UBS Group Cuts Cohen & Steers (NYSE:CNS) Price Target to $63.00

Cohen & Steers (NYSE:CNS) had its price target reduced by UBS Group from $65.00 to $63.00 in a research note published on Wednesday, Benzinga reports. UBS Group currently has a sell rating on the asset manager’s stock.

Cohen & Steers Stock Performance

NYSE CNS opened at $75.95 on Wednesday. Cohen & Steers has a one year low of $50.05 and a one year high of $78.58. The stock has a 50-day moving average of $71.47 and a 200 day moving average of $71.55. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of 29.55 and a beta of 1.53.

Cohen & Steers (NYSE:CNS) last released its quarterly earnings results on Thursday, April 18th. The asset manager reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The firm had revenue of $122.71 million for the quarter, compared to the consensus estimate of $125.01 million. Cohen & Steers had a net margin of 26.27% and a return on equity of 36.67%. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.76 earnings per share.

Cohen & Steers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Shareholders of record on Monday, May 13th were paid a dividend of $0.59 per share. The ex-dividend date was Friday, May 10th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.11%. Cohen & Steers’s dividend payout ratio is currently 91.83%.

Insider Buying and Selling at Cohen & Steers

In other Cohen & Steers news, EVP Jon Cheigh sold 7,159 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $72.57, for a total transaction of $519,528.63. Following the completion of the sale, the executive vice president now directly owns 167,018 shares in the company, valued at approximately $12,120,496.26. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 47.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its stake in shares of Cohen & Steers by 115.1% during the 2nd quarter. GAMMA Investing LLC now owns 370 shares of the asset manager’s stock valued at $27,000 after acquiring an additional 198 shares during the period. Principal Securities Inc. bought a new position in shares of Cohen & Steers during the 4th quarter valued at approximately $28,000. SRS Capital Advisors Inc. grew its stake in shares of Cohen & Steers by 294.2% during the 4th quarter. SRS Capital Advisors Inc. now owns 548 shares of the asset manager’s stock valued at $41,000 after acquiring an additional 409 shares during the period. Garner Asset Management Corp purchased a new position in Cohen & Steers in the 4th quarter worth approximately $84,000. Finally, SG Americas Securities LLC purchased a new position in Cohen & Steers in the 4th quarter worth approximately $142,000. 51.47% of the stock is currently owned by 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.