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Cohen & Steers, Inc. (CNS)
NYSE:CNS
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Cohen & Steers (CNS) AI Stock Analysis

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CNS

Cohen & Steers

(NYSE:CNS)

Rating:69Neutral
Price Target:
$82.00
▲(9.06%Upside)
Cohen & Steers demonstrates solid financial health with profitability and a strong balance sheet. However, technical indicators suggest potential short-term weakness, and valuation is moderate with a decent dividend yield. Despite positive highlights from the earnings call, challenges such as decreased earnings and net outflows need addressing.
Positive Factors
Investment Performance
CNS has consistently achieved strong investment performance across its strategies, which positions it favorably once real estate flows improve.
Product Development
CNS's newly built out active ETF infrastructure positions it well for future launches, with new products expected in the active ETF vehicle, including in infrastructure and energy.
Negative Factors
Economic Challenges
Continued fundraising challenges in real estate and the prospects for slowing US GDP growth and high interest rates are key headwinds.
Financial Results
CNS reported soft financial results which included negative net flows primarily driven from outflows in preferred securities.
Operational Costs
Management raised the G&A growth guidance, indicating higher-than-expected general and administrative expenses.

Cohen & Steers (CNS) vs. SPDR S&P 500 ETF (SPY)

Cohen & Steers Business Overview & Revenue Model

Company DescriptionCohen & 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. The firm launches and manages equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries. Through its subsidiaries, it also launches and manages hedge funds. The firm invests in public equity, fixed income, and commodity markets across the globe through its subsidiaries. Through its subsidiaries, it invests in companies operating in the real estate sector, including real estate investment trusts, infrastructure sector, and natural energy resources sector for its equity and fixed income investments. The firm also invests in preferred securities for its fixed income investments through its subsidiaries. Cohen & Steers, Inc. was founded in 1986 and is based in New York, with additional offices in London, United Kingdom; Central, Hong Kong; Tokyo, Japan; and Seattle, Washington.
How the Company Makes MoneyCohen & Steers makes money primarily through management fees charged on the assets they manage for their clients. These fees are typically calculated as a percentage of assets under management (AUM) and can vary based on the type of investment product. The company also earns performance fees, which are based on the investment performance relative to a specific benchmark or target. Additionally, Cohen & Steers may receive distribution fees associated with the sale of their investment products. The firm's revenue is influenced by factors such as market conditions, client asset allocations, and the overall performance of the investment portfolios they manage. They maintain significant partnerships with financial advisors and institutions to distribute their investment products, which can contribute to an increase in AUM and, subsequently, revenue.

Cohen & Steers Earnings Call Summary

Earnings Call Date:Jul 17, 2025
(Q2-2025)
|
% Change Since: -0.49%|
Next Earnings Date:Oct 15, 2025
Earnings Call Sentiment Neutral
Despite strong investment performance and successful new product launches, the company faced challenges with decreased earnings, operating margin decline, and overall net outflows. The growing liquidity and positive fund ratings are significant positives, but are balanced by the financial and operational challenges faced this quarter.
Q2-2025 Updates
Positive Updates
Strong Investment Performance
89% of AUM outperformed its benchmark in Q2, with 94% outperforming on a 1-year basis. Over 95% outperformed on a 3-, 5-, and 10-year basis, with 99% over 10 years.
Positive Open-End Fund Flows
Open-end funds experienced net inflows of $285 million in Q2, marking the fourth consecutive quarter of inflows.
Successful ETF Launch
Cohen & Steers launched active ETFs with $54 million in net inflows in the first full quarter, signaling a positive market reception.
AUM Growth
Ending AUM increased to $88.9 billion in Q2 from $87.6 billion in Q1, driven by market appreciation.
Liquidity Improvement
Liquidity improved to $323 million at the end of Q2, up from $295 million in the prior quarter.
High Rated Funds
90% of open-end fund AUM is rated 4 or 5 stars by Morningstar, indicating strong fund performance.
Negative Updates
Decreased Earnings
Earnings per share decreased to $0.73 from $0.75 in the prior quarter.
Operating Margin Decline
Operating margin decreased to 33.6% from 34.7% in the prior quarter.
Institutional Net Outflows
Institutional investments experienced net outflows, partially offsetting gains from open-end funds.
Higher Expenses
Total expenses increased by 2.9% compared to the prior quarter, driven by higher compensation and business development costs.
Net Outflows Overall
Overall net outflows of $131 million in Q2 after three quarters of inflows.
Company Guidance
During the Cohen & Steers Second Quarter 2025 Earnings Conference Call, guidance was provided regarding various financial metrics and expectations for the year. For 2025, the company expects its compensation ratio to remain at 40.5%, aligning with prior guidance. General and administrative (G&A) expenses are anticipated to increase by 7% to 8% from the previous year, driven by talent acquisition costs and business development activities, including the launch of active ETFs and foreign office upgrades. The effective tax rate is projected to stay at 25.3% on an as-adjusted basis. Additionally, after 2025, annual changes in G&A are expected to moderate to mid-single-digit growth. The company reiterated its focus on disciplined expense management while continuing to make selective investments in its business.

