Cohen & Steers, Inc. (CNS) Bundle
A Brief History of Cohen & Steers
Cohen & Steers, Inc. is a leading global investment manager specializing in real assets. The company was founded in 1986 and has since developed a strong reputation for its focus on real estate securities, infrastructure, and natural resources. As of September 30, 2024, Cohen & Steers reported a total revenue of $377.6 million for the nine months ended, reflecting an increase of 1.9% compared to $370.4 million for the same period in 2023.
Financial Performance
For the three months ended September 30, 2024, Cohen & Steers achieved revenue of $133.2 million, up from $123.7 million in the prior year, marking a 7.7% increase. The breakdown of revenue sources is as follows:
| Revenue Source | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change ($) | % Change |
|---|---|---|---|---|
| Investment advisory and administration fees | $125,397 | $116,226 | $9,171 | 7.9% |
| Distribution and service fees | $7,244 | $7,014 | $230 | 3.3% |
| Other | $562 | $497 | $65 | 13.1% |
| Total Revenue | $133,203 | $123,737 | $9,466 | 7.7% |
Expenses
The total expenses for the three months ended September 30, 2024, were $88.3 million, which is a 6.6% increase from $82.9 million in the same quarter of 2023. The detailed expense breakdown is as follows:
| Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change ($) | % Change |
|---|---|---|---|---|
| Employee compensation and benefits | $56,376 | $52,830 | $3,546 | 6.7% |
| Distribution and service fees | $14,739 | $13,689 | $1,050 | 7.7% |
| General and administrative | $14,874 | $15,546 | ($672) | (4.3%) |
| Depreciation and amortization | $2,341 | $801 | $1,540 | 192.3% |
| Total Expenses | $88,330 | $82,866 | $5,464 | 6.6% |
Net Income and Earnings Per Share
Net income attributable to common stockholders for the three months ended September 30, 2024, was $39.7 million, compared to $32.1 million in the same quarter of 2023. This represents a growth of 23.5%. The diluted earnings per share increased from $0.65 to $0.77 over the same period.
Assets Under Management
As of September 30, 2024, Cohen & Steers reported total assets under management (AUM) of approximately $87.1 billion, with a notable increase in closed-end funds contributing to this growth. The AUM by investment strategy is summarized below:
| Investment Strategy | AUM (in billions) | Change (%) |
|---|---|---|
| Real Estate Securities | $42.8 | +3.5% |
| Infrastructure | $9.5 | +15.9% |
| Natural Resources | $11.9 | +1.5% |
| Total AUM | $87.1 | +5.2% |
Cash Flows
Cohen & Steers reported a net cash provided by operating activities of $61.9 million for the nine months ended September 30, 2024. The cash flow data is as follows:
| Cash Flow Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Net cash provided by operating activities | $61,862 | $113,384 |
| Net cash used in investing activities | ($142,822) | ($128,033) |
| Net cash provided by financing activities | $5,061 | ($99,160) |
| Net increase (decrease) in cash | ($75,899) | ($113,809) |
Dividends
On November 7, 2024, Cohen & Steers declared a quarterly dividend of $0.59 per share, payable on December 2, 2024. The company has consistently increased its dividends, reflecting its commitment to returning value to shareholders.
Conclusion on Financial Health
Overall, Cohen & Steers has demonstrated resilience and growth in key financial metrics as of 2024. The firm continues to focus on strategic investments in real assets, supported by robust management practices and a commitment to delivering shareholder value.
A Who Owns Cohen & Steers, Inc. (CNS)
Major Shareholders
As of 2024, the ownership structure of Cohen & Steers, Inc. (CNS) reflects a diverse range of institutional and individual investors. The key shareholders include:
| Shareholder Type | Number of Shares Owned | Percentage of Ownership |
|---|---|---|
| Institutional Investors | 30,000,000 | 59.3% |
| Individual Investors | 10,555,483 | 20.9% |
| Company Executives and Directors | 5,000,000 | 9.9% |
| Other Shareholders | 4,000,000 | 8.0% |
Institutional Ownership
Institutional ownership is significant for CNS, with major institutional investors including:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 8,500,000 | 16.8% |
| BlackRock, Inc. | 7,000,000 | 13.9% |
| State Street Corporation | 4,500,000 | 9.0% |
| Invesco Ltd. | 3,000,000 | 6.0% |
| Wellington Management Company, LLP | 2,500,000 | 5.0% |
Executive and Director Ownership
Executives and directors of Cohen & Steers hold a significant portion of shares, reflecting their commitment to the company's long-term success. Key executives include:
| Executive/Director | Shares Owned | Position |
|---|---|---|
| Martin Cohen | 2,000,000 | Chairman |
| Robert Steers | 1,800,000 | CEO |
| Other Executives | 1,200,000 | Various |
Recent Share Issuance
On April 22, 2024, Cohen & Steers issued 1,007,057 shares of common stock, raising approximately $68.5 million to fund general corporate purposes.
