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1. Company Snapshot

1.a. Company Description

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.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.

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1.b. Last Insights on CNS

Cohen & Steers, Inc. faced negative drivers in recent months. The company's assets under management decreased to $90.6 billion as of October 31, 2025, due to market depreciation and distributions. Campbell & CO Investment Adviser LLC reduced its stake in Cohen & Steers by 23% during Q2. Additionally, the company's Q3 2025 earnings call revealed challenges, although specific details were not disclosed. Furthermore, a comparison with AllianceBernstein (AB) raised questions about Cohen & Steers' value proposition.

1.c. Company Highlights

2. Cohen & Steers Posts Mixed Q2 Results Amid Growth in AUM and Strategic Initiatives

Cohen & Steers delivered a mixed second-quarter earnings report, with earnings per share (EPS) of $0.73, slightly below the consensus estimate of $0.75. Revenue for the quarter rose 1.1% to $135 million, driven by higher average assets under management (AUM) and an increase in the day count. The operating margin dipped to 33.6% from 34.7% in the prior quarter, primarily due to rising expenses. Notably, the effective fee rate remained stable at 59 basis points, underscoring the firm's ability to maintain pricing discipline.

Publication Date: Jul -19

📋 Highlights
  • Revenue Growth:: Revenue increased 1.1% to $135 million, driven by higher AUM and day count.
  • AUM Growth:: Ending AUM rose to $88.9 billion, up from $87.6 billion, due to market appreciation.
  • Net Outflows:: Total net outflows of $131 million, despite open-end funds seeing $285 million inflows.
  • Expense Increase:: Total expenses rose 2.9%, with G&A expenses expected to grow 7-8% in 2025.
  • ETF Success:: Active ETFs launched in February gathered $54 million in net inflows and $133 million in total AUM.

AUM Growth and Fund Flows

Ending AUM for the quarter was $88.9 billion, up from $87.6 billion in the prior quarter, supported by market appreciation. While the firm experienced net outflows of $131 million, open-end funds saw net inflows of $285 million, marking the fourth consecutive quarter of positive flows. The institutional channel, however, remained challenging, with net outflows contributing to the overall decline. The unfunded pipeline grew to $776 million, with a significant portion allocated to U.S. real estate and global listed infrastructure, signaling strong demand for the firm's core strategies.

Investment Performance and Strategic Growth

Cohen & Steers' investment performance remained robust, with 89% of AUM outperforming benchmarks during the quarter and 94% over the past year. The firm highlighted the success of its private real estate initiative, including the Cohen & Steers Income Opportunities REIT, which delivered a 12.2% return for the year ended May. This outperformance not only underscores the firm's expertise in real assets but also positions it well to capitalize on the expected capital shift toward real estate. Additionally, the launch of three active ETFs in February has been well-received, with $54 million in net inflows and $133 million in total AUM, reflecting the growing preference for ETFs among investors.

Valuation and Outlook

With a price-to-earnings (P/E) ratio of 22.94 and a price-to-book (P/B) ratio of 7.33, Cohen & Steers appears to be trading at a premium, reflecting market confidence in its growth prospects. The firm's ability to maintain a stable compensation ratio of 40.5% and its strategic investments in talent and distribution capabilities bode well for future growth. Analysts expect revenue growth of 8.7% next year, supported by the firm's expanding product suite and strong positioning in real assets. While the current valuation may price in some of these expectations, the firm's track record of outperformance and strategic initiatives suggest it remains well-positioned to deliver long-term value for shareholders.

3. NewsRoom

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Supernus Pharmaceuticals to Participate in the Bank of America Securities 2025 CNS Therapeutics Virtual Conference

Dec -03

Source: globenewswire.com

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Edgestream Partners L.P. Increases Stock Holdings in Cohen & Steers Inc $CNS

Dec -03

Source: defenseworld.net

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Alto Neuroscience: 4 Shots At Success In CNS Diseases In 2026

Nov -28

Source: seekingalpha.com

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Cohen & Steers Total Return Realty Fund, Inc. (RFI) Notification of Sources of Distribution Under Section 19(a)

Nov -26

Source: prnewswire.com

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Cohen & Steers Closed-End Opportunity Fund, Inc. (FOF) Notification of Sources of Distribution Under Section 19(a)

Nov -26

Source: prnewswire.com

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Cohen & Steers REIT and Preferred and Income Fund, Inc. (RNP) Notification of Sources of Distribution Under Section 19(a)

Nov -26

Source: prnewswire.com

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Cohen & Steers Quality Income Realty Fund, Inc. (RQI) Notification of Sources of Distribution Under Section 19(a)

Nov -26

Source: prnewswire.com

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Cohen & Steers Infrastructure Fund, Inc. (UTF) Notification of Sources of Distribution Under Section 19(a)

Nov -26

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.75%)

6. Segments

Open-end Funds

Expected Growth: 7.5%

Growing demand for diversified investment portfolios, increasing popularity of real assets and alternative investments, and Cohen & Steers' expertise in actively managing income-generating portfolios drive growth.

