CNS Stock Overview
Cohen & Steers, Inc. is a publicly owned asset management holding company.
Cohen & Steers Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$76.50|
|52 Week High||US$101.22|
|52 Week Low||US$62.01|
|1 Month Change||13.62%|
|3 Month Change||6.34%|
|1 Year Change||-10.81%|
|3 Year Change||41.04%|
|5 Year Change||98.34%|
|Change since IPO||488.46%|
Recent News & Updates
Cohen & Steers: Positives Priced In
Cohen & Steers has managed to deliver above-expectations results and stable flows in this challenging market environment, as real assets gained favor with investors. The increased investor interest in private real estate is both a risk and an opportunity for CNS, as it has had a greater focus on listed real estate strategies historically. CNS is a Hold, as the market has priced in its exposure to real assets, and it is still in the early stages of growing its private real estate business. Elevator Pitch My investment rating for Cohen & Steers, Inc. (CNS) stock is a Hold. I previously touched on CNS' valuations and dividends in my earlier March 25, 2021 update for the company. In the current article, I turn my attention to how Cohen & Steers has been performing in this tough environment for financial markets in general. CNS has performed above expectations with its earnings beat for Q2 2022 and stable flows in 1H 2022. But such positives are priced into Cohen & Steers' valuations; CNS trades at 20 times forward P/E which is in line with its historical averages. I continue to assign a Hold rating to Cohen & Steers, as I view its current valuations as fair. I will consider upgrading CNS to a Buy in the future, if the company makes greater-than-expected headway with its new private real estate business. CNS Achieved Stable Flows And Above-Expectations Financial Results Cohen & Steers' AUM declined significantly since the start of 2022, but its flows have been relatively more stable over the same period. According to its Q2 2022 financial results presentation slides, CNS' AUM decreased by -4% from $106.6 billion as of the end of last year to $102.1 billion as of end-Q1 2022, before falling by another -14% to $87.9 billion as of June 30, 2022. In aggregate, Cohen & Steers' AUM has contracted by -18% between the beginning of this year and the end of June. But it is noteworthy that the -$18.7 billion drop in Cohen & Steers' AUM in the first six months of the year was mainly attributable to a -$17.1 billion decrease in the market value of its assets in the first half of 2022. In contrast, CNS' flows are rather stable, with Q1 2022 net inflows of +$756 million being partially offset by Q2 2022 net outflows of -$717 million. Cohen & Steers also delivered a good set of results for the second quarter of 2022, which was better than what the market was anticipating. Revenue for CNS increased by +2% YoY from $144.4 million in Q2 2021 to $147.7 million in Q2 2022. Cohen & Steers' second-quarter top line turned to be +7% higher than the sell-side's consensus revenue projection of $138 million. The company's non-GAAP adjusted earnings per share rose from $0.94 in the second quarter of last year to $0.96 in the most recent quarter. CNS' adjusted EPS for Q2 2022 exceeded the market's consensus estimate by +3%. Focus On Real Assets Pays Off At the company's Q2 2022 earnings call, Cohen & Steers highlighted that its clients are seeking "diversified real asset exposure" to increase "inflation protection." This has clearly benefited CNS, as evidenced by its stable flows in 1H 2022 and better-than-expected quarterly financial results. Asset manager Nuveen defines real assets to include real estate, REITs, infrastructure, and commodities, and noted that real assets help to "hedge inflation" on its website. Definition Of Real Assets Nuveen CNS has substantial exposure to real assets, as seen with its strategy mix as of end-Q2 2022 as highlighted below. Strategies relating to real estate and infrastructure accounted for close to three-quarters of Cohen & Steers' assets under management as of the end of June 2022. Cohen & Steers' Strategy Mix As Of June 30, 2022 CNS' Q2 2022 Earnings Presentation In summary, Cohen & Steers' positioning as a niche player with a focus on real assets has paid off in the current market environment, where demand for exposure to real assets to counter inflation has grown substantially. All Eyes On Private Real Estate Last year, Cohen & Steers announced "the formation of the Cohen & Steers Private Real Estate Group, a team purpose-built for private real estate investing" as per a press release issued on April 19, 2021. In March 2022, CNS disclosed that Anthony Corriggio has joined the company's private real estate business as "Senior Vice President and Portfolio Manager." Cohen & Steers was likely referring to this new hire, when it mentioned at its Q2 2022 investor briefing that "we'll need to have specialists in private real estate." Cohen & Steers' Current Private Real Estate Team CNS Company Website It is worth spending time to understand why Cohen & Steers is venturing into the private real estate space again and ramping up hiring, having previously made an exit from this space in 2013.
|CNS||US Capital Markets||US Market|
Return vs Industry: CNS exceeded the US Capital Markets industry which returned -12.2% over the past year.
Return vs Market: CNS underperformed the US Market which returned -8.9% over the past year.
|CNS Average Weekly Movement||4.2%|
|Capital Markets Industry Average Movement||0.5%|
|Market Average Movement||7.6%|
|10% most volatile stocks in US Market||17.0%|
|10% least volatile stocks in US Market||3.1%|
Stable Share Price: CNS is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.
Volatility Over Time: CNS's weekly volatility (4%) has been stable over the past year.
About the Company
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.
Cohen & Steers Fundamentals Summary
|CNS fundamental statistics|
Is CNS overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|CNS income statement (TTM)|
|Cost of Revenue||US$297.76m|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||4.31|
|Net Profit Margin||34.11%|
How did CNS perform over the long term?See historical performance and comparison
4.5%Current Dividend Yield
Is CNS undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 2/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for CNS?
