Cohen & Steers Inc (CNS) Plans Quarterly Dividend of $0.28
Cohen & Steers Inc (NYSE:CNS) announced a quarterly dividend on Friday, May 5th, Wall Street Journal reports. Investors of record on Thursday, June 1st will be given a dividend of 0.28 per share by the asset manager on Thursday, June 22nd. This represents a $1.12 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Tuesday, May 30th.
Cohen & Steers has increased its dividend payment by an average of 9.1% annually over the last three years and has raised its dividend every year for the last 5 years. Cohen & Steers has a payout ratio of 57.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cohen & Steers to earn $2.20 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 50.9%.
Cohen & Steers (NYSE:CNS) traded up 0.10% during midday trading on Friday, reaching $41.13. 113,266 shares of the company were exchanged. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 19.60 and a beta of 1.56. The company has a 50 day moving average of $39.69 and a 200-day moving average of $37.36. Cohen & Steers has a 52-week low of $33.16 and a 52-week high of $43.83.
Cohen & Steers (NYSE:CNS) last posted its earnings results on Wednesday, April 19th. The asset manager reported $0.47 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.47. The company had revenue of $89.70 million for the quarter, compared to analyst estimates of $89.31 million. Cohen & Steers had a return on equity of 33.45% and a net margin of 27.19%. Cohen & Steers’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 earnings per share. On average, equities research analysts anticipate that Cohen & Steers will post $1.96 earnings per share for the current fiscal year.
CNS has been the topic of several research reports. Sidoti initiated coverage on Cohen & Steers in a report on Friday, March 3rd. They issued a “buy” rating and a $46.00 target price on the stock. BidaskClub raised Cohen & Steers from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, Zacks Investment Research raised Cohen & Steers from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a report on Tuesday, May 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $45.00.
In related news, insider Francis C. Poli sold 11,840 shares of the stock in a transaction on Wednesday, April 26th. The stock was sold at an average price of $40.54, for a total transaction of $479,993.60. Following the sale, the insider now owns 53,047 shares of the company’s stock, valued at $2,150,525.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 52.90% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. acquired a new position in Cohen & Steers during the first quarter valued at $212,000. Teachers Advisors LLC increased its position in Cohen & Steers by 3.6% in the first quarter. Teachers Advisors LLC now owns 41,092 shares of the asset manager’s stock valued at $1,642,000 after buying an additional 1,419 shares during the period. Schwab Charles Investment Management Inc. increased its position in Cohen & Steers by 6.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 112,224 shares of the asset manager’s stock valued at $4,486,000 after buying an additional 6,943 shares during the period. Finally, State Street Corp increased its position in Cohen & Steers by 1.9% in the first quarter. State Street Corp now owns 405,938 shares of the asset manager’s stock valued at $16,224,000 after buying an additional 7,575 shares during the period. Hedge funds and other institutional investors own 45.83% of the company’s stock.
About Cohen & Steers
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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