Institutional Accounts

Expected Growth: 8.5%

Increasing demand for institutional investment management services, driven by growing pension funds, endowments, and foundations seeking diversified investment portfolios and risk management strategies.

Close-end Funds

Expected Growth: 4.5%

Growing demand for diversified income and growth investments, increasing allocation to real assets, and rising popularity of closed-end funds drive growth in Cohen & Steers' portfolio.

Distribution and Service Fees

Expected Growth: 0.4%

The growth of Cohen & Steers, Inc. is driven by its diversified investment portfolio, strong brand reputation, and increasing demand for asset management services. The company's ability to charge a distribution fee of up to 0.25% and a service fee of up to 0.15% of the net asset value of the fund contributes to its revenue growth.

Other

Expected Growth: 4.5%

The 'Other' segment, comprising REITs and other income, is expected to grow driven by increasing demand for real estate investment and diversification of income streams, supported by Cohen & Steers' expertise in real assets and income-focused strategies.

7. Detailed Products

Real Estate Securities

Cohen & Steers offers a range of real estate securities strategies, including US and global real estate securities, real estate investment trusts (REITs), and real estate debt.

Real Assets

The company's real assets strategies focus on infrastructure, commodities, and natural resources, providing investors with exposure to essential services and tangible assets.

Preferred Securities

Cohen & Steers offers a range of preferred securities strategies, including US and global preferreds, and convertible preferreds.

MLPs and Energy

The company's MLP and energy strategies focus on master limited partnerships and energy-related investments, providing investors with exposure to the energy sector.

Global Listed Infrastructure

Cohen & Steers' global listed infrastructure strategies focus on investing in listed infrastructure companies, providing investors with exposure to essential services and infrastructure assets.

8. Cohen & Steers, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Cohen & Steers, Inc. is medium due to the presence of alternative investment products and services offered by competitors.

Bargaining Power Of Customers

The bargaining power of customers for Cohen & Steers, Inc. is low due to the company's strong brand reputation and diversified product offerings.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Cohen & Steers, Inc. is medium due to the company's dependence on a few key suppliers for certain investment products.

Threat Of New Entrants

The threat of new entrants for Cohen & Steers, Inc. is high due to the relatively low barriers to entry in the investment management industry.

Intensity Of Rivalry

The intensity of rivalry for Cohen & Steers, Inc. is high due to the highly competitive nature of the investment management industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 28.18%
Debt Cost 3.95%
Equity Weight 71.82%
Equity Cost 11.07%
WACC 9.06%
Leverage 39.25%

11. Quality Control: Cohen & Steers, Inc. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Invesco

A-Score: 6.3/10

Value: 7.4

Growth: 2.9

Quality: 7.2

Yield: 7.0

Momentum: 7.5

Volatility: 5.7

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SEI Investments

A-Score: 6.3/10

Value: 4.1

Growth: 5.6

Quality: 9.2

Yield: 2.0

Momentum: 7.0

Volatility: 9.7

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Prospect Capital

A-Score: 5.9/10

Value: 6.3

Growth: 3.9

Quality: 6.9

Yield: 10.0

Momentum: 0.0

Volatility: 8.3

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Franklin Resources

A-Score: 5.9/10

Value: 5.1

Growth: 3.4

Quality: 4.3

Yield: 8.0

Momentum: 6.5

Volatility: 8.0

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Affiliated Managers Group

A-Score: 5.7/10

Value: 5.8

Growth: 5.6

Quality: 6.8

Yield: 0.0

Momentum: 7.5

Volatility: 8.7

1-Year Total Return ->

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Cohen & Steers

A-Score: 5.3/10

Value: 3.8

Growth: 3.3

Quality: 8.8

Yield: 7.0

Momentum: 1.5

Volatility: 7.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

62.2$

Current Price

62.2$

Potential

-0.00%

Expected Cash-Flows