Other financial metrics that can be useful for relative valuation.
|What is CNS's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does CNS's PE Ratio compare to its peers?
|CNS PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
HLNE Hamilton Lane
FOCS Focus Financial Partners
AB AllianceBernstein Holding
APAM Artisan Partners Asset Management
CNS Cohen & Steers
Price-To-Earnings vs Peers: CNS is good value based on its Price-To-Earnings Ratio (17.7x) compared to the peer average (20.4x).
Price to Earnings Ratio vs Industry
How does CNS's PE Ratio compare vs other companies in the US Capital Markets Industry?
Price-To-Earnings vs Industry: CNS is good value based on its Price-To-Earnings Ratio (17.7x) compared to the US Capital Markets industry average (26.6x)
Price to Earnings Ratio vs Fair Ratio
What is CNS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||17.7x|
|Fair PE Ratio||11.9x|
Price-To-Earnings vs Fair Ratio: CNS is expensive based on its Price-To-Earnings Ratio (17.7x) compared to the estimated Fair Price-To-Earnings Ratio (11.9x).
Share Price vs Fair Value
What is the Fair Price of CNS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: CNS ($76.5) is trading above our estimate of fair value ($57.03)
Significantly Below Fair Value: CNS is trading above our estimate of fair value.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is less than 20% higher than the current share price.
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How is Cohen & Steers forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
Future Growth Score0/6
Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: CNS's forecast earnings growth (1.8% per year) is below the savings rate (1.9%).
Earnings vs Market: CNS's earnings (1.8% per year) are forecast to grow slower than the US market (14.5% per year).
High Growth Earnings: CNS's earnings are forecast to grow, but not significantly.
Revenue vs Market: CNS's revenue is expected to decline over the next 3 years (-3.6% per year).
High Growth Revenue: CNS's revenue is forecast to decline over the next 3 years (-3.6% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if CNS's Return on Equity is forecast to be high in 3 years time
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How has Cohen & Steers performed over the past 5 years?
Past Performance Score5/6
Past Performance Score 5/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: CNS has a high level of non-cash earnings.
Growing Profit Margin: CNS's current net profit margins (34.1%) are higher than last year (24.7%).
Past Earnings Growth Analysis
Earnings Trend: CNS's earnings have grown by 13.7% per year over the past 5 years.
Accelerating Growth: CNS's earnings growth over the past year (70.8%) exceeds its 5-year average (13.7% per year).
Earnings vs Industry: CNS earnings growth over the past year (70.8%) exceeded the Capital Markets industry 35.4%.
Return on Equity
High ROE: CNS's Return on Equity (40.9%) is considered outstanding.
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How is Cohen & Steers's financial position?
Financial Health Score6/6
Financial Health Score 6/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: CNS's short term assets ($291.5M) exceed its short term liabilities ($77.7M).
Long Term Liabilities: CNS's short term assets ($291.5M) exceed its long term liabilities ($24.3M).
Debt to Equity History and Analysis
Debt Level: CNS is debt free.
Reducing Debt: CNS has not had any debt for past 5 years.
Debt Coverage: CNS has no debt, therefore it does not need to be covered by operating cash flow.
Interest Coverage: CNS has no debt, therefore coverage of interest payments is not a concern.
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What is Cohen & Steers's current dividend yield, its reliability and sustainability?
Dividend Score 4/6
Cash Flow Coverage
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: CNS's dividend (4.51%) is higher than the bottom 25% of dividend payers in the US market (1.47%).
High Dividend: CNS's dividend (4.51%) is in the top 25% of dividend payers in the US market (3.95%)
Stability and Growth of Payments
Stable Dividend: CNS's dividend payments have been volatile in the past 10 years.
Growing Dividend: CNS's dividend payments have increased over the past 10 years.
Earnings Payout to Shareholders
Earnings Coverage: With its reasonably low payout ratio (46.3%), CNS's dividend payments are well covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: With its high cash payout ratio (166.8%), CNS's dividend payments are not well covered by cash flows.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Joe Harvey (58 yo)
Mr. Joseph Martin Harvey, also known as Joe, has been Chief Executive Officer of Cohen & Steers, Inc. since March 1, 2022. He had been an Acting Chief Executive Officer of Cohen & Steers, Inc. since Februa...
CEO Compensation Analysis
Compensation vs Market: Joe's total compensation ($USD5.35M) is about average for companies of similar size in the US market ($USD6.57M).
Compensation vs Earnings: Joe's compensation has been consistent with company performance over the past year.
Experienced Management: CNS's management team is considered experienced (2.9 years average tenure).
Experienced Board: CNS's board of directors are seasoned and experienced ( 18 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: CNS insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Cohen & Steers, Inc.'s employee growth, exchange listings and data sources
- Name: Cohen & Steers, Inc.
- Ticker: CNS
- Exchange: NYSE
- Founded: 1986
- Industry: Asset Management and Custody Banks
- Sector: Diversified Financials
- Implied Market Cap: US$3.725b
- Shares outstanding: 48.70m
- Website: https://www.cohenandsteers.com
Number of Employees
- Cohen & Steers, Inc.
- 280 Park Avenue
- 10th Floor
- New York
- New York
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/08/17 00:00|
|End of Day Share Price||2022/08/17 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.