Cohen & Steers, Inc.
- Open
- 84.33
- Day high
- 85.53
- Day low
- 83.17
- Prev close
- 84.31
- Volume
- 243K
- Mkt cap
- $4.4B
- P/E (TTM)
- 25.9
- EPS (TTM)
- $3.27
- P/B
- 7.4
- P/S
- 7.3
- Yield
- 3.10%
- Per share
- $2.63
- ▼Insiders net selling -$1.2M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
Cohen & Steers, Inc. (CNS) is a Financial Services company listed on NYSE. The stock is up 9% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Cohen & Steers, Inc. (CNS) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CNS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 17, 2026 | $0.85 | $0.85 | -0.6% | $152M | +1.6% |
| Apr 17, 2026 | $0.82 | $0.79 | -3.7% | $144M | +0.5% |
| Jan 22, 2026 | $0.81 | $0.81 | +0.0% | $144M | +0.1% |
| Oct 16, 2025 | $0.78 | $0.81 | +4.5% | $142M | +2.2% |
| Jul 17, 2025 | $0.75 | $0.73 | -2.7% | $142M | +5.1% |
| Apr 16, 2025 | $0.72 | $0.75 | +4.2% | $140M | +7.0% |
| Jan 22, 2025 | $0.80 | $0.78 | -2.5% | $145M | +1.9% |
| Oct 16, 2024 | $0.78 | $0.77 | -1.3% | $139M | +11.6% |
| Jul 17, 2024 | $0.67 | $0.68 | +1.5% | $122M | +0.1% |
| Apr 17, 2024 | $0.71 | $0.70 | -1.4% | $120M | -3.6% |
| Jan 24, 2024 | $0.64 | $0.67 | +4.7% | $117M | -4.8% |
| Oct 18, 2023 | $0.70 | $0.70 | +0.0% | $124M | — |
CNS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 21, 2026 | Dulik Elenaofficer: Chief Accounting Officer, SVP | Sell | 1,100 | $83.16 |
| Jul 6, 2026 | Villani Edmond Ddirector | Grant | 353 | — |
| Jul 6, 2026 | Dolly Lisadirector | Grant | 353 | — |
| Jul 6, 2026 | Smith Dashadirector | Grant | 353 | — |
| Jul 6, 2026 | THISSEN KAREN WILSONdirector | Grant | 353 | — |
| Jul 6, 2026 | Aggarwal Reenadirector | Grant | 353 | — |
| Jul 6, 2026 | Connor Frank Tdirector | Grant | 353 | — |
| Jul 6, 2026 | COHEN MARTINdirector, 10 percent owner: | Grant | 353 | — |
| Jun 16, 2026 | Noonan Danielofficer: Executive Vice President | Sell | 4,360 | $77.33 |
| Jun 16, 2026 | Noonan Danielofficer: Executive Vice President | Tax | 3,614 | $77.05 |
| Jun 9, 2026 | Muni Amitofficer: Chief Financial Officer, EVP | Grant | 11,562 | — |
| May 27, 2026 | Cheigh Jonofficer: President and CIO | Sell | 10,500 | $71.75 |
| May 22, 2026 | Brown Brandonofficer: Executive Vice President | Grant | 117 | — |
| May 22, 2026 | Dulik Elenaofficer: Chief Accounting Officer, SVP | Grant | 46 | — |
| May 22, 2026 | Donohue Michael T.officer: Interim CFO, SVP | Grant | 187 | — |
Source: CNS SEC Form 4 filings, latest Jul 21, 2026. For informational purposes only — not investment advice.
See the full CNS insider & 13F page →Cohen & Steers, Inc. company profile
Overview
Cohen & Steers, Inc. (NYSE:CNS) is a specialized investment management firm founded in 1986 and headquartered in New York City. The company went public in 2004 and has established itself as a leading manager of real assets and income-generating securities. With additional offices in London, Hong Kong, Tokyo, Seattle, and Singapore, Cohen & Steers manages approximately $85.8 billion in assets under management as of December 2024, serving institutional investors, financial advisors, and individual investors globally.
Business
Cohen & Steers operates as a specialized asset management company focused primarily on real assets and income-generating securities. The firm's investment expertise centers on several key asset classes that are often overlooked by traditional asset managers. The company's core investment strategies include real estate investment trusts (REITs), which are companies that own, operate, or finance income-producing real estate across various property sectors like office buildings, shopping centers, apartments, and industrial facilities. REITs allow investors to invest in real estate without directly owning properties, providing liquidity and diversification benefits. Listed infrastructure represents another major focus area, encompassing publicly traded companies that own and operate essential infrastructure assets such as toll roads, airports, utilities, pipelines, and telecommunications networks. These investments typically provide stable, inflation-protected cash flows due to their essential nature and often regulated revenue streams. The firm also specializes in preferred securities, which are hybrid investments that combine characteristics of both stocks and bonds. Preferred securities typically pay fixed dividends and have priority over common stock in terms of dividend payments and asset claims, making them attractive for income-focused investors. Additionally, Cohen & Steers manages strategies in natural resources and energy, including companies involved in traditional energy production as well as renewable energy and critical materials needed for the energy transition. The firm has recently launched a Future of Energy Fund to capitalize on the growing demand for energy infrastructure driven by artificial intelligence and data centers. Based on recent earnings calls, the revenue breakdown shows that open-end mutual funds generate the majority of fee income, followed by institutional separate accounts and sub-advisory relationships. The company has been expanding into private real estate through the development of non-traded REITs and is launching active ETFs to access new distribution channels, particularly targeting registered investment advisors who prefer ETF structures.
