohen & Steers (NYSE:CNS) last released its quarterly earnings data on Wednesday, October 17th. The asset manager reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.02. The business had revenue of $98.30 million for the quarter, compared to analysts’ expectations of $99.05 million. Cohen & Steers had a return on equity of 38.16% and a net margin of 28.13%. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.55 EPS. On average, equities analysts anticipate that Cohen & Steers will post 2.45 earnings per share for the current fiscal year.
In other news, insider John Todd Glickson sold 6,315 shares of the stock in a transaction on Wednesday, December 19th. The stock was sold at an average price of $34.34, for a total transaction of $216,857.10. Following the transaction, the insider now directly owns 56,439 shares of the company’s stock, valued at approximately $1,938,115.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 51.20% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNS. State of Alaska Department of Revenue bought a new position in shares of Cohen & Steers during the 3rd quarter valued at $108,000. Sageworth Trust Co increased its stake in shares of Cohen & Steers by 500.0% in the 3rd quarter. Sageworth Trust Co now owns 3,000 shares of the asset manager’s stock worth $122,000 after purchasing an additional 2,500 shares in the last quarter. MML Investors Services LLC purchased a new stake in shares of Cohen & Steers in the 3rd quarter worth $216,000. Leavell Investment Management Inc. purchased a new stake in shares of Cohen & Steers in the 3rd quarter worth $223,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Cohen & Steers by 33.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 5,499 shares of the asset manager’s stock worth $229,000 after purchasing an additional 1,391 shares in the last quarter. 48.52% of the stock is currently owned by hedge funds and other institutional investors.
About Cohen & Steers
Cohen & 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.
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