Norges Bank Invests $5.05 Million in Cohen & Steers, Inc. (CNS)

Norges Bank purchased a new position in Cohen & Steers, Inc. (NYSE:CNS) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 147,181 shares of the asset manager’s stock, valued at approximately $5,051,000.

Other hedge funds also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. bought a new stake in shares of Cohen & Steers in the fourth quarter worth approximately $37,000. Advisor Group Inc. grew its stake in shares of Cohen & Steers by 32.5% in the fourth quarter. Advisor Group Inc. now owns 2,631 shares of the asset manager’s stock worth $90,000 after acquiring an additional 646 shares during the period. We Are One Seven LLC bought a new stake in shares of Cohen & Steers in the fourth quarter worth approximately $128,000. Metropolitan Life Insurance Co. NY grew its stake in shares of Cohen & Steers by 341.2% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,764 shares of the asset manager’s stock worth $232,000 after acquiring an additional 5,231 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of Cohen & Steers by 17.9% in the fourth quarter. First Trust Advisors LP now owns 7,705 shares of the asset manager’s stock worth $264,000 after acquiring an additional 1,169 shares during the period. Hedge funds and other institutional investors own 46.82% of the company’s stock.

CNS opened at $50.40 on Friday. The company has a market capitalization of $2.38 billion, a P/E ratio of 21.27, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. Cohen & Steers, Inc. has a 12-month low of $32.95 and a 12-month high of $50.75.

Cohen & Steers (NYSE:CNS) last posted its quarterly earnings data on Wednesday, April 17th. The asset manager reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.01. The company had revenue of $94.20 million for the quarter, compared to the consensus estimate of $92.99 million. Cohen & Steers had a net margin of 31.20% and a return on equity of 39.63%. The firm’s revenue was down .3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.62 earnings per share. As a group, analysts expect that Cohen & Steers, Inc. will post 2.49 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Monday, May 13th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Friday, May 10th. Cohen & Steers’s payout ratio is 60.00%.

A number of brokerages have recently commented on CNS. Gabelli lowered shares of Cohen & Steers from a “buy” rating to a “hold” rating in a research note on Monday, April 22nd. ValuEngine upgraded shares of Cohen & Steers from a “hold” rating to a “buy” rating in a research note on Friday, April 19th. Bank of America set a $37.00 price target on shares of Cohen & Steers and gave the stock a “sell” rating in a research note on Tuesday, April 9th. Zacks Investment Research upgraded shares of Cohen & Steers from a “sell” rating to a “hold” rating in a research note on Wednesday, March 13th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $41.00 price objective on shares of Cohen & Steers in a report on Tuesday, February 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Cohen & Steers has an average rating of “Hold” and a consensus target price of $41.50.

In related news, EVP Michele Nolty sold 4,220 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $48.61, for a total value of $205,134.20. Following the transaction, the executive vice president now owns 17,693 shares of the company’s stock, valued at $860,056.73. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Francis C. Poli sold 14,808 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $47.86, for a total transaction of $708,710.88. Following the completion of the transaction, the insider now directly owns 65,111 shares in the company, valued at approximately $3,116,212.46. The disclosure for this sale can be found here. In the last three months, insiders sold 23,028 shares of company stock worth $1,107,085. 50.63% of the stock is currently owned by insiders.

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Cohen & Steers Company Profile

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.

Further Reading: Put Option

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Institutional Ownership by Quarter for Cohen & Steers (NYSE:CNS)

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