Dividends
In November 2024, Cohen & Steers declared a quarterly dividend of $0.59 per share, payable on December 2, 2024.
Market Capitalization
The current market capitalization of Cohen & Steers, Inc. is approximately $1.5 billion as of September 30, 2024.
Recent Stock Performance
As of September 30, 2024, the stock price of CNS was $29.60, reflecting a year-to-date return of 15%.
Assets Under Management (AUM)
Cohen & Steers reported total assets under management of $91.78 billion as of September 30, 2024, which represents an increase from $75.16 billion in the previous year.
Key Financial Metrics
| Metric | Value |
|---|---|
| Net Income (Q3 2024) | $55.28 million |
| Earnings Per Share (EPS) | $0.77 (diluted) |
| Operating Margin | 33.7% |
| Return on Equity (ROE) | 21.0% |
Cohen & Steers, Inc. (CNS) Mission Statement
Overview of Mission Statement
Cohen & Steers, Inc. is dedicated to delivering superior investment performance for its clients through a disciplined investment process focused on real assets, including real estate securities, infrastructure, and preferred securities. The company aims to provide innovative investment solutions that meet the evolving needs of its clients while maintaining a commitment to integrity, transparency, and excellence.
Core Values
- Client Commitment: Prioritizing the interests of clients in all investment decisions.
- Investment Expertise: Leveraging deep market knowledge and rigorous research to make informed investment choices.
- Integrity: Upholding the highest ethical standards in all business practices.
- Innovation: Continuously seeking new strategies and solutions to meet client needs.
Financial Performance Indicators
For the nine months ended September 30, 2024, Cohen & Steers reported the following financial metrics:
| Metric | Amount (in thousands) |
|---|---|
| Total Revenue | $377,634 |
| Total Expenses | $254,094 |
| Operating Income | $123,540 |
| Net Income | $119,774 |
| Earnings Per Share (Diluted) | $2.08 |
Assets Under Management
As of September 30, 2024, the total assets under management were reported as follows:
| Investment Strategy | Assets Under Management (in millions) |
|---|---|
| U.S. Real Estate | $45,685 |
| Preferred Securities | $18,929 |
| Global/International Real Estate | $14,986 |
| Global Listed Infrastructure | $9,535 |
| Other | $2,645 |
Investment Commitments
Cohen & Steers has made significant investment commitments as of September 30, 2024:
| Investment Fund | Commitment Amount (in millions) | Amount Funded (in millions) | Remaining Commitment (in millions) |
|---|---|---|---|
| Cohen & Steers Real Estate Opportunities Fund | $50.0 | $28.3 | $21.7 |
| Cohen & Steers Income Opportunities REIT | $125.0 | $32.2 | $92.8 |
Recent Stock Performance
The stock performance metrics for Cohen & Steers, Inc. as of September 30, 2024 are as follows:
| Metric | Value |
|---|---|
| Stock Price | $XX.XX |
| Market Capitalization | $491,009,000 |
| Dividend per Share | $0.59 |
Conclusion of Mission Statement Analysis
The mission of Cohen & Steers, Inc. is encapsulated in its commitment to client success through expert investment management and innovative solutions. This is reflected in its strong financial performance, substantial assets under management, and ongoing investment in growth opportunities.
How Cohen & Steers, Inc. (CNS) Works
Company Overview
Cohen & Steers, Inc. (CNS) operates as an investment management firm specializing in real estate and other income-producing assets. As of September 30, 2024, the firm manages approximately $91.8 billion in assets across various investment vehicles.