Cohen & Steers Financial Statement Overview

Summary
Cohen & Steers exhibits strong profitability with robust margins and a commendable return on equity, supported by a debt-free balance sheet. Despite some challenges in cash flow generation, overall financial health remains strong.
Income Statement
75
Positive
Cohen & Steers shows a strong gross profit margin of 57.85% for 2024, indicating efficient cost management. The net profit margin improved to 29.23% from the previous year, suggesting enhanced profitability. However, revenue growth from 2023 to 2024 was modest at 5.67%, which is below the industry average. EBIT and EBITDA margins are robust at 33.42% and 40.07%, respectively, which signal operational efficiency.
Balance Sheet
80
Positive
The company maintains a strong balance sheet with a debt-to-equity ratio of 0, indicating no debt burden and strong financial stability. The return on equity improved to 29.56% in 2024, reflecting excellent shareholder returns. The equity ratio is solid at 62.99%, showcasing a strong equity base relative to total assets.
Cash Flow
70
Positive
Cohen & Steers experienced a decline in operating cash flow, yet maintains a healthy free cash flow to net income ratio of 0.56. The free cash flow growth rate from 2023 to 2024 was negative, indicating a reduction in cash generation. Nevertheless, the company has a solid operating cash flow to net income ratio of 0.64, reflecting good cash-generating efficiency relative to profit.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue517.42M489.64M566.91M583.83M427.54M
Gross Profit242.30M235.29M275.15M312.50M156.50M
EBITDA203.39M184.24M228.42M279.31M114.69M
Net Income151.26M129.05M171.04M211.40M76.58M
Balance Sheet
Total Assets812.37M736.55M673.38M492.69M348.45M
Cash, Cash Equivalents and Short-Term Investments309.93M265.44M262.71M184.37M41.23M
Total Debt141.12M140.41M138.81M24.52M34.93M
Total Liabilities237.46M243.91M246.44M148.36M123.55M
Stockholders Equity511.71M381.23M337.55M255.18M174.24M
Cash Flow
Free Cash Flow85.04M114.97M57.46M240.21M86.68M
Operating Cash Flow96.69M171.96M61.68M242.90M89.19M
Investing Cash Flow-119.71M-114.78M-2.86M47.65M-1.77M
Financing Cash Flow18.17M-119.05M8.97M-145.43M-148.90M

Cohen & Steers Technical Analysis

Technical Analysis Sentiment
Negative
Last Price75.19
Price Trends
50DMA
76.78
Negative
100DMA
77.16
Negative
200DMA
85.12
Negative
Market Momentum
MACD
-0.43
Positive
RSI
47.42
Neutral
STOCH
54.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNS, the sentiment is Negative. The current price of 75.19 is below the 20-day moving average (MA) of 76.09, below the 50-day MA of 76.78, and below the 200-day MA of 85.12, indicating a bearish trend. The MACD of -0.43 indicates Positive momentum. The RSI at 47.42 is Neutral, neither overbought nor oversold. The STOCH value of 54.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CNS.

Cohen & Steers Risk Analysis

Cohen & Steers disclosed 27 risk factors in its most recent earnings report. Cohen & Steers reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Cohen & Steers Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
80
Outperform
$4.67B15.4426.57%2.56%6.53%36.51%
77
Outperform
$3.86B13.7624.98%2.58%2.32%1.08%
76
Outperform
$4.73B12.4518.55%7.77%53.17%
74
Outperform
$5.84B11.1419.31%6.35%51.80%12.05%
73
Outperform
$6.00B16.5712.81%0.02%-6.37%-28.43%
69
Neutral
$3.89B24.2132.70%3.22%14.28%23.72%
68
Neutral
$17.10B11.199.70%3.58%11.11%-4.55%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
CNS
Cohen & Steers
75.19
-9.33
-11.04%
AMG
Affiliated Managers
215.77
38.79
21.92%
AB
AllianceBernstein
42.88
10.92
34.17%
FHI
Federated Hermes
49.27
15.35
45.25%
MAIN
Main Street Capital
65.83
18.61
39.41%
VCTR
Victory Capital Holdings
70.64
18.72
36.06%

Cohen & Steers Corporate Events

Executive/Board Changes
Cohen & Steers Announces Executive Retirement and Transition
Neutral
Mar 11, 2025

On March 10, 2025, Cohen & Steers announced the retirement of Daniel P. Charles, Executive Vice President and Head of Global Distribution, after nearly six years with the company and a 37-year career in asset management. During his tenure, Mr. Charles successfully realigned U.S. distribution efforts and expanded the firm’s reach across EMEA and APAC, enhancing the company’s distribution capabilities. Cohen & Steers has begun searching for his successor, and Mr. Charles will remain to assist with the transition.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 26, 2025