Zacks Investment Research Lowers Cohen & Steers (CNS) to Hold
Cohen & Steers (NYSE:CNS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Cohen & Steers, Inc. is a leading manager of income-oriented equity portfolios and specializes in common and preferred stocks of REITs and utilities, as well as other preferred securities. Based in New York City, the firm serves individual and institutional investors through a wide range of open-end funds, closed-end funds and separate accounts. “
CNS has been the topic of several other reports. Credit Suisse Group boosted their target price on shares of Cohen & Steers from $41.00 to $43.00 and gave the company a “neutral” rating in a report on Friday, October 20th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $45.00 target price on shares of Cohen & Steers in a report on Friday, October 20th. Finally, Bank of America boosted their target price on shares of Cohen & Steers from $35.00 to $38.00 and gave the company an “underperform” rating in a report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $43.60.
Cohen & Steers (NYSE:CNS) last posted its earnings results on Wednesday, October 18th. The asset manager reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. The company had revenue of $96.40 million for the quarter, compared to analyst estimates of $95.76 million. Cohen & Steers had a net margin of 26.53% and a return on equity of 32.82%. Cohen & Steers’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.51 EPS. analysts predict that Cohen & Steers will post 2.06 EPS for the current year.
In other Cohen & Steers news, Director Peter L. Rhein sold 4,729 shares of the stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $44.60, for a total value of $210,913.40. Following the sale, the director now directly owns 26,271 shares of the company’s stock, valued at approximately $1,171,686.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 52.90% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Alps Advisors Inc. grew its position in Cohen & Steers by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 12,927 shares of the asset manager’s stock worth $524,000 after purchasing an additional 33 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Cohen & Steers by 1.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,228 shares of the asset manager’s stock worth $699,000 after purchasing an additional 197 shares during the last quarter. Aperio Group LLC grew its position in Cohen & Steers by 21.4% during the 2nd quarter. Aperio Group LLC now owns 7,566 shares of the asset manager’s stock worth $307,000 after purchasing an additional 1,336 shares during the last quarter. Teachers Advisors LLC grew its position in Cohen & Steers by 3.6% during the 1st quarter. Teachers Advisors LLC now owns 41,092 shares of the asset manager’s stock worth $1,642,000 after purchasing an additional 1,419 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Cohen & Steers by 8.1% during the 2nd quarter. Victory Capital Management Inc. now owns 19,169 shares of the asset manager’s stock worth $777,000 after purchasing an additional 1,433 shares during the last quarter. 44.47% of the stock is currently owned by institutional investors.
Cohen & Steers Company Profile
Cohen & Steers, Inc (CNS) is a holding company. The Company is an investment manager with a focus on liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. The Company serves institutional and individual investors.
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