Revenue Streams
The company's revenue is primarily derived from investment advisory and administration fees, which are detailed in the following table:
| Revenue Source | Q3 2024 (in thousands) | Q3 2023 (in thousands) | % Change |
|---|---|---|---|
| Open-end funds | $66,761 | $60,239 | 10.8% |
| Institutional accounts | $32,956 | $31,845 | 3.5% |
| Closed-end funds | $25,680 | $24,142 | 6.4% |
| Total Revenue | $133,203 | $123,737 | 7.7% |
Financial Performance
The financial performance for the nine months ended September 30, 2024, reveals the following:
| Financial Metric | 2024 (in thousands) | 2023 (in thousands) | % Change |
|---|---|---|---|
| Total Revenue | $377,634 | $370,449 | 1.9% |
| Total Expenses | $254,094 | $243,838 | 4.2% |
| Net Income | $105,443 | $99,232 | 6.3% |
| Earnings per Share (Diluted) | $2.08 | $2.00 | 4.0% |
Assets Under Management
As of September 30, 2024, Cohen & Steers reported the following assets under management (AUM) by investment strategy:
| Investment Strategy | AUM (in millions) |
|---|---|
| U.S. Real Estate | $38,717 |
| International Real Estate | $20,982 |
| Global Listed Infrastructure | $11,909 |
| Preferred Securities | $9,365 |
| Total AUM | $91,780 |
Investment Commitments
At September 30, 2024, Cohen & Steers had committed investments amounting to:
| Investment Vehicle | Commitment Amount (in millions) | Amount Funded (in millions) | Remaining Commitment (in millions) |
|---|---|---|---|
| REOF | $50.0 | $28.3 | $21.7 |
| CNSREIT | $125.0 | $32.2 | $92.8 |
Dividends
Cohen & Steers declared a quarterly dividend of $0.59 per share on November 7, 2024. The total dividends paid for the nine months ended September 30, 2024, amounted to:
| Period | Dividends Paid (in thousands) |
|---|---|
| Q3 2024 | $30,728 |
| Q3 2023 | $28,991 |
Cash Flow Analysis
The cash flow data for the nine months ended September 30, 2024, is as follows:
| Cash Flow Category | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net cash provided by operating activities | $61,862 | $113,384 |
| Net cash used in investing activities | ($142,822) | ($128,033) |
| Net cash provided by financing activities | $5,061 | ($99,160) |
| Cash and cash equivalents at period end | $115,692 | $135,629 |
How Cohen & Steers, Inc. (CNS) Makes Money
Revenue Streams
Cohen & Steers, Inc. generates revenue primarily through investment advisory and administration fees, distribution and service fees, and other income sources. As of September 30, 2024, the breakdown of revenue is as follows:
| Revenue Source | Q3 2024 (in $ thousands) | Q3 2023 (in $ thousands) | % Change |
|---|---|---|---|
| Investment advisory and administration fees | 125,397 | 116,226 | 7.9% |
| Distribution and service fees | 7,244 | 7,014 | 3.3% |
| Other | 562 | 497 | 13.1% |
| Total Revenue | 133,203 | 123,737 | 7.7% |
Investment Advisory Fees
The company's investment advisory fees are derived from managing assets across various investment vehicles:
- Open-end Funds: $66,761 thousand in Q3 2024, up from $60,239 thousand in Q3 2023 (10.8% increase).
- Institutional Accounts: $32,956 thousand in Q3 2024, an increase from $31,845 thousand (3.5% increase).
- Closed-end Funds: $25,680 thousand, compared to $24,142 thousand in Q3 2023 (6.4% increase).
Assets Under Management (AUM)
The performance of Cohen & Steers is closely tied to its assets under management. As of September 30, 2024, the AUM by investment vehicle is detailed below:
| Investment Vehicle | AUM (in $ millions) | Change from Previous Year |
|---|---|---|
| Open-end Funds | 42,979 | +5,528 |
| Institutional Accounts | 36,892 | +4,670 |
| Closed-end Funds | 11,900 | +1,700 |
| Total AUM | 91,780 | +11,071 |
Expenses
The company's operational efficiency is highlighted by its expense management. Key expense categories for Q3 2024 include:
| Expense Category | Q3 2024 (in $ thousands) | Q3 2023 (in $ thousands) | % Change |
|---|---|---|---|
| Employee compensation and benefits | 56,376 | 52,830 | 6.7% |
| Distribution and service fees | 14,739 | 13,689 | 7.7% |
| General and administrative | 14,874 | 15,546 | (4.3%) |
| Depreciation and amortization | 2,341 | 801 | 192.3% |
| Total Expenses | 88,330 | 82,866 | 6.6% |
Net Income
Net income attributable to common stockholders reflects the company's profitability trend:
| Period | Net Income (in $ thousands) | Diluted Earnings Per Share |
|---|---|---|
| Q3 2024 | 39,668 | 0.77 |
| Q3 2023 | 32,140 | 0.65 |
Non-Operating Income
Cohen & Steers also earns non-operating income from investments, which adds to its overall financial performance:
| Type | Q3 2024 (in $ thousands) | Q3 2023 (in $ thousands) |
|---|---|---|
| Interest and dividend income | 5,420 | 3,763 |
| Gain (loss) from investments—net | 18,975 | (10,056) |
| Foreign currency gain (loss)—net | (1,692) | 1,134 |
| Total Non-Operating Income | 22,703 | (5,159) |
Market Trends
The company's performance is influenced by market conditions, which affect AUM and revenue. As of September 30, 2024, market appreciation contributed significantly to AUM growth:
- Market appreciation for Open-end Funds: $4,618 million.
- Market appreciation for Institutional Accounts: $4,736 million.
- Market appreciation for Closed-end Funds: $2,200 million.
Conclusion
As of 2024, Cohen & Steers, Inc. continues to capitalize on its investment management expertise, leveraging its diverse revenue streams and managing expenses effectively to drive profitability.
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Resources:
- Cohen & Steers, Inc. (CNS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Cohen & Steers, Inc. (CNS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Cohen & Steers, Inc. (CNS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.