Revenue model
Cohen & Steers generates revenue primarily through asset-based management fees charged as a percentage of assets under management. The company's effective fee rate averages approximately 58 basis points (0.58%) across all strategies, though this varies by asset class and client type. Open-end mutual funds typically command higher fees than institutional separate accounts, while sub-advisory relationships generally have lower fee rates. The firm's paying customers include institutional investors such as pension funds, endowments, and foundations seeking specialized exposure to real assets, financial advisors and registered investment advisors who use Cohen & Steers' funds and strategies for client portfolios, and individual investors who invest directly in the company's mutual funds and ETFs. Revenue performance is heavily influenced by both market appreciation of underlying assets and net fund flows. When real estate, infrastructure, and preferred securities markets perform well, assets under management increase, driving higher fee revenue. Conversely, market downturns can significantly impact revenue even without client redemptions. Several factors can increase the company's margins and profitability. Rising interest rates can benefit preferred securities and infrastructure investments, making these strategies more attractive to income-seeking investors. Inflation concerns typically drive increased demand for real assets as hedges against currency debasement. Market volatility can create opportunities for active management to demonstrate value over passive alternatives. Factors that could pressure margins include prolonged market downturns in real asset sectors, fee compression from increased competition and passive investment alternatives, significant client outflows during periods of underperformance, and rising operational costs from technology investments and regulatory compliance. The company's specialized focus, while providing expertise advantages, also creates concentration risk if real asset sectors fall out of favor for extended periods.
Competitive moat
Cohen & Steers possesses a moderate but meaningful competitive moat built primarily on specialized expertise and long-term track record in niche asset classes. The firm has developed deep institutional knowledge in real estate, infrastructure, and preferred securities over nearly four decades, creating barriers for generalist asset managers attempting to compete in these specialized areas. The company's investment performance track record serves as a significant competitive advantage, with 95% of assets under management outperforming benchmarks over one-year periods and 94% of open-end funds rated 4-5 stars by Morningstar. This consistent alpha generation helps retain existing clients and attract new assets, particularly important in performance-sensitive institutional markets. Brand recognition and thought leadership in real assets provides another defensive element. Cohen & Steers is often viewed as the specialist in REITs and infrastructure investing, giving the firm first-mover advantages when institutions decide to allocate to these asset classes. The company's research capabilities and market commentary help maintain this thought leadership position. However, the moat faces several challenges. Passive investment alternatives continue to grow, offering lower-cost exposure to real asset sectors through index funds and ETFs. Large asset managers like BlackRock and Vanguard can leverage scale advantages to offer competitive products at lower fees. Fee compression remains an ongoing threat as investors increasingly scrutinize management fees. The firm's geographic and asset class concentration also creates vulnerability. While specialization provides expertise advantages, it limits diversification compared to broader asset managers. Economic or regulatory changes that negatively impact real assets could disproportionately affect Cohen & Steers compared to more diversified competitors. Recent strategic initiatives including active ETF launches and private real estate development suggest management recognizes the need to evolve the business model to maintain competitive positioning in a changing industry landscape.
Risks & safety
Cohen & Steers demonstrates strong financial stability with minimal solvency risk, though the business model creates inherent volatility tied to market performance and fund flows. **Liquidity and Debt Position:** • Cash and short-term investments: $183 million (22% of total assets) • Current ratio: 25.4x indicating excellent short-term liquidity • Debt-to-equity ratio: 0.28 representing moderate leverage • No immediate solvency concerns given strong balance sheet **Valuation Metrics:** • Price-to-earnings ratio: 25.8x suggesting modest premium valuation • EV/EBITDA: 20.4x indicating reasonable but not cheap valuation • Price-to-book ratio: 9.1x reflecting asset-light business model premium • Graham number suggests potential overvaluation relative to conservative metrics **Cash Flow Considerations:** • Operating cash flow can be volatile due to compensation timing and working capital changes • Q1 2025 showed negative operating cash flow of $109 million due to bonus payments • Full-year 2024 generated positive $97 million in operating cash flow • Free cash flow conversion generally strong in normal operating periods **Other Factors:** • Revenue tied directly to market performance creates earnings volatility • Fee-based model provides recurring revenue but subject to redemption risk • Strong market position in specialized asset classes provides some defensive characteristics
Recent development
Cohen & Steers has undertaken several strategic initiatives over the past few years to diversify its business model and access new growth opportunities. The most significant development has been the launch of active ETFs in early 2025, focusing on US REITs, global preferred securities, and natural resources equity strategies. This represents the firm's first foray into the ETF market, targeting registered investment advisors who prefer ETF structures over traditional mutual funds. The company has been expanding its private real estate capabilities, developing non-traded REIT products specifically designed for the wealth management channel. This initiative aims to provide complementary private market exposure alongside the firm's traditional listed real estate strategies, potentially accessing the growing demand for alternative investments among high-net-worth investors. Geographic expansion has been another key focus, with the firm establishing offices in Singapore and strengthening its presence in Asia-Pacific markets. The company has been particularly focused on opportunities in Japan, leveraging regulatory changes and market reforms that could drive increased institutional adoption of real asset strategies. The firm has also been broadening its investment universe within existing asset classes. The launch of the Future of Energy Fund in 2024 represents an evolution of the natural resources strategy to capture opportunities in renewable energy and critical materials needed for the energy transition. Management has indicated particular interest in the infrastructure investment opportunities created by artificial intelligence and data center demand. Distribution channel expansion has been a consistent theme, with the company realigning its US wealth distribution team and adding new leadership including a Head of Wealth Distribution. The firm has been particularly focused on penetrating the RIA market, which represents a significant growth opportunity given the channel's preference for specialized investment strategies and ETF structures. Management has also indicated openness to strategic acquisitions that could enhance the investment lineup or distribution capabilities, though the primary focus remains on organic growth initiatives and maximizing the potential of existing strategic investments.
CNS company profile · for informational purposes only — not investment advice.
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