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Cohen & Steers Inc - Stock Quote CNS

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Morningstar's Cohen & Steers Inc Stock Analysis

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Market Selloff Affects Both Flows and AUM at Cohen & Steers in Q1; No Change to $92 per Share FVE

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

There was little in narrow-moat Cohen & Steers' first-quarter results that would alter our long-term view of the firm. We are leaving our $92 per share fair value estimate in place. Cohen & Steers closed out the March quarter with $102.1 billion in total AUM, down 4.2% sequentially but up 17.3% on a year-over-year basis. Net inflows of $756 million during the March quarter continued the trend of positive flows that started during the third quarter of 2019 (with a run rate of $2.5 billion in quarterly inflows on average over the past two years). Driven by ongoing demand for real estate funds, which we expect will continue to carry higher yields than most bond and money market funds, we continue to forecast low- to mid-single-digit organic AUM growth on average annually for Cohen & Steers during 2022-26, which should lead to mid-single-digit growth in managed assets.

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Cohen & Steers Inc's Company Profile

Business Description

Cohen & Steers is a niche asset manager concentrating on real estate securities. The firm invests mainly in the equity shares of real estate investment trusts, with holdings in domestic and international real estate securities accounting for close to two thirds of its $98.0 billion in managed assets at the end of April 2022. Cohen & Steers also manages portfolios dedicated to preferred securities, utilities stocks, and other high-yield offerings. It expects to balance distribution among its closed-end mutual funds, open-end mutual funds, and institutional accounts over time. During the March quarter of 2022, the company garnered 40% (26%) of its managed assets (base management fees) from institutional clients, 47% (55%) from open-end funds, and 13% (19%) from closed-end funds.

Contact
280 Park Avenue, 10th Floor
New York, NY, 10017
T +1 212 832-3232
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 354

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