Lord Abbett & CO. LLC Invests $23.99 Million in Cohen & Steers, Inc. (NYSE:CNS)

Lord Abbett & CO. LLC purchased a new stake in Cohen & Steers, Inc. (NYSE:CNS) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 250,000 shares of the asset manager’s stock, valued at approximately $23,988,000. Lord Abbett & CO. LLC owned 0.49% of Cohen & Steers as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Franklin Resources Inc. increased its position in shares of Cohen & Steers by 18.8% in the third quarter. Franklin Resources Inc. now owns 4,251 shares of the asset manager’s stock worth $410,000 after acquiring an additional 673 shares in the last quarter. Tidal Investments LLC increased its holdings in Cohen & Steers by 202.5% in the 3rd quarter. Tidal Investments LLC now owns 25,116 shares of the asset manager’s stock valued at $2,410,000 after purchasing an additional 16,814 shares in the last quarter. Westside Investment Management Inc. purchased a new position in Cohen & Steers in the third quarter valued at about $32,000. Geode Capital Management LLC lifted its stake in shares of Cohen & Steers by 4.9% during the third quarter. Geode Capital Management LLC now owns 709,323 shares of the asset manager’s stock worth $68,071,000 after purchasing an additional 33,414 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of Cohen & Steers by 286.1% in the third quarter. Barclays PLC now owns 50,765 shares of the asset manager’s stock worth $4,871,000 after buying an additional 37,616 shares during the period. Hedge funds and other institutional investors own 51.47% of the company’s stock.

Cohen & Steers Price Performance

Shares of Cohen & Steers stock opened at $99.04 on Monday. Cohen & Steers, Inc. has a 1-year low of $64.13 and a 1-year high of $110.67. The company has a market capitalization of $5.01 billion, a PE ratio of 36.96 and a beta of 1.52. The business has a 50-day moving average of $100.69 and a 200-day moving average of $88.50.

Cohen & Steers (NYSE:CNS) last issued its quarterly earnings data on Wednesday, October 16th. The asset manager reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03. Cohen & Steers had a return on equity of 32.75% and a net margin of 27.23%. The firm had revenue of $133.20 million during the quarter, compared to analyst estimates of $124.18 million. During the same quarter last year, the firm earned $0.70 EPS. Cohen & Steers’s quarterly revenue was up 7.7% on a year-over-year basis.

Cohen & Steers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 18th were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.38%. Cohen & Steers’s dividend payout ratio (DPR) is presently 88.06%.

Analysts Set New Price Targets

Several brokerages recently commented on CNS. UBS Group upgraded Cohen & Steers from a “sell” rating to a “neutral” rating and raised their target price for the company from $63.00 to $102.00 in a report on Thursday, October 17th. Evercore ISI boosted their target price on shares of Cohen & Steers from $110.00 to $111.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th.

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.