Cohen & Steers (NYSE:CNS) Shares Gap Down After Earnings Miss

Cohen & Steers, Inc. (NYSE:CNS - Get Free Report) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $73.89, but opened at $71.67. Cohen & Steers shares last traded at $75.41, with a volume of 20,891 shares.

The asset manager reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.01). The firm had revenue of $133.79 million for the quarter, compared to analysts' expectations of $130.64 million. Cohen & Steers had a net margin of 29.24% and a return on equity of 33.13%. During the same period in the prior year, the firm earned $0.68 EPS.

Cohen & Steers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Monday, March 3rd were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.33%. This is an increase from Cohen & Steers's previous quarterly dividend of $0.59. The ex-dividend date was Monday, March 3rd. Cohen & Steers's dividend payout ratio is presently 83.50%.

Analyst Upgrades and Downgrades

Separately, Evercore ISI cut their price objective on Cohen & Steers from $94.00 to $78.00 and set an "outperform" rating for the company in a research report on Friday, April 11th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp grew its stake in shares of Cohen & Steers by 101.9% during the first quarter. Fifth Third Bancorp now owns 654 shares of the asset manager's stock valued at $52,000 after buying an additional 330 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Cohen & Steers by 36.1% during the first quarter. GAMMA Investing LLC now owns 992 shares of the asset manager's stock valued at $80,000 after purchasing an additional 263 shares during the period. Portside Wealth Group LLC grew its holdings in shares of Cohen & Steers by 8.7% in the first quarter. Portside Wealth Group LLC now owns 3,531 shares of the asset manager's stock worth $283,000 after purchasing an additional 284 shares during the last quarter. First Citizens Bank & Trust Co. purchased a new position in Cohen & Steers in the 1st quarter worth about $211,000. Finally, Pillar Financial Advisors LLC lifted its holdings in Cohen & Steers by 125.0% during the 1st quarter. Pillar Financial Advisors LLC now owns 14,008 shares of the asset manager's stock valued at $1,124,000 after buying an additional 7,781 shares in the last quarter. 51.47% of the stock is owned by hedge funds and other institutional investors.

Cohen & Steers Trading Up 0.7 %

The company has a market capitalization of $3.79 billion, a PE ratio of 25.05 and a beta of 1.46. The firm's 50-day simple moving average is $80.32 and its 200-day simple moving average is $90.38.

Cohen & Steers Company Profile

Cohen & Steers, Inc is a holding company, which operates as an investment manager specializing in liquid real assets, which include real estate securities, listed infrastructure, commodities, natural resource equities, preferred securities, and other income solutions. It manages investment vehicles, such as institutional accounts, open-end funds and closed-end funds.